Common use of Monitoring Determinations Clause in Contracts

Monitoring Determinations. Once each Calendar Quarter within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 8.03(b)(ii), Lender shall determine the Aggregate Debt Service Coverage Ratio, the Aggregate Loan to Value Ratio and whether Borrower is in compliance with the other provisions set forth in the Loan Documents including Section 1.11(b). On the First Anniversary, and on an annual basis thereafter, and if Lender decides that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Amounts and Valuations. Lender shall also redetermine Allocable Loan Amounts to take account of any addition, substitution or release of Collateral or conversion of interest rate or other event that invalidates the outstanding determinations. In determining Valuations, Lender shall use Capitalization Rates based on its internal survey and analysis of capitalization rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and without any obligation to use any information provided by Borrower. If Lender is unable to determine a Capitalization Rate for a Mortgaged Property, Lender shall have the right, not more than once annually, to obtain, at Borrower’s expense, a market study in order to establish a Capitalization Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Rate pursuant to the Underwriting Requirements. Lender shall promptly disclose any market studies obtained pursuant to this Section and Lender’s determinations to Borrower. Until redetermined, the outstanding Allocable Loan Amounts and Valuations shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in Allocable Loan Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall result in a Potential Event of Default or Event of Default or, unless resulting from the concurrent addition, release or substitution of Collateral from the Collateral Pool or concurrent conversion of the interest rate, (i) require the prepayment of any Loan in whole or in part or (ii) require the addition of Collateral to the Collateral Pool.

Monitoring Determinations. Once each Calendar Quarter Quarter, or, if the Collateral Pool has an Aggregate Debt Service Coverage Ratio equal to or greater than 1.25:1.0, once each Calendar Year, within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 8.03(b)(ii)7.04, Lender shall determine the Aggregate Debt Service Coverage Ratio, Ratio and the Aggregate Loan to Value Ratio Ratio, the Valuations and the Allocable Facility Amounts and whether Borrower is in compliance with the other provisions covenants set forth in the Loan Documents including Section 1.11(b)Documents. On After the First Anniversary, Lender shall redetermine Allocable Facility Amounts and on Valuations (i) quarterly, or (ii) if the Collateral Pool has an annual basis thereafterAggregate Debt Service Coverage Ratio equal to or greater than 1.25:1.0, and annually, or (iii) at such other time if Lender decides reasonably determines that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Amounts and Valuations. Lender shall also redetermine Allocable Loan Facility Amounts to take account of any addition, release or substitution or release of Collateral or conversion of interest rate or other event that invalidates the outstanding determinations. Notwithstanding the provisions of this Section 2.04, for purposes of reviewing proposed Substitute Mortgaged Properties, if Lender reasonably determines market conditions have changed in a manner adversely affecting any of the Mortgaged Properties since the determination of the Allocable Facility Amounts, Lender may make new determinations of Allocable Facility Amounts for purposes of determining the Loan to Value Ratio and Debt Service Coverage Ratio of the Release Mortgaged Property. In determining Valuations, Lender shall use Capitalization Cap Rates in its reasonable discretion based on its internal survey and analysis of capitalization rates Cap Rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender reasonably deems appropriate and without any obligation to use any information provided by Borrowerappropriate. If Lender is unable to determine a Capitalization Cap Rate for a Mortgaged Property, Lender shall have the right, not more than once annually, to obtain, at Borrower’s expense, a third-party market study in order to establish a Capitalization Cap Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Rate pursuant to the Underwriting Requirements. Lender shall promptly disclose any market studies obtained pursuant to this Section and Lender’s its determinations to Borrower. Until redetermined, the outstanding Allocable Loan Facility Amounts and Valuations determined by Lender shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in Allocable Loan Facility Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall shall, (A) result in a Potential Event of Default or Event of Default orDefault, unless resulting from the concurrent addition, release or substitution of Collateral from the Collateral Pool or concurrent conversion of the interest rate, (iB) require the prepayment of any Loan in whole or in part or (ii) require the addition of Collateral to the Collateral PoolAdvances.

Monitoring Determinations. Once each Calendar Quarter or, if the Commitment consists only of a Fixed Facility Commitment, once each Calendar Year, within twenty (20) 20 Business Days after Borrower Agent has delivered (or caused to be delivered) to Lender the reports required in Section 8.03(b)(ii)8.03, Lender shall determine the Aggregate Debt Service Coverage Ratio, Ratio and the Aggregate Loan to Value Ratio Ratio, the Valuations and the Allocable Facility Amounts and whether Borrower is in compliance with the other provisions covenants set forth in the Loan Borrower Documents (including without limitation the Net Worth and Liquidity covenants set forth in Sections 8.17 and Section 1.11(b8.18, respectively). On After the First Anniversary, and on an annual basis thereafterbasis, and if Lender reasonably decides that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Facility Amounts and Valuations. Lender shall also redetermine Allocable Loan Facility Amounts to take account of any addition, substitution addition or release of Collateral or conversion of interest rate or other event that invalidates the outstanding determinations. In determining Valuations, Lender shall use Capitalization Cap Rates based on its internal survey and analysis of capitalization cap rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and without any obligation to use any information provided by Borrower. If Lender is unable to determine a Capitalization Cap Rate for a Mortgaged Property, Lender shall have the right, not more than once annually, to obtain, at Borrower’s expense, a market study in order to establish a Capitalization Cap Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Rate pursuant to the Underwriting Requirements. Lender shall promptly disclose any market studies obtained pursuant to this Section and Lender’s its determinations to Borrower. Until redetermined, the outstanding Allocable Loan Facility Amounts and Valuations shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in Allocable Loan Facility Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall shall, unless resulting from the removal of Collateral from the Collateral Pool, (i) result in a Potential Event of Default or Event of Default or, unless resulting from the concurrent addition, release or substitution of Collateral from the Collateral Pool or concurrent conversion of the interest rateDefault, (iii) require the prepayment of any Loan in whole or in part or Advances, (iiiii) require the addition of Collateral to the Collateral Pool, or (iv) preclude the making of a Rollover Variable Advance.

Monitoring Determinations. (i) Once each Calendar Quarter or, if the Commitment consists only of a Fixed Facility Commitment, once each Calendar Year, within twenty (20) 20 Business Days after Borrower has delivered to Lender the reports required in Section 8.03(b)(ii)8.03, Lender shall determine the Aggregate Debt Service Coverage Ratio, Ratio and the Aggregate Loan to Value Ratio and whether Borrower is calculations required in compliance connection with the other provisions covenants set forth in the Loan Documents including Section 1.11(b). On the First AnniversaryDocuments, and whether the Borrower is in compliance, (ii) after the first anniversary of the Initial Closing Date, on an annual basis thereafterbasis, and if Lender reasonably decides that changed market or property conditions warrant, Lender shall redetermine determine Allocable Loan Facility Amounts and Valuations. , (iii) Lender shall also redetermine Allocable Loan Facility Amounts to take account of any addition, release or substitution or release of Collateral or conversion of interest rate or other event that which invalidates the outstanding determinations. In determining the Aggregate Debt Service Coverage Ratio, if the Borrower has purchased an interest rate cap that (1) is from a cap provider acceptable to Lender, in its sole discretion, (2) contains terms and conditions acceptable to Lender, in its sole discretion, and (3) is assigned to Lender as security for the Obligations, Lender shall determine the portion of the Aggregate Debt Service Coverage Ratio attributable to the Variable Facility based on the lower of (A) the actual interest rate for the Variable Facility for such period and (B) the rate provided by the interest rate cap. In determining Valuations, Lender shall use Capitalization Cap Rates based on its internal survey and analysis of capitalization cap rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and without any obligation to use any information provided by Borrower. If Lender is unable to determine a Capitalization Cap Rate for a Mortgaged Property, Lender shall have the right, not more than once annually, to obtain, at Borrower’s expense, obtain a market study in order to establish a Capitalization Cap Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Rate pursuant to the Underwriting Requirements. Lender shall promptly disclose any market studies obtained pursuant to this Section and Lender’s its determinations to Borrower. Until redetermined, the outstanding Allocable Loan Facility Amounts and Valuations shall remain in effect. Notwithstanding anything in this Agreement Fixed Advances based on increased Valuations or additions to the contraryCollateral Pool and expansion of the Facility shall be based on underwriting floors determined by Lender from time to time. During the first Loan Year a Mortgaged Property is in the Collateral Pool, no change in Allocable Loan Amounts, Valuations, the all calculations of Aggregate Debt Service Coverage and Aggregate Loan to Value Ratio or Ratios including such Mortgaged Property shall be based on actual operations of such Mortgaged Property during the Aggregate Debt Service Coverage Ratio shall result period the Mortgaged Property was in a Potential Event of Default or Event of Default or, unless resulting from the concurrent addition, release or substitution of Collateral from the Collateral Pool or concurrent conversion and underwriting proforma results for the remainder of the interest rate, (i) require the prepayment of any such Loan in whole or in part or (ii) require the addition of Collateral to the Collateral PoolYear.

Monitoring Determinations. Once each Calendar Quarter Quarter, or, if the Commitment consists only of a Fixed Facility Commitment that has an Aggregate Debt Service Coverage Ratio equal to or greater than 1.25:1.0, once each Calendar Year, within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 8.03(b)(ii)7.04, Lender shall determine the Aggregate Debt Service Coverage Ratio, Ratio and the Aggregate Loan to Value Ratio Ratio, the Valuations and the Allocable Facility Amounts and whether Borrower is in compliance with the other provisions covenants set forth in the Loan Documents including Section 1.11(b)Documents. On After the First Anniversary, Lender shall redetermine Allocable Facility Amounts and on Valuations (i) quarterly, or (ii) if the Commitment consists only of a Fixed Facility Commitment that has an annual basis thereafterAggregate Debt Service Coverage Ratio equal to or greater than 1.25:1.0, and annually, or (iii) at such other time if Lender decides reasonably determines that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Amounts and Valuations. Lender shall also redetermine Allocable Loan Facility Amounts to take account of any addition, release or substitution or release of Collateral or conversion of interest rate or other event that invalidates the outstanding determinations. In determining Valuations, Lender shall use Capitalization Cap Rates in its sole and absolute discretion based on its internal survey and analysis of capitalization rates Cap Rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and without any obligation to use any information provided by Borrower. If Lender is unable to determine a Capitalization Cap Rate for a Mortgaged Property, Lender shall have the right, not more than once annually, to obtain, at Borrower’s expense, a market study in order to establish a Capitalization Cap Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Rate pursuant to the Underwriting Requirements. Lender shall promptly disclose any market studies obtained pursuant to this Section and Lender’s its determinations to Borrower. Until redetermined, the outstanding Allocable Loan Facility Amounts and Valuations determined by Lender shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in Allocable Loan Facility Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall shall, (A) result in a Potential Event of Default or Event of Default orDefault, unless resulting from the concurrent addition, release or substitution of Collateral from the Collateral Pool or concurrent conversion of the interest rate, (iB) require the prepayment of any Loan in whole or in part or (ii) require the addition of Collateral to the Collateral Pool.Advances. Colonial/PNC ARCS — Master Credit Facility Agreement

Monitoring Determinations. Once each Calendar Quarter or, if only Fixed Loans are Outstanding, once each Calendar Year, within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 8.03(b)(ii)8.03, Lender shall determine the Aggregate Debt Service Coverage Ratio, the Aggregate Loan to Value Ratio Ratio, the Valuations and the Allocable Loan Amounts and whether Borrower is in compliance with the other provisions covenants set forth in the Loan Documents including Section 1.11(b)Documents. On After the First Anniversary, and on an annual basis thereafterbasis, and if Lender decides that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Amounts and Valuations. Lender shall also redetermine Allocable Loan Amounts to take account of any addition, substitution or release of Collateral or a conversion of interest rate or other event that invalidates the outstanding determinations. In determining Valuations, Lender shall use Capitalization Rates based on its internal survey and analysis of capitalization rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and without any obligation to use any information provided by Borrower. If Lender is unable to determine a Capitalization Rate for a Mortgaged Property, Lender shall have the right, with the prior consent of Borrower, not more than once annually, to obtain, at Borrower’s expense, a market study in order to establish a Capitalization Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Rate pursuant to the Underwriting Requirements. Lender shall promptly disclose any market studies obtained pursuant to this Section and Lender’s its determinations to Borrower. Until redetermined, the outstanding Allocable Loan Amounts and Valuations shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in Allocable Loan Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall shall, unless resulting from the concurrent release or substitution of Collateral from the Collateral Pool or the concurrent conversion of the interest rate, result in a Potential Event of Default or Event of Default orDefault, unless resulting from the concurrent addition, release or substitution of Collateral from the Collateral Pool or concurrent conversion of the interest rate, (i) require the prepayment of any Loan Note in whole or in part part, or (ii) require the addition of Collateral to the Collateral Pool.

Monitoring Determinations. Once each Calendar Quarter Quarter, within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 8.03(b)(ii)8.03, Lender shall determine the Aggregate Debt Service Coverage Ratio, the Aggregate Loan to Value Ratio Ratio, the Valuations and the Allocable Facility Amounts and whether Borrower is in compliance with the other provisions covenants set forth in the Loan Documents including Section 1.11(b)Documents. On With respect to the third Calendar Quarter during any Loan Year, monitoring determinations shall be calculated based on the prior twelve (12) month period. After the First Anniversary, and on an annual basis thereafterbasis, and if Lender decides that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Facility Amounts and Valuations. Lender shall also redetermine Allocable Loan Facility Amounts to take account of any addition, substitution or release of Collateral or conversion of interest rate or other event that invalidates the outstanding determinations. In determining Valuations, Lender shall use Capitalization Rates based on its internal survey and analysis of capitalization rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and without any obligation to use any information provided by Borrower. If Lender is unable to determine a Capitalization Rate for a Mortgaged Property, Lender shall have the right, not more than once annually, to obtain, at Borrower’s expense, a market study in order to establish a Capitalization Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Rate pursuant to the Underwriting Requirements. Lender shall promptly disclose any market studies obtained pursuant to this Section and Lender’s its determinations to Borrower. Until redetermined, the outstanding Allocable Loan Facility Amounts and Valuations shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in Allocable Loan Facility Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall result in a Potential Event of Default or Event of Default orshall, unless resulting from the concurrent addition, release or substitution of Collateral from the Collateral Pool or concurrent conversion of the interest raterates, (i) result in a Potential Event of Default or Event of Default, (ii) require the prepayment of any Loan Advances, in whole or in part or part, (iiiii) require the addition of Collateral to the Collateral Pool, or (iv) preclude the making of a Rollover Variable Advance.

Monitoring Determinations. Once each Calendar Quarter Quarter, or, if the Commitment consists only of a Fixed Facility Commitment that has an Aggregate Debt Service Coverage Ratio equal to or greater than 1.25:1.0, once each Calendar Year, within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 8.03(b)(ii)7.04, Lender shall Colonial/ Grandbridge — Master Credit Facility Agreement determine the Aggregate Debt Service Coverage Ratio, Ratio and the Aggregate Loan to Value Ratio Ratio, the Valuations and the Allocable Facility Amounts and whether Borrower is in compliance with the other provisions covenants set forth in the Loan Documents including Section 1.11(b)Documents. On After the First Anniversary, Lender shall redetermine Allocable Facility Amounts and on Valuations (i) quarterly, or (ii) if the Commitment consists only of a Fixed Facility Commitment that has an annual basis thereafterAggregate Debt Service Coverage Ratio equal to or greater than 1.25:1.0, and annually, or (iii) at such other time if Lender decides reasonably determines that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Amounts and Valuations. Lender shall also redetermine Allocable Loan Facility Amounts to take account of any addition, release or substitution or release of Collateral or conversion of interest rate or other event that invalidates the outstanding determinations. In determining Valuations, Lender shall use Capitalization Rates in its sole and absolute discretion based on its internal survey and analysis of capitalization rates Capitalization Rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and without any obligation to use any information provided by Borrower. If Lender is unable to determine a Capitalization Rate for a Mortgaged Property, Lender shall have the right, not more than once annually, to obtain, at Borrower’s expense, a market study in order to establish a Capitalization Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Rate pursuant to the Underwriting Requirements. Lender shall promptly disclose any market studies obtained pursuant to this Section and Lender’s its determinations to Borrower. Until redetermined, the outstanding Allocable Loan Facility Amounts and Valuations determined by Lender shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in Allocable Loan Facility Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall shall, (A) result in a Potential Event of Default or Event of Default orDefault, unless resulting from the concurrent addition, release or substitution of Collateral from the Collateral Pool or concurrent conversion of the interest rate, (iB) require the prepayment of any Loan in whole or in part or (ii) require the addition of Collateral to the Collateral PoolAdvances.

Monitoring Determinations. Once each Calendar Quarter within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 8.03(b)(ii)8.03, Lender shall determine the Aggregate NOI Debt Service Coverage Ratio, the Aggregate Lease Payment Debt Service Coverage Ratio, the Aggregate Loan to Value Ratio Ratio, Level of Care Diversity Requirements, the Valuations and the Allocable Loan Amounts and whether Borrower is in compliance with the other provisions covenants set forth in the Loan Documents including Section 1.11(b)Documents. On After the First Anniversary, and on an annual basis thereafterbasis, and if Lender decides that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Amounts and Valuations. Lender shall also redetermine Allocable Loan Amounts to take account of any addition, substitution or release of Collateral or conversion of interest rate or other event that invalidates the outstanding determinations. In determining Valuations, Lender shall use Capitalization Rates based on its internal survey and analysis of capitalization rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and without any obligation to use any information provided by Borrower. If Lender is unable to determine a Capitalization Rate for a Mortgaged Property, Lender shall have the right, with the prior consent of Borrower, not more than once annually, to obtain, at Borrower’s expense, a market study in order to establish a Capitalization Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Rate pursuant to the Underwriting Requirements. Lender shall promptly disclose any market studies obtained pursuant to this Section and Lender’s its determinations to Borrower. Until redetermined, the outstanding Allocable Loan Amounts and Valuations shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in Allocable Loan Amounts, Valuations, the Aggregate Loan to Value Ratio, the Aggregate NOI Debt Service Coverage Ratio or the Aggregate Lease Payment Debt Service Coverage Ratio shall shall, unless resulting from the concurrent release or substitution of Collateral from the Collateral Pool, (i) result in a Potential Event of Default or Event of Default or, unless resulting from the concurrent addition, release or substitution of Collateral from the Collateral Pool or concurrent conversion of the interest rateDefault, (iii) require the prepayment of any Loan in whole or in part Note, or (iiiii) require the addition of Collateral to the Collateral Pool.

Monitoring Determinations. Once each Calendar Quarter or, if only Fixed Loans are Outstanding, once each Calendar Year, within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 8.03(b)(ii)8.03, Lender shall determine the Aggregate Debt Service Coverage Ratio, the Aggregate Loan to Value Ratio Ratio, the Valuations and the Allocable Loan Amounts and whether Borrower is in compliance with the other provisions covenants set forth in the Loan Documents including Section 1.11(b)Documents. On After the First Anniversary, and on an annual basis thereafterbasis, and if Lender decides that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Amounts and Valuations. Lender shall also redetermine Allocable Loan Amounts to take account of any addition, substitution or release of Collateral or a conversion of interest rate or other event that invalidates the outstanding determinations. In determining Valuations, Lender shall use Capitalization Rates based on its internal survey and analysis of capitalization rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and without any obligation to use any information provided by Borrower. If Lender is unable to determine a Capitalization Rate for a Mortgaged Property, Lender shall have the right, with the prior consent of Borrower, not more than once annually, to obtain, at Borrower’s expense, a market study in order to establish a Capitalization Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Rate pursuant to the Underwriting Requirements. Lender shall promptly disclose any market studies obtained pursuant to this Section and Lender’s its determinations to Borrower. Until redetermined, the outstanding Allocable Loan Amounts and Valuations shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in Allocable Loan Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall shall, unless resulting from the concurrent release or substitution of Collateral from the Collateral Pool or the concurrent conversion of the interest rate, (i) result in a Potential Event of Default or Event of Default or, unless resulting from the concurrent addition, release or substitution of Collateral from the Collateral Pool or concurrent conversion of the interest rateDefault, (iii) require the prepayment of any Loan Note in whole or in part part, or (iiiii) require the addition of Collateral to the Collateral Pool.. Master Credit Facility Agreement Camden 2009

Monitoring Determinations. Once each Calendar Quarter within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 8.03(b)(ii)8.03, Lender shall determine the Aggregate Debt Service Coverage Ratio, the Aggregate Loan to Value Ratio Ratio, the Valuations and the Allocable Facility Amounts and whether Borrower is in compliance with the other provisions covenants set forth in the Loan Documents including Section 1.11(b)Documents. On With respect to the third Calendar Quarter during any Loan Year, monitoring determinations shall be calculated based on the prior twelve (12) month period. After the First Anniversary, and on an annual basis thereafterbasis, and if Lender decides that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Facility Amounts and Valuations. Lender shall also redetermine Allocable Loan Facility Amounts to take account of any addition, substitution addition or release of Collateral or conversion of interest rate or other event that invalidates the outstanding determinations. In determining Valuations, Lender shall use Capitalization Cap Rates based on its internal survey and analysis of capitalization cap rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and without any obligation to use any information provided by Borrower. If Lender is unable to determine a Capitalization Cap Rate for a Mortgaged Property, Lender shall have the right, not more than once annually, to obtain, at Borrower’s expense, a market study in order to establish a Capitalization Cap Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Rate pursuant to the Underwriting Requirements. Lender shall promptly disclose any market studies obtained pursuant to this Section and Lender’s its determinations to Borrower. Until redetermined, the outstanding Allocable Loan Facility Amounts and Valuations shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in Allocable Loan Facility Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall shall, unless resulting from the removal of Collateral from the Collateral Pool, (i) result in a Potential Event of Default or Event of Default or, unless resulting from the concurrent addition, release or substitution of Collateral from the Collateral Pool or concurrent conversion of the interest rateDefault, (iii) require the prepayment of any Loan in whole or in part or Advances, (iiiii) require the addition of Collateral to the Collateral Pool, or (iv) preclude the making of a Rollover Variable Advance.