Valuation Reports. A Valuation Report for each Project is always reviewed prior to determining the letter grade and corresponding interest rate to be applied to a Loan. In the case of a Loan to finance acquisition and/or reconstruction (which is a majority of our Loans), the Valuation Report will reflect an estimate of the projected ARV of the Project. The Valuation Report reflects the projected value of the land if the Loan is to finance ground-up construction. As discussed in more detail below, the valuation of the Project weighs heavily in the Grading Algorithm and the determination of the final letter grade (and thus the minimum interest rate) assigned to a particular Loan. As such, during the course of our underwriting process, we carefully review each Valuation Report received. We may refuse to accept a Valuation Report that it finds unsatisfactory, inaccurate or unreliable, in which case, we will not consider financing the related Loan until the deficiencies are remedied or a new Valuation Report is received. The evidence used to calculate the ARV for a given Loan may be made up of a composite of different Valuation Reports of the same type at the discretion of the underwriters. For example, ARV may be determined by utilizing a composite of two or more BPOs, if available. We will not use composites from different types of Valuation Reports. For Loans under $250,000, Borrowers may choose the type of Valuation Report they want considered in the underwriting process. We may commission (at the Borrower’s expense) a certified independent appraisal or a BPO on the Project or the Borrower may provide a Borrower provided appraisal or a collection of comparable property listings (or “comps”); however, we will always commission a certified independent appraisal for Loans of $250,000 or more.
Valuation Reports. The Borrower shall, in relation to each calendar year, within 90 days after the end of that calendar year, supply to the Agent a Valuation Report, with such Valuation Report specifying:
Valuation Reports. The General Partner shall transmit to the Limited Partners a copy of each valuation report of the Partnership’s Portfolio Securities prepared in accordance with Section 3.08.
Valuation Reports. A copy of each 409A valuation report as to Borrower Representative’s capital stock that Borrower Representative receives after the Closing Date within five (5) days after the Borrower Representative’s receipt thereof.
Valuation Reports. The Administrative Agent shall have received each third party valuation report received by the Borrower on or prior to the date hereof that attests to the value of any asset of any Obligor as of December 31, 2013 or any date thereafter.
Valuation Reports. For purposes of ensuring compliance with the provisions of Section 3.1.2 hereof, the Purchasers shall furnish to the Trustees of each Trust (i) each fiscal quarter, a report setting forth the best judgment of the General Partner of BIR-OP and of the directors of BIR as to the value of the different classes of interests in each of the Purchasers and their determination of the percentage Ownership in the Trusts held by Individuals that are direct and indirect partners of BIR-OP (provided, however, that for those Individuals who are indirect partners of BIR-OP solely by reason of the fact that they Own shares of BIR, it shall be sufficient to represent that no such Individual Owns more than 1.75% (by value) of the outstanding shares of either Trust solely by reason of such Individual’s Ownership of shares of BIR); and (ii) annually, an audit by the Purchasers’ independent accountants (or such other experts reasonably acceptable to the Trusts) of the valuation methods and assumptions used to prepare such reports.
Valuation Reports. No later than five (5) Business Days after receipt (and in any case, no less frequently than quarterly, within forty-five (45) calendar days of the end of each fiscal quarter of Borrower), Borrower shall provide Administrative Agent a copy of the most -recent valuation report issued by the Valuation Agent with respect to the Fair Market Value of Eligible Portfolio Assets, which report Administrative Agent shall provide to any Lender promptly upon request thereof, subject to such Lender’s execution of a release letter from the Valuation Agent with respect to the Lender’s receipt of such valuation report; and[Reserved]
Valuation Reports. The Borrowing Base Loan Parties shall, within ten (10) Business Days after the end of each fiscal quarter of the Parent ending on or after the Borrowing Base Value Adjustment Date, deliver to the Administrative Agent an updated Valuation Report, dated as of a date no earlier than ten (10) days prior to the date of such delivery (or as of such earlier date as the Administrative Agent shall have agreed in writing), with respect to each Investment Property included in the calculation of the Borrowing Base Amount at such time that has a Reported Value that is based on (i) an AVM Report that is dated as of a date that is more than three months prior to the last day of such fiscal quarter, (ii) a BPO Report that is dated as of a date that is more than six months prior to the last day of such fiscal quarter or (iii) an Appraisal that is dated as of a date that is more than one year prior to the last day of such fiscal quarter, together with a certificate executed by a Responsible Officer of the Parent certifying to the Administrative Agent and the Lenders that the AVM Lower-Tier Confidence Score Percentage on the last day of such fiscal quarter did not exceed 10% (which certificate shall also contain a reasonably detailed calculation of such AVM Lower-Tier Confidence Score Percentage).
Valuation Reports. The Managing Member shall cause to be prepared contemporaneously with any adjustment to the Gross Asset Values of the Company assets in accordance with clause (ii) of the definition of Gross Asset Value, reports required to determine the Xxxx-to-Market Value of such assets and (x) in the event any Permitted Asset is acquired (whether by contribution or purchase), sold or distributed by the Company, with respect to such Permitted Asset only and (y) upon the occurrence of any adjustment to the Gross Asset Value of all Permitted Assets, with respect to all Permitted Assets, and the Managing Member shall furnish such reports to each Member together with a certification by the Company Accountants that such reports have been prepared in accordance with this LLC Agreement.
