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loanorimposeminimumqualicationrequirementsforsuchlenders.Somelenderswillagreetolimitthepoolofpotentiallenderstoeligibleassigneesthataredenedasotherlendersinthesyndicatelenderaliatesandfundsmanagedbyalenderoritsaliate.LenderConsentAnumberofdecisionsandactionsonthepartofthelendersinasyndicatedloanrequirethemajoritysupermajorityorunanimousconsentofthelendersinthelendergroup.Thesedecisionsandactionsincludeconsenttodirectandindirectequitytransfersintheborrowerapprovalofandchangestobudgetschangesintheidentityofthepropertymanageroradeveloperplansandspecicationsandreplacementofaguarantorparticularlyincaseswheretheguarantorisindefaultofitscovenantsinitsguaranty.Whenaloaninvolvesmanylendersitisextremelyimportantfortheborrowertonegotiateforthelenderspre-approvalofcertainactionsintheloandocumentsincludingprovidingforthefollowingFlexiblepermittedtransferprovisionsallowingtheborrowertomakecertaintransferswithouttheconsentoftheadministrativeagentorthelenderssuchasthosetransfersthatdonotresultinachangeofcontroloftheborrower.Anobjectivestandardforthereplacementofthepropertymanagerordeveloperuponadefaulttoavoidproblemsanddelays.Criteriaforidentifyingandengagingreplacementpropertymanagersanddeveloperswithoutlenderconsent.Thelenderspre-approvalbasedontheestablishmentofminimumnancialrequirementsofreplacementbyDeanC.PappasandAlisonJ.WaisToavoidholdingloansontheirbalancesheetsonalong-termbasislenderswilloftensyndicatelargecommercialloansthroughco-lenderandparticipationarrangements.Thesesyndicationscanbecomprisedofasfewastwoorasmanyasadozendierentlenders.Theadministrativeagentfortheloantypicallyoneofthesyndicatelendershandlesallloandocumentnegotiationsandistheinterme-diarybetweentheborrowerandthelendergroup.Howevercertaincriticallenderdecisionsandactionsimpactingtheloanrequiretheapprovalmajoritysupermajorityorunanimousdependingupontheissueofthelendergroup.Thusfortheborrowerasyndicatedloanbegetsahostofissuesthatmustbeconsidered.KnowYourLendersTheborrowershouldinitiallyasktheadministrativeagenttoidentifythelenderswhowillco-lendorpartici-pateintheloanasthelendinggroupmayimpacttheloaninanumberofways.Manytimesthesyndicationisaccom-plishedatclosingoftheloanandtheborrowercanevaluatethelendersthatcomprisethelendergroupandaddressanyconcernsregardingeachlenderscredit-worthinessoridentitybeforetheloancloses.Howeverthesyndicationisoftencompletedafterloanclosing.Inadditioneveniftheloanissyndicatedpriortotheclosingthesyndicatelendersmaylaterassigntheirinterestsintheloantoalenderunknownatthetimeofclosing.Inbothsituationsitbehoovestheborrowertonegotiateprovi-sionsthataddressthesecircumstances.Theborrowermaymitigatetheriskofanunwantedlenderjoiningthesyndicationbynegotiatingforcertaincontrolsonorqualicationrequirementswithrespecttothelendersthatmayacquireaninterestintheloan.Forexampletheborrowermaynegotiateforapprovalrightswithrespecttoanylenderacquiringaninterestinthe10