Common use of Conditions Precedent to Conversion Clause in Contracts

Conditions Precedent to Conversion. The conversion of all or a portion of a SARM Variable Advance to a Fixed Advance is subject to Lender’s determination that each of the following conditions precedent has been satisfied: (a) Receipt by Lender of the fully executed Conversion Request; (b) After giving effect to the requested conversion, the Coverage and LTV Tests shall be satisfied; (c) The provisions of Section 1.06, Section 1.07 and Section 1.08 shall be satisfied; (d) Prepayment by Borrower of any Variable Advances Outstanding that Borrower has designated for payment, together with any other amounts due with respect to the prepayment of such Variable Advances; provided that, subject to the terms of Section 1.07(c), there shall be no associated prepayment premiums due in connection with a conversion pursuant to the terms of Section 1.06, Section 1.07 and Section 1.08 of this Agreement; (e) 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 Initial Closing Date and other exceptions approved by Lender; and (f) Receipt by Lender of one (1) or more executed, original counterparts of each Conversion Document, dated as of the Closing Date, each of which shall be in full force and effect and in form and substance reasonably satisfactory to Lender in all respects, signed by each of the parties (other than Lender) to such Conversion Document. Colonial/ Grandbridge — Master Credit Facility Agreement

Conditions Precedent to Conversion. The conversion of all or a portion of a SARM the Variable Advance Facility Commitment to a the Fixed Advance Facility Commitment is subject to Lender’s determination that each the satisfaction of the following conditions precedent has been satisfiedon or before the Closing Date: (a) Receipt by Lender of the fully executed Conversion Request; (b) After giving effect to the requested conversion, the Coverage and LTV Tests shall 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%); (c) The provisions of Section 1.06, Section 1.07 and Section 1.08 shall be satisfied; (db) Prepayment by Borrower in full of any Variable Advances Outstanding that 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; provided that, subject to the terms of Section 1.07(c), there shall be no associated prepayment premiums due in connection with a conversion pursuant to the terms of Section 1.06, Section 1.07 and Section 1.08 of this Agreement; (ec) Receipt 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 Initial last Closing Date with respect to which the Title Insurance Policy was endorsed, Permitted Liens and other exceptions approved by Lender; and; (fd) Receipt by Lender of one (1) or more executed, original counterparts of each Conversion Document, dated as of the Closing Date, each of which shall be in full force and effect and in form and substance reasonably satisfactory to Lender in all respects, signed by each of the parties (other than Lender) who is a party to such Conversion Document. Colonial/ Grandbridge — Master Credit Facility Agreement; and (e) The satisfaction of all applicable General Conditions set forth in Article 11.

Conditions Precedent to Conversion. The conversion of all or a portion of a SARM the Variable Advance Facility Commitment to a the Fixed Advance Facility Commitment is subject to Lender’s determination that each the satisfaction of the following conditions precedent has been satisfiedon or before the Closing Date: (a) Receipt by Lender of the fully executed Conversion Request; (b) After giving effect to the requested conversion, the Coverage and LTV Tests shall will be satisfied; (c) The provisions of Section 1.06, Section 1.07 and Section 1.08 shall be satisfied; (db) Prepayment by Borrower in full of any Variable Advances Outstanding that Borrower has designated for payment, together with any associated prepayment premiums and other amounts due with respect to the prepayment of such Variable Advances; provided that, subject to the terms of Section 1.07(c), there shall be no associated prepayment premiums due in connection with a conversion pursuant to the terms of Section 1.06, Section 1.07 and Section 1.08 of this Agreement; (ec) Receipt If required by Lender, 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 Initial Closing Date and other exceptions approved by Lender; and (fd) Receipt by Lender of one (1) or more executed, original counterparts of each Conversion Document, dated as of the Closing Date, each of which shall be in full force and effect and in form and substance reasonably satisfactory to Lender in all respects, signed by each of the parties (other than Lender) to such Conversion Document. Colonial/ Grandbridge — Master Credit ; and (e) In the event Lender consents to a conversion (A) after the fifth (5th) anniversary of the Initial Closing Date or (B) in which the maturity date of the new Fixed Advance is beyond the fifteen (15th) anniversary of the Initial Closing Date, Borrower and Lender shall have agreed to a new Fixed Facility AgreementFee.