Exhibit
10.4


 


FIRST
AMENDMENT TO CREDIT AGREEMENT


 


To each of the Lenders

signatory hereto


 


Ladies and Gentlemen:


 


Reference is
hereby made to that certain Credit Agreement dated as of December 26, 2003
(as amended hereby, the “Credit Agreement”),
between the undersigned, LTC Properties, Inc., the Guarantors party
thereto, the Lenders party thereto, Bank of Montreal, as Administrative Agent,
Harris Nesbitt Corp., as Co-Lead Arranger and Book Manager and Key Bank
National Association, as successor in interest to Key Corporate Capital Inc.,
as Co-Lead Arranger and Syndication Agent. 
All capitalized terms used herein without definition shall have the same
meanings herein as such terms have in the Credit Agreement.


 


The Company has
requested that Merrill Lynch Capital, a Division of Merrill Lynch Business
Financial Services, Inc. be approved as an Eligible Assignee with a Commitment
of $20,000,000 pursuant to Section 1.14 of the Credit Agreement, that the
Lenders consent to an increase of the limitation on Secured Recourse Debt, that
the definition of Required Lenders be amended, and that certain other
amendments be made to the Credit Agreement, and the Lenders are willing to do
so under the terms and conditions set forth in this agreement (herein, the “Amendment”).


 


1.                                       AMENDMENTS.


 


Subject to the
satisfaction of the conditions precedent set forth in Section 2 below, the
Credit Agreement shall be and hereby is amended as follows:


 


1.1.                              Section
1.14 of the Credit Agreement shall be amended by (i) deleting the amount “$14,000,000”
appearing therein and inserting in its place the amount “$20,000,000”,
(ii) deleting the amount “$59,000,000” appearing therein and inserting in
its place the amount “$65,000,000”, and (iii) adding the following
sentence to the end of Section 1.14: 
“The Lenders approve Merrill Lynch Capital, a Division of Merrill Lynch
Business Financial Services, Inc., as an Eligible Assignee with a Commitment of
$20,000,000 provided that Merrill Lynch Capital shall not become a Lender
hereunder until the documents required by Section 1.14(c) have been
executed and delivered.”


 


1.2.                              The
defined term “Borrowing Base” appearing in
Section 5.1 of the Credit Agreement shall be amended and restated in its
entirety to read as follows:


 


“Borrowing
Base” means, at any date of its determination, an amount
equal to 50% of the Borrowing Base Value on such date minus the outstanding
principal amount of all Unsecured Debt of


 





















 


the Borrower on such date
that is pari passu in rank to the indebtedness under the Credit Agreement other
than the Obligations.


 


1.3.                              The
defined term “Required Lenders” appearing in
Section 5.1 of the Credit Agreement is hereby amended and restated in its
entirety as follows:


 


“Required Lenders”
means, as of the date of determination thereof, Lenders whose outstanding Loans
and interests in Letters of Credit and Unused Commitments constitute more than
66-2/3% of the sum of the total outstanding Loans, interests in Letters of
Credit, and Unused Commitments of the Lenders.


 


1.4.                              Subsection
(e) of Section 8.21 of the Credit Agreement is hereby amended by deleting
the amount “$15,000,000” and replacing it with the amount “$30,000,000”.


 


1.5.                              Subsection
(c) of Section 8.22 of the Credit Agreement is hereby amended in its entirety
to read as follows:


 


“(c)                         Minimum
Eligible Property NOI to Debt Service Ratio.  As of the last day of each Fiscal Quarter  of the Borrower, the Borrower shall not permit the ratio of
Eligible Property NOI to the sum of (i) Unsecured Debt Service with respect to
indebtedness that is pari passu in rank to the indebtedness under the Credit
Agreement, plus (ii) Credit Facility Debt Service, to be less than 2.25 to 1.0.”


 


1.6.                              Exhibit
E to the Credit Agreement is hereby amended and restated in its entirety in the
form attached hereto as Exhibit E.


 


1.7.                              Schedule
I to Exhibit F to the Credit Agreement is hereby amended and restated in its
entirety in the form attached as Schedule 1(F) hereto.


 


2.                                       CONDITIONS PRECEDENT.


 


The effectiveness of this
Amendment is subject to the satisfaction of all of the following conditions
precedent:


 


2.1.                              The
Borrower, the Administrative Agent and the Lenders shall each have executed and
delivered this Amendment.


 


2.2                                 All
legal matters incident to the execution and delivery of this Amendment and the
instruments and documents contemplated hereby shall be satisfactory to the
Lenders and their counsel; and the Administrative Agent shall have received
(with a signed copy for each Lender) (i) the favorable written opinion of
counsel for the Borrower in form and substance satisfactory to the
Administrative Agent and (ii) the signed Certificate of the Secretary or
an Assistant Secretary of the Borrower, dated the date hereof, certifying
(x) a true and correct copy of resolutions adopted by the Board of


 


2





















 


Directors of the
Borrower authorizing or ratifying the execution, delivery and performance of
the Credit Agreement as amended by this Amendment and the other instruments and
documents called for above, including the Note to be issued to the New Lender
and (y) the incumbency and specimen signatures of officers of the Borrower
executing the documents referred to in clause (x) above and any other
documents delivered to the Administrative Agent in connection with this Amendment.


 


2.3.                              The
Guarantors shall have executed and delivered their consent to this Amendment in
the space provided for that purpose below.


 


3.                                       REPRESENTATIONS.


 


In order to induce the
Lenders to execute and deliver this Amendment, the Borrower hereby represents
to the Administrative Agent and the Lenders that as of the date hereof the
representations and warranties set forth in Section 6 of the Credit
Agreement are and shall be and remain true and correct (except to the extent
the same expressly relate to an earlier date) and the Borrower is in compliance
with all of the terms and conditions of the Credit Agreement and the other Loan
Documents and no Default or Event of Default has occurred and is continuing
under the Credit Agreement or shall result after giving effect to this
Amendment.


 


4.                                       MISCELLANEOUS.


 


4.1.                              Except
as specifically amended herein, the Credit Agreement shall continue in full
force and effect in accordance with its original terms.  Reference to this specific Amendment need not
be made in the Credit Agreement, or any other instrument or document executed
in connection therewith, or in any certificate, letter or communication issued
or made pursuant to or with respect to the Credit Agreement, any reference in
any of such items to the Credit Agreement being sufficient to refer to the
Credit Agreement as amended hereby.


 


4.2.                              The
Borrower agrees to pay on demand all reasonable costs and expenses of or
incurred by the Administrative Agent in connection with the negotiation,
preparation, execution and delivery of this Amendment and the other instruments
and documents contemplated hereby, including the reasonable fees and expenses
of counsel for the Administrative Agent.


 


4.3.                              This
Amendment may be executed in any number of counterparts, and by the different
parties on different counterpart signature pages, all of which taken together
shall constitute one and the same agreement. 
Any of the parties hereto may execute this Amendment by signing any such
counterpart and each of such counterparts shall for all purposes be deemed to
be an original.  This Amendment shall be
governed by the internal laws of the State of New York.


 


[SIGNATURES PAGES TO FOLLOW]


 


3





















 


This First
Amendment to Credit Agreement is dated as of September 17, 2004.


 


	
   

  	
  LTC PROPERTIES,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Name

  	
  /s/ Andre
  Dimitriadis

  	
   

  
	
   

  	
   

  	
  Title

  	
  Chairman &
  CEO

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name

  	
  /s/ Alex J.
  Chavez

  	
   

  
	
   

  	
   

  	
  Title

  	
  Sr. Vice President and Treasurer

  	
   

  
								



 


4





















 


Accepted and
agreed to as of the date and year last above written.


 


	
   

  	
  BANK OF MONTREAL,
  Chicago Branch, in its

  individual capacity as a Lender, as L/C Issuer, and as

  Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Name

  	
  /s/ Thomas A.
  Batterham

  	
   

  
	
   

  	
  Title

  	
  Managing Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KEY BANK NATIONAL
  ASSOCIATION, successor

  in interest to KEY CORPORATE

  CAPITAL INC., in its individual capacity as a

  Lender

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Name

  	
  /s/ Florentina
  Djulvezan

  	
   

  
	
   

  	
  Title

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK LEUMI USA, in its
  individual capacity as

  a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Name

  	
  /s/ Joung Hee
  Hong

  	
   

  
	
   

  	
  Title

  	
  Vice President

  	
   

  
								



 


5





















 


GUARANTORS’
ACKNOWLEDGMENT


 


The undersigned
each hereby consent to the First Amendment to Credit Agreement as set forth
above and confirm all of the undersigneds’ obligations thereunder remain in
full force and effect.  The undersigned
each further agree that the consents of the undersigned to any further
amendments to the Credit Agreement shall not be required as a result of this consent
having been obtained.


 


	
  Dated as of September 17, 2004.

  
	
   

  
	
   

  
	
   

  	
  LTC-WEST, INC.

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
  Name

  	
  /s/ Andre
  Dimitriadis

  	
   

  
	
   

  	
  Title

  	
  Chairman &
  CEO

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
  Name

  	
  /s/ Alex J.
  Chavez

  	
   

  
	
   

  	
  Title

  	
  Sr. Vice
  President and Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
  FLORIDA-LTC,
  INC.

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
  Name

  	
  /s/ Andre
  Dimitriadis

  	
   

  
	
   

  	
  Title

  	
  Chairman &
  CEO

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
  Name

  	
  /s/ Alex J.
  Chavez

  	
   

  
	
   

  	
  Title

  	
  Sr. Vice
  President and Treasurer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LTC GP I, INC.

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
  Name

  	
  /s/ Andre
  Dimitriadis

  	
   

  
	
   

  	
  Title

  	
  Chairman &
  CEO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
  Name

  	
  /s/ Alex J.
  Chavez

  	
   

  
	
   

  	
  Title

  	
  Sr. Vice
  President and Treasurer

  	
   

  
						



 


6





















 


	
   

  	
  LTC GP VI, INC.

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
  Name

  	
  /s/ Andre
  Dimitriadis

  	
   

  
	
   

  	
  Title

  	
  Chairman &
  CEO

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
  Name

  	
  /s/ Alex J.
  Chavez

  	
   

  
	
   

  	
  Title

  	
  Sr. Vice
  President and Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
  NORTH CAROLINA REAL ESTATE INVESTMENTS LLC

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
  Name

  	
  /s/ Andre
  Dimitriadis

  	
   

  
	
   

  	
  Title

  	
  Chairman &
  CEO

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
  Name

  	
  /s/ Alex J.
  Chavez

  	
   

  
	
   

  	
  Title

  	
  Sr. Vice
  President and Treasurer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EDUCATION
  PROPERTIES INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
  Name

  	
  /s/ Andre
  Dimitriadis

  	
   

  
	
   

  	
  Title

  	
  Chairman &
  CEO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
  Name

  	
  /s/ Alex J.
  Chavez

  	
   

  
	
   

  	
  Title

  	
  Sr. Vice
  President and Treasurer

  	
   

  
							



 


7





















 


EXHIBIT E


 


BORROWING
BASE CERTIFICATE


 


To:                              Bank
of Montreal, Chicago Branch, as

Administrative Agent under, and the

Lenders party to, the Credit Agreement

described below.


 


Pursuant to the
terms of the Credit Agreement dated as of December 26, 2003, among us (the
“Credit Agreement”), we submit this
Borrowing Base Certificate to you and certify that the information set forth
below and on any attachments to this Certificate is true, correct and complete
as of the date of this Certificate.


 


	
  1.

  	
   

  	
  Borrowing Base Value

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Line 1 multiplied by 50%

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Unsecured Debt (other than Obligations)

  	
   

  	
  $

  	
  (

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Borrowing Base (Line 2 minus by Line 3 above)

  	
   

  	
  $

  	
   

  



 


The Borrower represents
and warrants that the aggregate principal amount of Loans and
L/C Obligations on the date hereof, including any Loans to be made or
Letters of Credit to be issued on the date hereof, do not exceed the Borrowing
Base set forth above.


 


The foregoing
certifications, together with the computations set forth in Schedule I
hereto are made and delivered this         
day of                         
20    .


 


	
   

  	
  LTC PROPERTIES,
  INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Name

  	
   

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Name

  	
   

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  



 





















 


SCHEDULE
I


CALCULATIONS


 





















 


SCHEDULE
I(F)


TO
COMPLIANCE CERTIFICATE


 


COMPLIANCE
CALCULATIONS


FOR
CREDIT AGREEMENT DATED AS OF DECEMBER 26, 2003


 


CALCULATIONS
AS OF                 ,
      


 


A.                                    Maximum
Total Indebtedness to Total Asset Value (Section 8.21(a))


 


	
  1.

  	
   

  	
  Total
  Indebtedness

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Total
  Asset Value

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Ratio
  of Line A1 to A2

  	
   

  	
  :1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Line A3
  ratio must not exceed

  	
   

  	
  :1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  The
  Borrower is in compliance (circle yes or no)

  	
   

  	
  yes/no

  	
   

  



 


B.                                    Maximum
Secured Debt to Total Asset Value (Section 8.21(b))


 


	
  1.

  	
   

  	
  Secured
  Debt

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Total
  Asset Value

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Ratio
  of Line B1 to B2

  	
   

  	
  :1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Line B3
  ratio must not exceed

  	
   

  	
  :1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  The
  Borrower is in compliance (circle yes or no)

  	
   

  	
  yes/no

  	
   

  



 


C.                                    Minimum
EBITDA to Interest Expense Ratio (Section 8.21(c))


 


	
  1.

  	
   

  	
  Net
  Income for the last 4 quarters

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Depreciation
  and Amortization Expense for last 4 quarters

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Interest
  Expense for last 4 quarters

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Income
  Tax Expense for last 4 quarters

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Extraordinary, unrealized or non-recurring
  losses, including impairment charges and reserves for the last
  4 quarters

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Sum of Lines C1 through C5

  	
   

  	
   

  	
   

  



 





















 


	
  7.

  	
   

  	
  The funds received by the Borrower’s
  Subsidiaries rent by which are reserved for capital expenses for the
  last 4 quarters

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  Unrealized gains of the sale of assets for the
  last 4 quarters

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  Income tax benefits of the last 4 quarters

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  Sum of Lines C6 through C8

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.

  	
   

  	
  Line 6 minus Line 10 (“EBITDA”)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12.

  	
   

  	
  Interest Expense

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  13.

  	
   

  	
  Ratio of Line C12 to C11

  	
   

  	
  :1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  14.

  	
   

  	
  Line C13 ratio shall not be less than

  	
   

  	
  :1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15.

  	
   

  	
  The Borrower is in compliance (circle yes or no)

  	
   

  	
  yes/no

  	
   

  



 


D.                                    Minimum
EBITDA to Fixed Charges Ratio (Section 8.21(d))


 


	
  1.

  	
   

  	
  EBITDA

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Fixed
  Charges

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Ratio
  of Line D1 to D2

  	
   

  	
  :1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Line D3
  ratio shall not be less than

  	
   

  	
  :1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  The
  Borrower is in compliance (circle yes or no)

  	
   

  	
  yes/no

  	
   

  



 


E.                                      Secured
Debt (Section 8.21(e))


 


	
  1.

  	
   

  	
  Secured
  Debt

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Line E1
  shall not exceed

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  The
  Borrower is in compliance (circle yes or no)

  	
   

  	
  yes/no

  	
   

  



 


F.                                      Net
Worth (Section 8.21(f))


 


	
  1.

  	
   

  	
  Net
  Worth

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Line F1
  shall not be less than

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  The
  Borrower is in compliance (circle yes or no)

  	
   

  	
  yes/no

  	
   

  



 


G.                                    Floating
Rate Debt (Section 8.21(g))


 


	
  1.

  	
   

  	
  Total
  Asset Value

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Percentage of Total Asset Value consisting of

  outstanding unhedged floating rate debt

  	
   

  	
   

  	
  %

  



 


2





















 


	
  3.

  	
   

  	
  Line G1
  shall not exceed

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  The
  Borrower is in compliance (circle yes or no)

  	
   

  	
  yes/no

  	
   

  



 


H.                                    Minimum
Borrowing Base Value (Section 8.22(b))


 


	
  1.

  	
   

  	
  Borrowing
  Base Value

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Line H1
  shall not be less than

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  The
  Borrower is in compliance (circle yes or no)

  	
   

  	
  yes/no

  	
   

  



 


I.                                         Minimum
Eligible Property NOI to Debt Service Ratio (Section 8.22(c))


 


	
  1.

  	
   

  	
  Eligible
  Property NOI 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  pari
  passu Unsecured Debt Service plus Credit Facility Debt Service

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Ratio
  of Line I1 to I2

  	
   

  	
  :1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Line I3
  ratio shall not be less than

  	
   

  	
  2.25:1.0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  The
  Borrower is in compliance (circle yes or no)

  	
   

  	
  yes/no

  	
   

  



 


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