Common use of Underwriting Standards Clause in Contracts

Underwriting Standards. (a) The Lender shall utilize, as a minimum, the underwriting standards set forth in the Program Guidelines and other applicable Program Requirements (the “PACE Minimum Underwriting Standards”). Prior to the execution of each Program Financing Agreement, the Administrator reserves the right to determine whether such PACE Minimum Underwriting Standards have been satisfied. The Lender may develop additional underwriting standards that comply with applicable law, the Program Guidelines and other applicable Program Requirements (including the PACE Minimum Underwriting Standards) and this Agreement. (b) From time to time the Administrator, in consultation with the City where appropriate, may determine that modifications to the PACE Minimum Underwriting Standards are necessary or appropriate and in such cases the Administrator may promulgate such modifications. Any such modifications to the PACE Minimum Underwriting Standards will apply only to Approved Projects for which the related notice of approval given under Section 2.1(d) was issued after the effective date of such modifications. (c) Following any material modifications to the PACE Minimum Underwriting Standards, the Administrator shall promptly provide written notice to the Lender of such modifications to the PACE Minimum Underwriting Standards.

Underwriting Standards. (a) The Lender shall utilize, as a minimum, the underwriting standards set forth in the Program Guidelines and other applicable Program Requirements (the “PACE Minimum Underwriting U nderwriting Standards”). Prior to the execution of each Program Financing Agreement, the Administrator reserves the right to determine whether such PACE Minimum Underwriting Standards have been satisfied. The Lender may develop additional underwriting standards that comply with applicable law, the Program Guidelines and other applicable Program Requirements (including the PACE Minimum Underwriting Standards) and this Agreement. (b) From time to time the Administrator, in consultation with the City where appropriate, may determine that modifications to the PACE Minimum Underwriting Standards are necessary or appropriate and in such cases the Administrator may promulgate such modifications. Any such modifications to the PACE Minimum Underwriting Standards will apply only to Approved Projects for which the related notice of approval given under Section 2.1(d) was issued after the effective date of such modifications. (c) Following any material modifications to the PACE Minimum Underwriting Standards, the Administrator shall promptly provide written notice to the Lender of such modifications to the PACE Minimum Underwriting Standards.