Common use of Monitoring Determinations Clause in Contracts

Monitoring Determinations. Once each Calendar Quarter or, if a Collateral Pool consists only of Fixed Loans that have 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 6.03, Lender shall determine the Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio for such Collateral Pool, and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. After a Collateral Event with respect to the relevant Collateral Pool, Lender shall redetermine Allocable Loan Amounts and Valuations for such Collateral Pool. Lender shall determine Cap Rates when determining Valuations in its sole and absolute discretion on the basis of its internal survey and analysis of Cap Rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and shall not be obligated to use any information provided by Borrower. Lender shall promptly disclose its determinations to the applicable Collateral Pool Borrower. Until redetermined, the Allocable Loan Amounts and Valuations determined by Lender shall remain in effect. In performing a Valuation of a Multifamily Residential Property to be added to any Collateral Pool as part of a Substitution, Lender shall be entitled to obtain an Appraisal, and the Valuation will be based on such Appraisal. Lender shall also have the right to obtain an Appraisal or a Cap Rate study conducted by an appraiser in connection with the redetermination of a Valuation of a Mortgaged Property if Lender is unable to determine a Cap Rate for such Mortgaged Property.

Appears in 2 contracts

Samples: Master Credit Facility Agreement (Archstone Inc.), Master Credit Facility Agreement (Archstone Smith Operating Trust)

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Monitoring Determinations. Once each Calendar Quarter or, if a Collateral Pool consists only of Fixed Loans that have 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 6.037.03, Lender shall determine the Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio for such Collateral PoolRatio, the Valuations and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. After a Collateral Event with respect to the relevant Collateral PoolFirst Anniversary, on an annual basis, and if Lender reasonably decides that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Amounts and Valuations for such Collateral Pooldetermine Valuations. In determining Valuations, Lender shall determine use Cap Rates when determining Valuations in its sole and absolute discretion based on the basis of its internal survey and analysis of Cap Rates cap rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and shall not be obligated without any obligation to use any information provided by Borrower. Lender shall promptly disclose its determinations to the applicable Collateral Pool Borrower. Until redetermined, the Allocable Loan Amounts and Valuations determined by Lender shall remain in effect. In performing a Valuation of a Multifamily Residential Property to be added to any Collateral Pool as part of a Substitution, Lender shall be entitled to obtain an Appraisal, and the Valuation will be based on such Appraisal. Lender shall also have the right to obtain an Appraisal or a Cap Rate study conducted by an appraiser in connection with the redetermination of a Valuation of a Mortgaged Property if If Lender is unable to determine a Cap Rate for such a Mortgaged Property, Lender shall have the right, not more than once annually, to obtain, at Borrower’s expense (at a cost not to exceed the cost for similar studies required by Lender for loans sold to Fxxxxx Mxx), a market study in order to establish a Cap Rate. Lender shall promptly disclose its determinations to Borrower. Until redetermined, the outstanding Valuations shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall, unless resulting from the removal of Collateral from the Collateral Pool, (5) result in a Potential Event of Default or Event of Default, (6) require the prepayment of any Advances, or (7) require the addition of Collateral to the Collateral Pool.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Emeritus Corp\wa\)

Monitoring Determinations. Once each Calendar Quarter or, if a Collateral Pool consists only of Fixed Loans that have an Aggregate Debt Service Coverage Ratio equal to or greater than 1.25:1.0are Outstanding, once each Calendar Year, within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 6.038.03, Lender shall determine the Aggregate Debt Service Coverage Ratio and Ratio, the Aggregate Loan to Value Ratio for such Collateral PoolRatio, the Valuations and the Allocable Loan Amounts and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. After a Collateral Event with respect to the relevant Collateral PoolFirst Anniversary, on an annual basis, and if Lender decides that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Amounts and Valuations for such Collateral PoolValuations. Lender shall determine Cap also redetermine Allocable Loan Amounts to take account of any 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 when determining Valuations in its sole and absolute discretion based on the basis of its internal survey and analysis of Cap Rates capitalization rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and shall not be obligated 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 its determinations to the applicable Collateral Pool Borrower. Until redetermined, the outstanding Allocable Loan Amounts and Valuations determined by Lender shall remain in effect. In performing a Valuation 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, unless resulting from the concurrent release or substitution of a Multifamily Residential Property to be added to any Collateral from the Collateral Pool as part or the concurrent conversion of the interest rate, (i) result in a SubstitutionPotential Event of Default or Event of Default, Lender shall be entitled (ii) require the prepayment of any Note in whole or in part, or (iii) require the addition of Collateral to obtain an Appraisal, and the Valuation will be based on such Appraisal. Lender shall also have the right to obtain an Appraisal or a Cap Rate study conducted by an appraiser in connection with the redetermination of a Valuation of a Mortgaged Property if Lender is unable to determine a Cap Rate for such Mortgaged PropertyCollateral Pool.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Camden Property Trust)

Monitoring Determinations. Once each Calendar Quarter or, if a Collateral Pool consists only of Fixed Loans that have 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 6.038.03, Lender shall determine the Aggregate Debt Service Coverage Ratio and Ratio, the Aggregate Loan to Value Ratio for such Collateral PoolRatio, the Valuations and the Allocable Facility Amounts and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. After a Collateral Event with With respect to the relevant Collateral Poolthird Calendar Quarter during any Loan Year, monitoring determinations shall be calculated based on the prior twelve (12) month period. After the First Anniversary, on an annual basis, and if Lender decides that changed market or property conditions warrant, Lender shall redetermine Allocable Loan Facility Amounts and Valuations for such Collateral PoolValuations. Lender shall determine also redetermine Allocable Facility Amounts to take account of any addition or release of Collateral or other event that invalidates the outstanding determinations. In determining Valuations, Lender shall use Cap Rates when determining Valuations in its sole and absolute discretion based on the basis of its internal survey and analysis of Cap Rates cap rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and shall not be obligated without any obligation to use any information provided by Borrower. Lender shall promptly disclose its determinations to the applicable Collateral Pool Borrower. Until redetermined, the Allocable Loan Amounts and Valuations determined by Lender shall remain in effect. In performing a Valuation of a Multifamily Residential Property to be added to any Collateral Pool as part of a Substitution, Lender shall be entitled to obtain an Appraisal, and the Valuation will be based on such Appraisal. Lender shall also have the right to obtain an Appraisal or a Cap Rate study conducted by an appraiser in connection with the redetermination of a Valuation of a Mortgaged Property if If Lender is unable to determine a Cap Rate for such 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 Cap Rate. Lender shall promptly disclose its determinations to Borrower. Until redetermined, the outstanding Allocable Facility Amounts and Valuations shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in Allocable Facility Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall, unless resulting from the removal of Collateral from the Collateral Pool, (i) result in a Potential Event of Default or Event of Default, (ii) require the prepayment of any Advances, (iii) require the addition of Collateral to the Collateral Pool, or (iv) preclude the making of a Rollover Variable Advance.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Education Realty Trust, Inc.)

Monitoring Determinations. Once each Calendar Quarter Quarter, or, if a the Collateral Pool consists only of Fixed Loans that have 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 6.037.04, Lender shall determine the Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio for such Collateral PoolRatio, the Valuations and the Allocable Facility Amounts and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. After a Collateral Event with respect to the relevant Collateral PoolFirst Anniversary, Lender shall redetermine Allocable Loan Facility Amounts and Valuations for (i) quarterly, or (ii) if the Collateral Pool has an Aggregate Debt Service Coverage Ratio equal to or greater than 1.25:1.0, annually, or (iii) at such Collateral Poolother time if Lender reasonably determines that changed market or property conditions warrant. Lender shall determine also redetermine Allocable Facility Amounts to take account of any release or substitution of Collateral 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 Cap Rates when determining Valuations in its sole and absolute reasonable discretion based on the basis of its internal survey and analysis of Cap Rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender reasonably deems appropriate and appropriate. If Lender is unable to determine a Cap Rate for a Mortgaged Property, Lender shall have the right, not be obligated more than once annually, to use any information provided by obtain, at Borrower’s expense, a third-party market study in order to establish a Cap Rate. Lender shall promptly disclose its determinations to the applicable Collateral Pool Borrower. Until redetermined, the outstanding Allocable Loan Facility Amounts and Valuations determined by Lender shall remain in effect. In performing Notwithstanding anything in this Agreement to the contrary, no change in Allocable Facility Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio shall, (A) result in a Valuation Potential Event of a Multifamily Residential Property to be added to Default or Event of Default, or (B) require the prepayment of any Collateral Pool as part of a Substitution, Lender shall be entitled to obtain an Appraisal, and the Valuation will be based on such Appraisal. Lender shall also have the right to obtain an Appraisal or a Cap Rate study conducted by an appraiser in connection with the redetermination of a Valuation of a Mortgaged Property if Lender is unable to determine a Cap Rate for such Mortgaged PropertyAdvances.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Bre Properties Inc /Md/)

Monitoring Determinations. (i) Once each Calendar Quarter or, if a Collateral Pool the Commitment consists only of a Fixed Loans that have an Aggregate Debt Service Coverage Ratio equal to or greater than 1.25:1.0Facility Commitment, once each Calendar Year, within twenty (20) 20 Business Days after Borrower has delivered to Lender the reports required in Section 6.038.03, Lender shall determine the Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio for such Collateral Pool, and whether Borrower is calculations required in compliance connection with the other covenants set forth in the Loan Documents. After a Collateral Event with respect to , and whether the relevant Collateral PoolBorrower is in compliance, (ii) after the first anniversary of the Initial Closing Date, on an annual basis, and if Lender reasonably decides that changed market or property conditions warrant, Lender shall determine Allocable Facility Amounts and Valuations, (iii) Lender shall also redetermine Allocable Loan Facility Amounts to take account of any addition, release or substitution of Collateral or other event 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 Valuations conditions acceptable to Lender, in its sole discretion, and (3) is assigned to Lender as security for such Collateral Pool. 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 Cap Rates when determining Valuations in its sole and absolute discretion based on the basis of its internal survey and analysis of Cap Rates cap rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and shall not be obligated without any obligation to use any information provided by Borrower. Lender shall promptly disclose its determinations to the applicable Collateral Pool Borrower. Until redetermined, the Allocable Loan Amounts and Valuations determined by Lender shall remain in effect. In performing a Valuation of a Multifamily Residential Property to be added to any Collateral Pool as part of a Substitution, Lender shall be entitled to obtain an Appraisal, and the Valuation will be based on such Appraisal. Lender shall also have the right to obtain an Appraisal or a Cap Rate study conducted by an appraiser in connection with the redetermination of a Valuation of a Mortgaged Property if If Lender is unable to determine a Cap Rate for a Mortgaged Property, Lender shall have the right, not more than once annually, to obtain a market study in order to establish a Cap Rate. Lender shall promptly disclose its determinations to Borrower. Until redetermined, the outstanding Allocable Facility Amounts and Valuations shall remain in effect. Fixed Advances based on increased Valuations or additions to the Collateral 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, all calculations of Aggregate Debt Service Coverage and Aggregate Loan to Value Ratios including such Mortgaged PropertyProperty shall be based on actual operations of such Mortgaged Property during the period the Mortgaged Property was in the Collateral Pool and underwriting proforma results for the remainder of such Loan Year.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Sunrise Assisted Living Inc)

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Monitoring Determinations. Once each Calendar Quarter or, if a Collateral Pool consists only of Fixed Loans that have 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 Xxxxxx Mae the reports required in Section 6.03, Lender Xxxxxx Xxx shall determine the Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio for such Collateral Pool, and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. After a Collateral Event with respect to the relevant Collateral Pool, Lender Xxxxxx Mae shall redetermine Allocable Loan Amounts and Valuations for such Collateral Pool. Lender Xxxxxx Xxx shall determine Cap Rates when determining Valuations in its sole and absolute discretion on the basis of its internal survey and analysis of Cap Rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems Xxxxxx Xxx xxxxx appropriate and shall not be obligated to use any information provided by Borrower. Lender Xxxxxx Xxx shall promptly disclose its determinations to the applicable Collateral Pool Borrower. Until redetermined, the Allocable Loan Amounts and Valuations determined by Lender Xxxxxx Mae shall remain in effect. In performing a Valuation of a Multifamily Residential Property to be added to any Collateral Pool as part of a Substitution, Lender Xxxxxx Xxx shall be entitled to obtain an Appraisal, and the Valuation will be based on such Appraisal. Lender Xxxxxx Mae shall also have the right to obtain an Appraisal or a Cap Rate study conducted by an appraiser in connection with the redetermination of a Valuation of a Mortgaged Property if Lender Xxxxxx Xxx is unable to determine a Cap Rate for such Mortgaged Property.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Erp Operating LTD Partnership)

Monitoring Determinations. Once each Calendar Quarter or, if a Collateral Pool the Commitment consists only of a Fixed Loans that have an Aggregate Debt Service Coverage Ratio equal to or greater than 1.25:1.0Facility Commitment, once each Calendar Year, within twenty (20) 20 Business Days after Borrower has delivered to Lender the reports required in Section 6.038.03, Lender shall determine the Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio for such Collateral Pool, and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. After a Collateral Event with respect to the relevant Collateral PoolFirst Anniversary, on an annual basis, and if Lender reasonably decides that changed market or property conditions warrant, Lender shall redetermine determine Allocable Loan Facility Amounts and Valuations for such Collateral PoolValuations. Lender shall determine also redetermine Allocable Facility Amounts to take account of any addition or release of Collateral or other event which invalidates the outstanding determinations. In determining Valuations, Lender shall use Cap Rates when determining Valuations in its sole and absolute discretion based on the basis of its internal survey and analysis of Cap Rates cap rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems appropriate and shall not be obligated without any obligation to use any information provided by Borrower. Lender shall promptly disclose its determinations to the applicable Collateral Pool Borrower. Until redetermined, the Allocable Loan Amounts and Valuations determined by Lender shall remain in effect. In performing a Valuation of a Multifamily Residential Property to be added to any Collateral Pool as part of a Substitution, Lender shall be entitled to obtain an Appraisal, and the Valuation will be based on such Appraisal. Lender shall also have the right to obtain an Appraisal or a Cap Rate study conducted by an appraiser in connection with the redetermination of a Valuation of a Mortgaged Property if If Lender is unable to determine a Cap Rate for such a Mortgaged Property, Lender shall have the right, not more than once annually, to obtain a market study in order to establish a Cap Rate. Lender shall promptly disclose its determinations to Borrower. Until redetermined, the outstanding Allocable Facility Amounts and Valuations shall remain in effect. Notwithstanding anything in this Agreement to the contrary, no change in Allocable Facility Amounts, Valuations, the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio 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 (ii) preclude the making of a Rollover Variable Advance.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Bre Properties Inc /Md/)

Monitoring Determinations. Once each Calendar Quarter or, if a Collateral Pool consists only of Fixed Loans that have 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 Xxxxxx Mae the reports required in Section 6.03, Lender Xxxxxx Xxx shall determine the Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio for such Collateral Pool, and whether Borrower is in compliance with the other covenants set forth in the Loan DocumentsDocuments and the Guaranty. After a Collateral Event with respect to the relevant Collateral Pool, Lender Xxxxxx Mae shall redetermine Allocable Loan Amounts and Valuations for such Collateral Pool. Lender Xxxxxx Xxx shall determine Cap Rates when determining Valuations in its sole and absolute discretion on the basis of its internal survey and analysis of Cap Rates for comparable sales in the vicinity of the Mortgaged Property, with such adjustments as Lender deems Xxxxxx Xxx xxxxx appropriate and shall not be obligated to use any information provided by Borrower. Lender Xxxxxx Xxx shall promptly disclose its determinations to the applicable Collateral Pool Borrower. Until redetermined, the Allocable Loan Amounts and Valuations determined by Lender Xxxxxx Mae shall remain in effect. In performing a Valuation of a Multifamily Residential Property to be added to any Collateral Pool as part of a Substitution, Lender Xxxxxx Xxx shall be entitled to obtain an Appraisal, and the Valuation will be based on such Appraisal. Lender Xxxxxx Mae shall also have the right to obtain an Appraisal or a Cap Rate study conducted by an appraiser in connection with the redetermination of a Valuation of a Mortgaged Property if Lender Xxxxxx Xxx is unable to determine a Cap Rate for such Mortgaged Property.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Avalonbay Communities Inc)

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