Turnkey Loan definition
Turnkey Loan means a bond approval obtained by the Employer, in terms whereof the Property is sold to the Purchaser (Employer) on the understanding that the Purchaser (Employer) will take Transfer of the Erf, as defined in the Agreement of Sale, upon completion of the Works by the Contractor, and with the further understanding that the Contract Price will be paid by the Employer to the Contractor in 1 (One) progress draw on the Transfer Date;
Examples of Turnkey Loan in a sentence
In the event that the Financial Institution approved the Loan as a Turnkey Loan, then and in that instance Clause 4.1 of this Agreement will be deemed to be amended to the effect that the Total Contract Price must be paid by the Employer to the Contractor in 1 (One) progress draw on the Transfer Date as defined in the Agreement.