Common use of Conditions Precedent to Conversion Clause in Contracts

Conditions Precedent to Conversion. The conversion of all or a portion of the Variable Facility Commitment to the Fixed Facility Commitment is subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) After giving effect to the requested conversion, the Coverage and LTV Tests will be satisfied; notwithstanding the foregoing, if the test set forth in this Section 3.09(a) is not satisfied after the conversion, such conversion may be permitted by Lender if the conversion improves the Collateral Pool based on factors that are consistent with Lender’s Underwriting Requirements and result in improvement in one or both of the following areas: the then current Aggregate Debt Service Coverage Ratio for the Trailing 12 Month Period or the then current Aggregate Loan to Value Ratio. Notwithstanding the foregoing, under no circumstances shall the Aggregate Loan to Value Ratio exceed ninety percent (90%); (b) Prepayment by Borrower in full of any Variable Advances Outstanding which Borrower has designated for payment, together with any associated prepayment premiums and other amounts due with respect to the prepayment of such Variable Advances; (c) If required by Lender, the receipt by Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the last Closing Date with respect to which the Title Insurance Policy was endorsed, Permitted Liens and other exceptions approved by Lender; (d) Receipt by Lender of one (1) or more counterparts of each Conversion Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Conversion Document; and (e) The satisfaction of all applicable General Conditions set forth in Article 11.

Conditions Precedent to Conversion. The conversion right of the Borrower to convert all or a portion of the Variable Revolving Facility Credit Commitment to the Fixed Base Facility Credit Commitment is and the obligation of the Lender to deliver the Conversion Documents on the Closing Date are subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) After after giving effect to the requested conversion, : (i) the Coverage and LTV Tests will be satisfied; notwithstanding the foregoing, if the test set forth in this Section 3.09(a) is not satisfied after the conversion, such conversion may be permitted by Lender if the conversion improves the Collateral Pool based on factors that are consistent with Lender’s Underwriting Requirements and result in improvement in one or both of the following areas: the then current Aggregate Debt Service Coverage Ratio for the Trailing 12 Month Period or is not less than the then current Minimum Aggregate Loan to Value Ratio. Notwithstanding Debt Service Coverage Ratio for the foregoing, under no circumstances shall Trailing 12 Month Period; (ii) the Aggregate Debt Service Coverage Ratio for the Trailing Three Month Period is not less than the Minimum Aggregate Debt Service Coverage Ratio for the Trailing Three Month Period; and (iii) the Aggregate Loan to Value Ratio exceed ninety percent (90%);for the Trailing 12 Month Period is not greater than the Maximum Aggregate Loan to Value Ratio for the Trailing 12 Month Period. (b) Prepayment Payment by the Borrower in full of any Variable Revolving Facility Advances Outstanding which the Borrower has designated for payment, together with any associated prepayment premiums and other amounts due with respect is obligated to the prepayment of such Variable Advancespay under Section 5.03(c); (c) If required requested by the Lender, the receipt by the Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the last Initial Closing Date with respect to which the Title Insurance Policy was endorsed, Permitted Liens and other exceptions approved by the Lender; (d) Receipt by the Lender of one (1) or more counterparts of each Conversion Document, dated as of the Closing Date, signed by each of the parties (other than the Lender) who is a party to such Conversion Document; and (e) The satisfaction of all applicable General Conditions set forth in Article 11XI.

Conditions Precedent to Conversion. The conversion right of the ---------------------------------- Borrowers to convert all or a portion of the Variable Revolving Facility Credit Commitment to the Fixed Base Facility Credit Commitment is and the obligation of the Lender to deliver the Conversion Documents on the Closing Date are subject to the satisfaction of the following conditions precedent on or before the Closing Dateprecedent: SECTION 5.04 (a) Either: (a1) After on the date on which the closing of the Conversion Request occurs: (i) one or more of the Borrowers shall have requested and shall have received a Base Facility Advance which is allocable to the increase in the Base Facility Credit Commitment requested in the Conversion Request in an amount as to each such Borrower requested by the Borrowers and approved by the Lender in its discretion; and (ii) the Coupon Rate for such Base Facility Advance is equal to or less than the Underwriting Rate; or (2) after giving effect to the requested conversion, : (i) the Coverage and LTV Tests will be satisfied; notwithstanding the foregoing, if the test set forth in this Section 3.09(a) is not satisfied after the conversion, such conversion may be permitted by Lender if the conversion improves the Collateral Pool based on factors that are consistent with Lender’s Underwriting Requirements and result in improvement in one or both of the following areas: the then current Aggregate Facility Debt Service Coverage Ratio for the Trailing 12 Month Period or is not less than the then current Minimum Aggregate Loan to Value Ratio. Notwithstanding Facility Debt Service Coverage Ratio for the foregoing, under no circumstances shall Trailing 12 Month Period; (ii) the Aggregate Facility Debt Service Coverage Ratio for the Trailing Three Month Period is not less than the Minimum Aggregate Facility Debt Service Coverage Ratio for the Trailing Three Month Period; and (iii) the Aggregate Loan to Value Ratio exceed ninety percent (90%); (b) Prepayment by Borrower in full of any Variable Advances Outstanding which Borrower has designated for payment, together with any associated prepayment premiums and other amounts due with respect to the prepayment of such Variable Advances; (c) If required by Lender, the receipt by Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other Trailing 12 Month Period is not greater than the exceptions shown on Maximum Aggregate Loan to Value Ratio for the last Closing Date with respect to which the Title Insurance Policy was endorsed, Permitted Liens and other exceptions approved by Lender; (d) Receipt by Lender of one (1) or more counterparts of each Conversion Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Conversion Document; and (e) The satisfaction of all applicable General Conditions set forth in Article 11Trailing 12 Month Period.