Collateral Pool Minimum Property Requirements. Commencing twelve (12) months following the Agreement Date, and at all times thereafter, the Collateral Pool Properties included in the calculation of Collateral Pool Availability to be fewer than three (3) Collateral Pool Properties.

a Collateral Pool Availability Certificate calculated as of the end of the then most recently ended Measurement Period for which a Collateral Pool Availability Certificate has been delivered pursuant to Section 6.1 (giving Pro Forma Effect to the addition of such Eligible Property as a Collateral Pool Property and any other Collateral Pool Properties added since the end of such Measurement Period);

the maximum principal amount equal to the sum total of the Maximum Collateral Pool Property Availability with respect to each Collateral Pool Property.

The criteria for determining the Maximum Collateral Pool Property Availability for any Collateral Pool Property which is not a “Permitted Property” pursuant to either clause (a) or (b) of the definition thereof shall be determined by all the Lenders, in their sole discretion, at the time such Collateral Pool Property is approved as an addition to the Collateral Pool.

Collateral Pool Minimum Occupancy. The average Occupancy Rate for multifamily Collateral Pool Properties at any time to be less than ninety percent (90%) (with compliance certified as of the last day of each fiscal quarter for the Measurement Period then ended in a Compliance Certificate delivered pursuant to Section 6.1). The average Occupancy Rate shall be calculated on a weighted average basis based upon rental revenue of Leases at each multifamily Collateral Pool Property and the aggregate amount of all rental revenue associated with the multifamily Collateral Pool Properties.

Collateral Pool Availability. Without limiting the foregoing, and notwithstanding any other term of this Agreement or any other Loan Document, no Revolving Loan requested with respect to any Collateral Pool Property shall exceed the amount that results from the applicable maximum LTV Ratio (each, as applicable, the “Maximum LTV Ratio”) and maximum LTC Ratio (each, as applicable, the “Maximum LTC Ratio”) and minimum Property Debt Yield (each, as applicable, the “Minimum Property Debt Yield”) set forth below for such Collateral Pool Property (the “Maximum Collateral Pool Property Availability”):

Frequency of Collateral Pool Availability Calculations. Initially, Collateral Pool Availability shall be the amount set forth as such in the Collateral Pool Availability Certificate delivered under Section 4.1(m). Thereafter, Collateral Pool Availability shall be the amount set forth as such in the Collateral Pool Availability Certificate most recently delivered under Sections 4.3, 4.4 and 6.11]1] or otherwise as required by this Agreement.

Collateral Pool Availability. The aggregate Total Revolving Outstandings at any time to exceed Collateral Pool Availability (with compliance certified as of the last day of each fiscal quarter for the Reference Period then ended in a Collateral Pool Availability Certificate delivered pursuant to Section 4.1, [Section 4.3], [Section 4.4], Section 6.1); provided, that, if at any time the Total Revolving Outstandings exceed the Collateral Pool Availability, the Loan Parties shall have the opportunity to cure such condition by remitting payment in an amount sufficient such that the Total Revolving Outstandings do not exceed the Collateral Pool Availability within five (5) days after written notice thereof from Administrative Agent in accordance with [Section 2.7(c)]).

Collateral Pool Availability Certificate. The Administrative Agent shall have received a Collateral Pool Availability Certificate, dated the Closing Date and signed by a Financial Officer of the Borrower, setting forth reasonably detailed calculations required to establish the Collateral Pool Availability as of the Closing Date.

“Collateral Pool Property Value” means, on any date of determination, for each Collateral Pool Property eligible for inclusion in the calculation of Collateral Pool Availability on such date, the Appraised Value of such Collateral Pool Property as most recently determined under this Agreement.