Definition of Pre-Completion Transfer Requirements

  1. Pre-Completion Transfer Requirements means (a) Borrower shall have retained, within ten (10) days after the effective date of the applicable Transfer, a third party construction manager approved by Administrative Agent and the Required Lenders (pursuant to a contract approved by Administrative Agent) to manage and supervise the completion of the Improvements (unless Administrative Agent shall have determined, in their reasonable judgment, that the individuals that are directly responsible for the management of the managing member of Borrower possess adequate capacity and experience necessary to supervise and manage the construction of the Improvements without the assistance of a third-party approved construction manager), (b) if such Transfer or removal results in the termination or cancellation of the construction contract with the General Contractor, Borrower shall have entered into a new general construction contract for the completion of construction of the Improvements within thirty (30) days after the effective date of such termination or cancellation of the construction contract, and Administrative Agent shall have approved the new general contractor and the terms and conditions of the new general construction contract in its reasonable discretion, and (c) if such Transfer or removal results in the termination or cancellation of the property management agreement, Borrower shall have retained, within ten (10) days after the effective date of such termination or cancellation, a third party property manager which may be one of the property managers pre-approved in Section 2.18 or another property manager reasonably acceptable to Administrative Agent pursuant to a contract reasonably approved by Administrative Agent to manage, lease, and operate the Project.

Definition of Pre-Completion Transfer Requirements in Construction Loan Agreement

Pre-Completion Transfer Requirements means (a) Borrower shall have retained, within ten (10) days after the effective date of the applicable Transfer, a third party construction manager approved by Administrative Agent and the Required Lenders (pursuant to a contract approved by Administrative Agent) to manage and supervise the completion of the Improvements (unless Administrative Agent shall have determined, in their reasonable judgment, that the individuals that are directly responsible for the management of the managing member of Borrower possess adequate capacity and experience necessary to supervise and manage the construction of the Improvements without the assistance of a third-party approved construction manager), (b) if such Transfer or removal results in the termination or cancellation of the construction contract with the General Contractor, Borrower shall have entered into a new general construction contract for the completion of construction of the Improvements within thirty (30) days after the effective date of such termination or cancellation of the construction contract, and Administrative Agent shall have approved the new general contractor and the terms and conditions of the new general construction contract in its reasonable discretion, and (c) if such Transfer or removal results in the termination or cancellation of the property management agreement, Borrower shall have retained, within ten (10) days after the effective date of such termination or cancellation, a third party property manager which may be one of the property managers pre-approved in Section 2.18 or another property manager reasonably acceptable to Administrative Agent pursuant to a contract reasonably approved by Administrative Agent to manage, lease, and operate the Project.