Subcontractor Default Insurance. Contractor may maintain Subcontractor default insurance and Owner shall have the right to accept or reject such insurance in Owner’s sole discretion. [Optional – discussion point]
Subcontractor Default Insurance. Subject to the next following sentence, the Subcontractor Default Insurance for all subcontractors (including, without limitation, all Major Subcontractors but excluding Xxxxxxxx Xxxxx & Tile) shall have been delivered to and approved by Lender (which approval shall not be unreasonably withheld, conditioned or delayed) and shall remain in full force and effect in accordance with Section 5.1(d). Notwithstanding the foregoing, if any subcontractor (other than Xxxxxxxx Xxxxx & Tile) does not qualify for Subcontractor Default Insurance, a Payment and Performance Bond shall be obtained.
Subcontractor Default Insurance. Subject to the next following sentence, the Subcontractor Default Insurance for all subcontractors (including, without limitation, all Major Subcontractors) shall have been delivered to and approved by Lender (which approval shall not be unreasonably withheld, conditioned or delayed) and shall remain in full force and effect in accordance with Section 5.1(d). Notwithstanding the foregoing, if any subcontractor does not qualify for Subcontractor Default Insurance, a Payment and Performance Bond shall be obtained.
Subcontractor Default Insurance. Borrower shall obtain and thereafter maintain in full force and effect Subcontractor Default Insurance for all subcontractors with limits of no less than $50,000,000 per claim and $100,000,000 in the aggregate and include a “Financial Interest Endorsement” naming Lender as insured party. The Project will be enrolled as of the commencement of the Construction Work. In addition, Borrower must provide Lender with semi-annual reporting on Subcontractor Default Insurance exposure, claims and losses thereunder (or more often as may be requested by Lender, provided such request shall not exceed more than once each quarter). Enrolled subcontractors must be covered under the Subcontractor Default Insurance policy at all times; provided, however, that if a subcontractor (which is not a Major Subcontractor) is not eligible for coverage under the Subcontractor Default Insurance, Lender will require a Payment and Performance Bond acceptable to Lender.
Subcontractor Default Insurance. A form of subcontract security, administered and maintained by Xxxxxx Xxxxx which is used to secure the Subcontractor's obligations under this Agreement. Subcontractor Progress Payment Application: The documentation required to be submitted by the Subcontractor in order to make an application for payment to Xxxxxx Xxxxx, which shall include in each instance: .1 a copy of the Subcontractor's invoice in a format consistent with Appendix D - Subcontractor Progress Payment Application; .2 an executed statutory declaration, in a format consistent with Statutory Declaration of Progress Payment Distribution by the Subcontractor (CCDC 9B), expressly stating that all amounts payable by the Subcontractor relating to this Agreement have been paid in full up to and including the date of the most recent Progress Payment Application;
Subcontractor Default Insurance. If performance and payment bonds are not required by this Subcontract, as a condition precedent to payment, Subcontractor shall furnish all information required for enrollment in WINTER XXXXXXX’x Subcontractor Default Insurance program, and Subcontractor shall furnish all documents relating to same as required by WINTER XXXXXXX.
