VCOC. At any time following the creation of a mezzanine loan pursuant to Section 14.2 of this Agreement, upon the request of Lender or any of Lender’s successors, assigns or participants in the Loan, the management of Borrower shall consult with Lender or any of Lender’s successors, assigns or participants on significant business issues relating to the operation of the Property and make itself available quarterly either personally or by telephone at mutually agreeable times for such consultation. The aforementioned consultation rights are intended to satisfy the requirement of management rights for purposes of the Department of Labor “plan assets” regulation 29 C.F.R., Section 2510.3-101.
Appears in 1 contract
Sources: Loan and Security Agreement (American Financial Realty Trust)
VCOC. At any time following the creation of a mezzanine loan pursuant to Section 14.2 of this Agreement, upon the request of Lender or any of Lender’s successors, assigns or participants in the Loan, the management of Borrower shall consult with Lender or any of Lender’s successors, assigns or participants on significant business issues relating to the operation of the Property and make itself available quarterly either personally or by telephone at mutually agreeable times for such consultation. The aforementioned consultation rights are intended to satisfy the requirement of management rights for purposes of the Department of Labor “plan assets” regulation 29 C.F.R., Section 2510.3-1012510.3‑101.
Appears in 1 contract
Sources: Loan and Security Agreement (KBS Real Estate Investment Trust, Inc.)