Common use of Loan to Value Clause in Contracts

Loan to Value. The Issuer shall at all times cause the Aggregate LTV to not exceed the Maximum Aggregate LTV and, if the Trustee, at the direction of the Required Holders, or any Obligor Party shall determine that the Aggregate LTV exceeds the Maximum Aggregate LTV (an “Excess LTV Event”), the Trustee or such Obligor Party shall promptly notify the other Party of such Excess LTV Event (an “Excess LTV Notice”). If, within five (5) Business Days following the delivery of an Excess LTV Notice, the Issuer: (a) partially redeems the Notes (without the payment of any Applicable Premium) and/or causes any PropCo to pay down any Permitted Senior Facility, in each case, in an amount that causes the Aggregate LTV to no longer exceed the Maximum Aggregate LTV; or (b) (i) delivers an Additional Property Notice with respect to an Additional Property in accordance with (and subject to) Section 5.2, together with a Qualifying Appraisal with respect to the Additional Property and each Property, in each case dated not earlier than twelve (12) months prior to the applicable date, showing an appraised value for such Additional Property which (if added to the aggregate appraised value of the Properties pursuant to such Qualifying Appraisals) would result in an Aggregate LTV that is less than or equal to the Maximum Aggregate LTV, (ii) within sixty (60) days thereafter, satisfies 40 each of the Additional Property Requirements with respect to such Additional Property Notice and (iii) following the addition of such Additional Property to the Collateral, the Aggregate LTV no longer exceeds the Maximum Aggregate LTV, then such Excess LTV Event shall be deemed to have been cured and shall not be an Event of Default. If the Issuer fails to timely satisfy the requirements of either clause (a) or clause (b) above, then such failure shall constitute an Event of Default without any further notice or cure.

Loan to Value. The (a) Not more than once during any calendar year with respect to each Qualified Loan, Farmer Mac may notify Issuer of Farmer Mac's determination (such notice, a "Deficient LTV Notice") that the Loan-to-Value Requirement with respect to such Qualified Loan is not satisfied. Any such Deficient LTV Notice shall include a table of market values of the Underlying Collateral Properties securing the applicable Qualified Loan used by Farmer Mac (which may be based upon Farmer Mac's internal valuation practices) in calculating the Loan-to-Value Ratio of such Qualified Loan. For purposes of this Section 6.04(a), the Loan-to-Value Ratio of the applicable Qualified Loan will be calculated as of the applicable date of determination by dividing (a) the aggregate unpaid balance of such Qualified Loan as of such date by (b) the aggregate value of the Underlying Collateral Properties securing such Qualified Loan (as set forth in the applicable table of market values in accordance with the immediately preceding sentence) as of such date, disregarding for purposes of this calculation the value of any Underlying Collateral Properties securing such Qualified Loan by virtue of cross-collateralization (as reasonably determined by Farmer Mac). (b) If Farmer Mac shall deliver a Deficient LTV Notice, Issuer shall at within ten (10) days of receipt thereof provide irrevocable notice to Farmer Mac that Issuer will undertake one of the following actions: (i) obtain new appraisals of some or all times of the Underlying Collateral Properties directly securing (and not by virtue of cross collateralization) the applicable Qualified Loan in a scope and manner Issuer reasonably expects to result in an appraised value sufficient to cause the Aggregate LTV Loan-to-Value Ratio with respect to not exceed such Qualified Loan to satisfy the Maximum Aggregate LTV andLoan-to-Value Requirement (a "New Appraisal Election"), (ii) cause the applicable Borrower to pledge additional real estate collateral satisfying the applicable requirements of Schedule II and otherwise acceptable to Farmer Mac sufficient to cause the Loan-to-Value Ratio with respect to such Qualified Loan to satisfy the Loan-to-Value Requirement (an "Additional Underlying Collateral Election") or (iii) provide evidence reasonably acceptable to Farmer Mac that the applicable Qualified Loan has been repaid or prepaid in an amount sufficient to cause the Loan-to-Value Ratio with respect to such Qualified Loan to satisfy the Loan-to-Value Requirement (with a corresponding reduction in commitment amounts of the applicable Qualified Loans, if applicable); provided, that, for the Trusteeavoidance of doubt, at the direction Issuer shall also continue to comply with Section 6.03. (c) If Issuer shall make a New Appraisal Election, Issuer shall, within ninety (90) days after Farmer Mac's receipt of such New Appraisal Election, deliver to Farmer Mac appraisals (which shall be prepared by certified appraisers) acceptable to Farmer Mac of some or all of the Required HoldersUnderlying Collateral Properties securing the applicable Qualified Loan sufficient to cause the Loan-to-Value Ratio of such Qualified Loan to satisfy the Loan-to-Value Requirement, or as determined by Farmer Mac and disregarding for purposes of this determination the value of any Obligor Party Underlying Collateral Properties securing such Qualified Loan by virtue of cross-collateralization (as reasonably determined by Farmer Mac). If following its receipt and review of such appraisals Farmer Mac shall determine that the Aggregate LTV exceeds the Maximum Aggregate LTV (an “Excess LTV Event”), the Trustee or such Obligor Party shall promptly notify the other Party of such Excess LTV Event (an “Excess LTV Notice”). If, within five (5) Business Days following the delivery of an Excess LTV Notice, the Issuer: (a) partially redeems the Notes (without the payment of any Applicable Premium) and/or causes any PropCo to pay down any Permitted Senior Facility, in each case, in an amount that causes the Aggregate LTV to no longer exceed the Maximum Aggregate LTV; or (b) (i) delivers an Additional Property Notice with respect to an Additional Property in accordance with (and subject Loan-to) Section 5.2, together with a Qualifying Appraisal -Value Ratio with respect to the Additional Property and each Propertyapplicable Qualified Loan does not satisfy the Loan-to-Value Requirement as determined in accordance with the immediately preceding sentence, in each case dated not earlier than twelve then Issuer shall, within ten (1210) months prior days after receipt of notice thereof from Farmer Mac, either (i) provide evidence to Farmer Mac that the applicable dateBorrower has pledged additional real estate collateral satisfying the applicable requirements of Schedule II and otherwise acceptable to Farmer Mac sufficient to cause the Loan-to-Value Ratio of the applicable Qualified Loan to satisfy the Loan-to-Value Requirement, showing an appraised value disregarding for such Additional Property which (if added to purposes of this calculation the aggregate appraised value of the any Underlying Collateral Properties pursuant to securing such Qualifying Appraisals) would result in an Aggregate LTV that is less than Qualified Loan by virtue of cross-collateralization (as reasonably determined by Farmer Mac), or equal to the Maximum Aggregate LTV, (ii) provide evidence that the applicable Qualified Loan has been repaid or prepaid in an amount sufficient to cause the Loan-to-Value Ratio of such Qualified Loan to satisfy the Loan-to-Value Requirement (with a corresponding reduction in commitment amounts of the applicable Qualified Loan, if applicable) as determined in accordance with the immediately preceding sentence; provided, that, for the avoidance of doubt, Issuer shall also continue to comply with Section 6.03. (d) If Issuer shall make an Additional Underlying Collateral Election, Issuer shall, within sixty ninety (6090) days thereafter, satisfies 40 each of the Additional Property Requirements with respect to such Additional Property Notice and (iii) following the addition after Farmer Mac's receipt of such Additional Property Underlying Collateral Election, provide evidence to Farmer Mac that the Collateral, applicable Borrower has pledged additional real estate collateral satisfying the Aggregate LTV no longer exceeds applicable requirements of Schedule II and otherwise acceptable to Farmer Mac sufficient to cause the Maximum Aggregate LTV, then such Excess LTV Event shall be deemed Loan-to-Value Ratio of the applicable Qualified Loan to have been cured and shall not be an Event of Default. If the Issuer fails to timely satisfy the requirements Loan-to-Value Requirement, disregarding for purposes of either clause this calculation the value of any Underlying Collateral Properties securing such Qualified Loan by virtue of cross-collateralization (a) or clause (b) above, then such failure shall constitute an Event of Default without any further notice or cureas reasonably determined by Farmer Mac).

Loan to Value. The Issuer (a) Borrower shall maintain a Loan to Value Ratio no greater than 60%, measured as of June 29, 2023, and June 29 of each year thereafter to the Maturity Date (this requirement, the “Loan to Value Covenant”). (b) Lender shall promptly notify Borrower of any violation of the Loan to Value Covenant, along with a table of Market Values of the various parcels of Mortgaged Land utilized by Lender for purposes of calculating the Loan to Value Ratio. (c) Following Borrower’s receipt of any notice from Lender of a violation of the Loan to Value Covenant, Borrower shall, at its option, (i) within 90 days of such receipt make a Prepayment which, if made prior to the date of measurement of the Loan to Value Ratio, would have caused Borrower to be in compliance with the Loan to Value Covenant; or (ii) within ten days of such receipt deliver notice to Lender that Borrower elects to have Lender, at Borrower’s expense, obtain a new Conforming Appraisal of all times or a portion of Mortgaged Land (a “Reappraisal Notice”); or (iii) within ten days of such receipt deliver notice to Lender that Borrower will grant Lender a first lien and security interest in Additional Mortgaged Land with a Market Value sufficient to cause Borrower to be in compliance with Section 6.01(a) (an ”Additional Mortgaged Land Notice”). Farmland Partners Inc. R▇▇▇ ▇▇▇▇ Loan no. 202721 Loan Agreement (d) If Borrower delivers a Reappraisal Notice, Lender shall, within 90 days after the Aggregate LTV date of the Reappraisal Notice, and at Borrower’s expense obtain a new Conforming Appraisal of the Mortgaged Land (or that portion thereof specified by Borrower in the Reappraisal Notice). Promptly following receipt of such new Conforming Appraisal, Lender shall recalculate the Loan to not exceed Value Ratio using the Maximum Aggregate LTV Market Value stated therein (and, if the Trustee, at the direction new Conforming Appraisal does not include all of the Required HoldersMortgaged Land, or previously performed Conforming Appraisals of any Obligor Party shall determine that the Aggregate LTV exceeds the Maximum Aggregate LTV (an “Excess LTV Event”such excluded Mortgaged Land), and notify Borrower of the Trustee or results. If such Obligor Party shall promptly notify recalculated Loan to Value Ratio is sufficient to comply with the other Party of such Excess LTV Event (an “Excess LTV Notice”). IfLoan to Value Covenant, within five (5) Business Days following the delivery of an Excess LTV Notice, the Issuer: (a) partially redeems the Notes (without the payment of any Applicable Premium) and/or causes any PropCo to pay down any Permitted Senior Facility, in each case, in an amount that causes the Aggregate LTV to no longer exceed the Maximum Aggregate LTV; or (b) (i) delivers an Additional Property Notice with respect to an Additional Property in accordance with (and subject to) Section 5.2, together with a Qualifying Appraisal further action by Borrower is required with respect to the Additional Property and each PropertyLoan to Value Covenant for the applicable period. However, in each case dated not earlier than twelve if such recalculated Loan to Value Ratio is insufficient for such purpose, Borrower shall, within ten Business Days after receipt of notice from Lender of such insufficiency, either (12i) months make a Prepayment which, if made prior to the applicable datedate of measurement of such recalculated Loan to Value Ratio, showing would have caused Borrower to be in compliance with the Loan to Value Covenant; or (ii) deliver an appraised value Additional Mortgaged Land Notice. (e) If Borrower delivers an Additional Mortgaged Land Notice, L▇▇▇▇▇’s acceptance of the Additional Mortgaged Land as Collateral for such Additional Property which (if added the Loan is subject to the aggregate appraised value following: (1) satisfaction of the Properties pursuant requirements of Section 3.03(d) applicable to Additional Mortgaged Land (other than Section 3.03(d)(15)), no later than 45 days after the date of the Additional Mortgaged Land Notice; (2) payment or reimbursement of Lender for all of L▇▇▇▇▇’s Expenses related to the acceptance of the Additional Mortgaged Land, including without limitation, any title insurance and recording costs and appraisal fees; and (3) such Qualifying Appraisalsother conditions as may be reasonably required by L▇▇▇▇▇. (f) would result in an Aggregate LTV that If and when all of the Additional Mortgaged Land Conditions are satisfied, no further action by Borrower is less than required with respect to the Loan to Value Covenant for the applicable period. (g) Simultaneously with Borrower’s delivery of each and every Reappraisal Notice or Additional Mortgaged Land Notice, Borrower shall pay Lender a non-refundable review fee equal to the Maximum Aggregate LTVgreater of (i) 0.15% of the additional Mortgaged Land Market Value required to cause Borrower to be in compliance with the Loan to Value Covenant, or (ii) within sixty $5,000. (60h) days thereafter, satisfies 40 each of the Additional Property Requirements with respect to such Additional Property Notice and (iii) following the addition of such Additional Property to the Collateral, the Aggregate LTV no longer exceeds the Maximum Aggregate LTV, then such Excess LTV Event shall be deemed to have been cured and shall Prepayments made under this Section 6.01 will not be an Event of Default. If the Issuer fails subject to timely satisfy the requirements of either clause (a) or clause (b) above, then such failure shall constitute an Event Section 2.04 regarding payment of Default without any further notice or curea Prepayment Premium.

Loan to Value. The Issuer shall at At all times cause during the Aggregate LTV to term of the Loan, the unpaid principal balance of the Loan shall not exceed the Maximum Aggregate LTV and, if the Trustee, at the direction fifty percent (50%) of the Required Holdersvalue of the Project, or any Obligor Party shall determine that the Aggregate LTV exceeds the Maximum Aggregate LTV (an “Excess LTV Event”), the Trustee or such Obligor Party shall promptly notify the other Party of such Excess LTV Event (an “Excess LTV Notice”). If, within five (5) Business Days following the delivery of an Excess LTV Notice, the Issuer: (a) partially redeems the Notes (without the payment of any Applicable Premium) and/or causes any PropCo to pay down any Permitted Senior Facility, as determined by Lender in each case, in an amount that causes the Aggregate LTV to no longer exceed the Maximum Aggregate LTV; or (b) its sole discretion based on (i) delivers an Additional Property Notice the Appraisals obtained pursuant to Section 5.15 hereof or (ii) evaluations of the value of the Project prepared or obtained by Lender's appraisal department in connection with respect any modifications of the Loan Documents. If for any reason the loan-to-value ratio exceeds said percentage, then Borrower shall, upon Lender's demand, immediately reduce the unpaid principal balance of the Loan, or deposit sufficient sums with Lender to an Additional Property reduce the loan-to-value ratio to at or below said percentage. For the purposes of determining the loan-to-value ratio, the value of the Project as determined pursuant to any Appraisal or evaluation shall represent the fractional interest in accordance with the Project encumbered by the Deed of Trust (which may be adjusted by Lender from time to time in its sole discretion as fractional interests are sold and subject toreleased) Section 5.2and, together with a Qualifying Appraisal with unless otherwise agreed or elected by Lender in its sole and absolute discretion, shall not include the value of Timeshare Intervals that have been sold or any amounts receivable in respect to the Additional Property sale of such Timeshare Intervals. Borrower acknowledges that in connection with the Third Modification Agreement dated as of January 25, 1996, Lender, through its appraisal department, has ordered and each Property, in each case dated not earlier than twelve (12) months prior to will obtain an Appraisal or evaluation of the applicable date, showing an appraised value for such Additional Property which (if added to the aggregate appraised value of the Properties pursuant to Project and Borrower agrees, without limiting this Section 5.16, that if the results of such Qualifying Appraisals) would result in an Aggregate LTV that is less Appraisal/evaluation reflect a loan-to-value ratio of greater than or equal to the Maximum Aggregate LTV50%, (ii) within sixty (60) days thereafter, satisfies 40 each Borrower will comply with this Section 5.16. 2.2 The securing clause of the Additional Property Requirements with respect Security Agreement is modified in its entirety to such Additional Property Notice read as follows: To secure performance of the covenants and agreements herein set forth and payment of Debtor's promissory note dated January 25, 1996 in the sum of Two Million Four Hundred Eighty-Five Thousand and no/100 Dollars (iii) following $2,485,000.00), which Note restates Debtor's promissory note dated October 4, 1994, and interest as specified therein and any and all extensions or renewals thereof in whole or in part. 2.3 Recital B of the addition of such Additional Property Assignment is modified in its entirety to the Collateral, the Aggregate LTV no longer exceeds the Maximum Aggregate LTV, then such Excess LTV Event shall be deemed to have been cured and shall not be an Event of Default. If the Issuer fails to timely satisfy the requirements of either clause (a) or clause (b) above, then such failure shall constitute an Event of Default without any further notice or cure.read as follows:

Loan to Value. The Issuer (a) Borrower shall maintain a Loan to Value Ratio no greater than 60%, measured as of March 29, 2017, and March 29 of each year thereafter to the Maturity Date (this requirement, the “Loan to Value Covenant”). (b) Lender shall promptly notify Borrower of any violation of the Loan to Value Covenant, along with a table of Market Values of the various parcels of Mortgaged Land utilized by Lender for purposes of calculating the Loan to Value Ratio. (c) Within ten Business Days following Borrower's receipt of any notice from Lender of a violation of the Loan to Value Covenant, Borrower shall, within ten Business days, either (i) make a Prepayment which, if made prior to the date of measurement of Borrower's Loan to Value Ratio, would have caused Borrower to be in compliance with the Loan to Value Covenant; or (ii) deliver notice to Lender that Borrower will, at its own expense, obtain a new Conforming Appraisal of all times or a portion of Mortgaged Land (a “Reappraisal Notice”); or (iii) deliver notice to Lender that Borrower will grant Lender a first lien and security interest in additional land with a Market Value sufficient to cause Borrower to be in compliance with Section 9.01(a) (an “Additional Mortgaged Land Notice”; and such additional Collateral, the Aggregate LTV “Additional Mortgaged Land”). (d) If Borrower delivers a Reappraisal Notice, Borrower shall, within 90 days after the date of the Reappraisal Notice, obtain and deliver to not exceed Lender, a new Conforming Appraisal of the Maximum Aggregate LTV Mortgaged Land (or that portion thereof specified by Borrower in the Reappraisal Notice). Promptly following receipt of such new Farmland RE Term Loans 2016 Loan Agreement Loan No. 198280, 198283 and 198284 11 Rev. 4.6.2015 Conforming Appraisal, Lender shall recalculate the Loan to Value Ratio using the Market Value established stated therein (and, if the Trustee, at the direction new Conforming Appraisal does not include all of the Required HoldersMortgaged Land, or previously performed Conforming Appraisals of any Obligor Party shall determine that the Aggregate LTV exceeds the Maximum Aggregate LTV (an “Excess LTV Event”such excluded Mortgaged Land), and notify Borrower of the Trustee or results. If such Obligor Party shall promptly notify recalculated Loan to Value Ratio is sufficient to comply with the other Party Loan to Value Covenant, no further action by Borrower is required with respect to the Loan to Value Covenant for the applicable period. However, if such recalculated Loan to Value Ratio is insufficient for such purpose, Borrower shall, within ten Business Days after receipt of such Excess LTV Event notice from Lender, either (an “Excess LTV Notice”). Ifi) make a Prepayment which, within five (5) Business Days following if made prior to the delivery date of an Excess LTV Noticemeasurement of such recalculated Loan to Value Ratio, would have caused Borrower to be in compliance with the Issuer: (a) partially redeems the Notes (without the payment of any Applicable Premium) and/or causes any PropCo Loan to pay down any Permitted Senior Facility, in each case, in an amount that causes the Aggregate LTV to no longer exceed the Maximum Aggregate LTVValue Covenant; or (bii) deliver an Additional Mortgaged Land Notice. (ie) If Borrower delivers an Additional Property Notice with respect Mortgaged Land Notice, Lender's acceptance of the Additional Mortgaged Land as Collateral for the Loans is subject to an satisfaction of the following no later than 45 days after the date of the Additional Property in accordance with Mortgaged Land Notice: (and subject to1) Section 5.2, together with a Qualifying Appraisal satisfactory completion of Lender's due diligence with respect to the Additional Property and each PropertyMortgaged Land; (2) Borrower has delivered to Lender one or more Security Instruments covering the Additional Mortgaged Land, in each case dated form and substance satisfactory to Lender (individually and collectively, the “Additional Mortgaged Land Security Instrument”); (3) the Market Value of the Additional Mortgaged Land is not earlier less than twelve that amount which will ensure compliance with Section 9.01(a); (4) Lender has received evidence of leases under which the Additional Mortgaged Land is leased to third parties under lease agreements reasonably acceptable to Lender (the “Additional Mortgaged Land Leases”); (5) except as otherwise approved by Lender, Lender has received evidence reasonably satisfactory to Lender, that all Additional Mortgaged Land Leases with a term ending more than one year after the date of the recording of the Additional Mortgaged Land Security Instrument, will be subordinate to mortgage lien created under the Additional Mortgaged Land Security Instrument; (6) Lender has received evidence reasonably satisfactory to Lender, that all policies of insurance required under the Loan Documents with respect to the Additional Mortgaged Land are in full force and effect and all premiums for those policies have been paid through the date required by Lender; (7) there has been no material adverse change in the Market Value of the existing Mortgaged Land, respectively; (8) since the most recent Funding Date of any Loan, there has been no material adverse change in any Borrower's legal status or financial condition; (9) First American Title Insurance Company or another title insurance underwriter acceptable to Lender, has irrevocably agreed to issue an ALTA Lender's policy of title insurance insuring the Additional Disbursement Security Instrument as a first lien on the Additional Disbursement Land in favor of Lender, with exceptions approved by Lender and no others, and otherwise in a form satisfactory to Lender; (10) Lender has received an opinion of Borrower's counsel as to the Borrower's existence, due authorization and execution of the Additional Mortgaged Land Security Instrument and all other instruments and agreement delivered by Borrower and Guarantor in connection with the Additional Mortgaged Land, and the enforceability of the Additional Mortgaged Land Security Instrument and such other instruments and agreements in accordance with their terms, subject however to customary and reasonable assumptions, conditions and qualifications; (11) Borrower has paid all other fees and expenses and other amounts required under this agreement to be paid by Borrower; and Farmland RE Term Loans 2016 Loan Agreement Loan No. 198280, 198283 and 198284 12 Rev. 4.6.2015 (12) months prior such other conditions as may be reasonably required by Lender. If and when all of the Additional Mortgaged Land Conditions are satisfied, no further action by Borrower is required with respect to the Loan to Value Covenant for the applicable dateperiod. (f) Simultaneously with Borrower's delivery of each and every Reappraisal Notice or Additional Mortgaged Land Notice, showing Borrower shall pay Lender a non-refundable review fee equal to the greater of (i) 0.15% of the additional Mortgaged Land Market Value required to cause Borrower to be in compliance with the Loan to Value Covenant, or (ii) $5,000. (g) All Prepayments made under this Section 9.01 will be subject to the requirements of Section 5.04. (h) If and whenever the Loan to Value Ratio is less than 50%, Borrower may request that Lender release certain Mortgaged Land with an appraised market value for such Additional Property which (no greater than that which, if added to omitted from the aggregate appraised value calculation of the Properties pursuant to such Qualifying Appraisals) Mortgaged Land Value would result in an Aggregate LTV that is less a Loan to Value Ration no greater than or equal to the Maximum Aggregate LTV50%. Lender may, (ii) within sixty (60) days thereafterat its option, satisfies 40 each of the Additional Property Requirements with respect agree to such Additional Property Notice and (iii) following the addition of such Additional Property to the Collateral, the Aggregate LTV no longer exceeds the Maximum Aggregate LTV, then such Excess LTV Event shall be deemed to have been cured and shall not be an Event of Default. If the Issuer fails to timely satisfy the requirements of either clause (a) or clause (b) above, then such failure shall constitute an Event of Default without any further notice or curerequest.

Loan to Value. The Issuer shall at all times cause the Aggregate LTV to not exceed the Maximum Aggregate LTV and, if the Trustee, at the direction of the Required Holders, or any Obligor Party shall determine that the Aggregate LTV exceeds the Maximum Aggregate LTV (an “Excess LTV Event”), the Trustee or such Obligor Party shall promptly notify the other Party of such Excess LTV Event (an “Excess LTV Notice”). If, within five (5) Business Days following the delivery of an Excess LTV Notice, the Issuer: (a) partially redeems the Notes (without the payment of any Applicable Premium) and/or causes any PropCo to pay down any Permitted Senior Facility, in each case, in an amount that causes the Aggregate LTV to no longer exceed the Maximum Aggregate LTV; or (b) (i) delivers an Additional Property Notice with respect to an Additional Property in accordance with (and subject to) Section 5.2, together with a Qualifying Appraisal with respect to the Additional Property and each Property, in each case dated not earlier than twelve (12) months prior to the applicable date, showing an appraised value for such Additional Property which (if added to the aggregate appraised value of the Properties pursuant to such Qualifying Appraisals) would result in an Aggregate LTV that is less than or equal to the Maximum Aggregate LTV, (ii) within sixty (60) days thereafter, satisfies 40 each of the Additional Property Requirements with respect to such Additional Property Notice and (iii) following the addition of such Additional Property to the Collateral, the Aggregate LTV no longer exceeds the Maximum Aggregate LTV, then such Excess LTV Event shall be deemed to have been cured and shall not be an Event of Default. If the Issuer fails to timely satisfy the -44- requirements of either clause (a) or clause (b) above, then such failure shall constitute an Event of Default without any further notice or cure.