Stabilization Determination Sample Clauses

Stabilization Determination. Administrative Agent shall determine whether each of the Qualified Properties comprising Eligible Collateral constitute a Stabilized Qualified Property or a Non-Stabilized Qualified Property (each a “Stabilization Determination”), based upon the criteria therefor set forth in this Agreement. Administrative Agent shall make the Stabilization Determination with respect to each Qualified Property comprising Eligible Collateral (i) on a quarterly basis after receipt of the applicable Borrowing Base Report and Collateral Certificate, and (ii) each time a Qualified Property is added or removed from the Borrowing Base pursuant to Section 4.3. In the event of a Stabilization Determination under clause (ii), Administrative Agent shall make such determination based upon the facts, information, valuations and determinations made as of the most recent quarterly financial statements of Borrower and Guarantor delivered to Administrative Agent, adjusted solely to reflect the change in categorization of such Qualified Property. Administrative Agent shall adjust the Borrowing Base after each Stabilization Determination, and, if solely because of an adjustment to the Borrowing Base pursuant to a Stabilization Determination the then Outstanding Credit Exposure exceeds the Available Commitment, Borrower shall have sixty (60) days to cure such non-compliance (“Stabilization Determination Cure Period”) whether by making a Remargining Payment in accordance with Section 2.19 or otherwise.