Common use of Monitoring Determinations Clause in Contracts

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, Lender shall determine the Aggregate Debt Service Coverage Ratio, the Aggregate Loan to Value Ratio, the Valuations and the Allocable Loan Amounts and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. After the First Anniversary, on an annual basis, 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 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 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, 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, require the prepayment of any Note in whole or in part, or require the addition of Collateral to the Collateral Pool.

Monitoring Determinations. Once each Calendar Quarter or, if the Commitment consists only of a Fixed Loans are OutstandingFacility 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, Lender shall determine the Aggregate Debt Service Coverage Ratio, Ratio and the Aggregate Loan to Value Ratio, the Valuations and the Allocable Loan Facility Amounts and whether Borrower is in compliance with the other covenants set forth in the Loan DocumentsBorrower Documents (including without limitation the Net Worth and Liquidity covenants set forth in Sections 8.17 and Section 8.18, respectively). After the First Anniversary, on an annual basis, 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 substitution addition 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 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, 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 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 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, unless resulting from the concurrent release or substitution removal of Collateral from the Collateral Pool or the concurrent conversion of the interest ratePool, (i) result in a Potential Event of Default or Event of Default, (ii) require the prepayment of any Note in whole or in partAdvances, or (iii) 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 Loans are OutstandingFacility 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 8.037.04, Lender shall determine the Aggregate Debt Service Coverage Ratio, Ratio and the Aggregate Loan to Value Ratio, the Valuations and the Allocable Loan Facility Amounts and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. After the First Anniversary, on Lender shall redetermine Allocable Facility Amounts and Valuations (i) quarterly, or (ii) if the Commitment consists only of a Fixed Facility Commitment that has an annual basisAggregate 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 a 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, 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 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 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, unless resulting from the concurrent release or substitution of Collateral from the Collateral Pool or the concurrent conversion of the interest rate, (A) result in a Potential Event of Default or Event of Default, or (B) require the prepayment of any Note in whole or in part, or require the addition of Collateral to the Collateral Pool.Advances. Colonial/PNC ARCS — Master Credit Facility Agreement

Monitoring Determinations. Once each Calendar Quarter Quarter, or, if the Commitment consists only of a Fixed Loans are OutstandingFacility 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 8.037.04, Lender shall Colonial/ Grandbridge — Master Credit Facility Agreement determine the Aggregate Debt Service Coverage Ratio, Ratio and the Aggregate Loan to Value Ratio, the Valuations and the Allocable Loan Facility Amounts and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. After the First Anniversary, on Lender shall redetermine Allocable Facility Amounts and Valuations (i) quarterly, or (ii) if the Commitment consists only of a Fixed Facility Commitment that has an annual basisAggregate 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 a 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, 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 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, unless resulting from the concurrent release or substitution of Collateral from the Collateral Pool or the concurrent conversion of the interest rate, (A) result in a Potential Event of Default or Event of Default, or (B) require the prepayment of any Note in whole or in part, or require the addition of Collateral to the Collateral PoolAdvances.

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, Lender shall determine the Aggregate NOI Debt Service Coverage Ratio, the Aggregate Lease Payment Debt Service Coverage Ratio, the Aggregate Loan to Value Ratio, Level of Care Diversity Requirements, the Valuations and the Allocable Loan Amounts and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. After the First Anniversary, on an annual basis, 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 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 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, unless resulting from the concurrent release or substitution of Collateral from the Collateral Pool or the concurrent conversion of the interest ratePool, (i) result in a Potential Event of Default or Event of Default, (ii) require the prepayment of any Note in whole or in partNote, or (iii) 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 YearQuarter, within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 8.03, Lender shall determine the Aggregate Debt Service Coverage Ratio, the Aggregate Loan to Value Ratio, the Valuations and the Allocable Loan Facility Amounts and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. 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, on an annual basis, 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 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 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, unless resulting from the concurrent addition, release or substitution of Collateral from the Collateral Pool or the concurrent conversion of the interest raterates, (i) result in a Potential Event of Default or Event of Default, (ii) require the prepayment of any Note Advances, in whole or in part, or (iii) 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 or, if the Commitment consists only of a Fixed Loans are OutstandingFacility Commitment, once each Calendar Year, within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 8.03, Lender shall determine the Aggregate Debt Service Coverage Ratio, the Aggregate Loan to Value Ratio, the Valuations and the Allocable Loan Facility Amounts and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. 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. Lender shall also redetermine Allocable Loan Facility Amounts to take account of any substitution addition 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 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, 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 Cap Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Cap Rate pursuant to the Underwriting Requirementsin its sole discretion. Lender shall promptly disclose 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, unless resulting from the concurrent release or substitution removal of Collateral from the Collateral Pool or the concurrent conversion of the interest ratePool, (1) result in a Potential Event of Default or Event of Default, (2) require the prepayment of any Note in whole or in partAdvances, or (3) require the addition of Collateral to the Collateral Pool, or (4) preclude the request of a Rollover Variable Advance.

Monitoring Determinations. Once each Calendar Quarter or, if the Commitment consists only of a Fixed Loans are OutstandingFacility Commitment, once each Calendar Year, within twenty (20) Business Days after Borrower has delivered to Lender the reports required in Section 8.03, Lender shall determine the Aggregate Debt Service Coverage Ratio, the Aggregate Loan to Value Ratio, the Valuations and the Allocable Loan Facility Amounts and whether Borrower is in compliance with the other covenants set forth in the Loan Documents. 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. Lender shall also redetermine Allocable Loan Facility Amounts to take account of any substitution addition 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 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, 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 Cap Rate. In the event Borrower fails to consent to Lender obtaining a market study, Lender shall determine the Capitalization Cap Rate pursuant to the Underwriting Requirementsin its sole discretion. Lender shall promptly disclose 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, unless resulting from the concurrent release or substitution removal of Collateral from the Collateral Pool or the concurrent conversion of the interest ratePool, result in a Potential Event of Default or Event of Default, require the prepayment of any Note in whole or in partAdvances, or require the addition of Collateral to the Collateral Pool, or preclude the request of a Rollover Variable Advance.