Major Trade Contract definition

Major Trade Contract means any Trade Contract with a Major Trade Contractor in which the aggregate contract price is equal to or greater than $1,000,000.00, whether pursuant to one contract or agreement or multiple contracts or agreements, after taking into account all change orders, or which relates to major project components such as steel, concrete, mechanical systems, exterior wall systems, carpentry, dry wall and other similar items as designated by Lender.

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Major Trade Contract means any Trade Contract that has a contract or purchase price, as the case may be, whether initially or thereafter by virtue of any Change Order or Change Orders, equal to or in excess of ten percent (10%) of approved Hard Costs; for purposes of this definition of Major Trade Contract, multiple Trade Contracts with a single contractor or supplier, as the case may be, shall be deemed to be one Trade Contract.

Major Trade Contract means, (a) each of those certain agreements, dated as of August 1, 2020 and November 1, 2020, between Borrower and Project Manager, or (b) each Trade Contract, (i) if such Trade Contract has been executed prior to the Closing Date, under which there are Costs remaining to complete after the Closing Date equal to or in excess of $1,000,000, and (ii) if such Trade Contract is executed from and after the Closing Date, that has a contract or purchase price, as the case may be, whether initially or thereafter by virtue of any Change Order or Change Orders, equal to or in excess of $1,000,000; provided that, for purposes of this definition, multiple Trade Contracts with a single Trade Contractor, or an Affiliate thereof, as the case may be, shall be deemed to be one Trade Contract. “Major Trade Contractor” means any Trade Contractor under a Major Trade Contract. “Major Trade Contractor Consent” means each consent and agreement required pursuant to the terms of this Agreement to be executed and delivered by a Major Trade Contractor to Lender in substantially the form attached hereto as Exhibit B with respect to any Major Trade Contracts entered into by and between Borrower and any Major Trade Contractor, which, in each case, shall be, in form and substance reasonably acceptable to Lender and the applicable Major Trade Contractor, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms and conditions of this Agreement. “Management Agreement” means any property management agreement entered into in accordance with the terms of this Agreement between Borrower and a Qualified Manager that is reasonably acceptable to Lender, as the same may be amended, modified and/or supplemented from time to time in accordance with the terms hereof. “Manager” means a Qualified Manager that enters into a Management Agreement and delivers to Lender an Assignment of Management Agreement, in each case, in accordance with the terms and provisions of this Agreement. “Master Lease” means that certain Instil Bio Life Science Campus Lease, dated as of the Closing Date, between Borrower, as landlord, and Master Tenant, as tenant, as the same may be amended, modified and/or supplemented from time to time in accordance with the terms hereof. “Master Lease Payment Outside Date” has the meaning set forth in Section 4.1.2(l)(i). “Master Lease Payments” means all Rent (as defined in the Master Lease) paid by Master Tenant purs...

Examples of Major Trade Contract in a sentence

In addition, Borrower shall deliver to Lender and the Construction Consultant correct and complete copies of: (A) all executed Trade Contracts, each such Trade Contract may be entered into without the prior consent of the Lender and the Construction Consultant; and (B) all executed Major Trade Contracts, each such Major Trade Contract shall be approved by L▇▇▇▇▇ and the Construction Consultant in their reasonable discretion.
Borrower certifies that, on or prior to the date hereof, Agent has been provided with a true, correct and complete copy of each Major Trade Contract.
Borrower shall deliver to Lender an executed copy of any Major Trade Contract which General Contractor and/or Borrower enters into (together with a Major Trade Contractor Consent) and shall promptly give notice to Lender of the surrender, termination, cancellation, modification, amendment, substitution or assignment of any Major Trade Contract.
Borrower will not, without Agent’s prior written consent, which consent shall not be unreasonably withheld, enter into any Major Trade Contract except the Major Trade Contracts existing on the date hereof or surrender, terminate, cancel, materially modify or amend any Major Trade Contract.
The Payment and Performance Bonds shall be in an amount not less than the full contract price for the General Contractor’s Agreement and for each such Major Trade Contract, respectively.
Borrower certifies that, on or prior to the date hereof, Lender has been provided with a true, correct and complete copy of each Major Trade Contract.
Borrower shall deliver to Lender an executed copy of any Major Trade Contract which General Contractor, Mortgage Borrower and/or Borrower enters into (together with a Major Trade Contractor Consent) and shall promptly give notice to Lender of the surrender, termination, cancellation, modification, amendment, substitution or assignment of any Major Trade Contract.
Borrower will not, without Lender’s prior written consent, which consent shall not be unreasonably withheld, enter into any Major Trade Contract except the Major Trade Contracts existing on the date hereof or surrender, terminate, cancel, materially modify or materially amend any Major Trade Contract.
Lender shall have received a true, correct and complete copy of each Major Trade Contract for the Project, in each case in form and substance reasonably acceptable to Lender and Construction Consultant, and each Major Trade Contractor under any such Major Trade Contract shall have delivered to Lender a duly executed and completed Major Trade Contractor Consent with respect to its Major Trade Contract, in the form required hereunder and otherwise reasonably acceptable to Lender and Construction Consultant.
The Bonds shall be in an amount not less than the full contract price for each such Major Trade Contract.

More Definitions of Major Trade Contract

Major Trade Contract means, (a) each of those certain agreements, dated as of August 1, 2020 and November 1, 2020, between Mortgage Borrower and Project Manager, or (b) each Trade Contract, (i) if such Trade Contract has been executed prior to the Closing Date, under which there are Costs remaining to complete after the Closing Date equal to or in excess of $1,000,000, and (ii) if such Trade Contract is executed from and after the Closing Date, that has a contract or purchase price, as the case may be, whether initially or thereafter by virtue of any Change Order or Change Orders, equal to or in excess of $1,000,000; provided that, for purposes of this definition, multiple Trade Contracts with a single Trade Contractor, or an Affiliate thereof, as the case may be, shall be deemed to be one Trade Contract. “Major Trade Contractor” means any Trade Contractor under a Major Trade Contract. “Major Trade Contractor Consent” means each consent and agreement required pursuant to the terms of this Agreement to be executed and delivered by a Major Trade Contractor to Lender in substantially the form attached hereto as Exhibit B with respect to any Major Trade Contracts entered into by and between Mortgage Borrower and any Major Trade Contractor, which, in each case, shall be, in form and substance reasonably acceptable to Lender and the applicable Major Trade Contractor, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms and conditions of this Agreement. “Management Agreement” means any property management agreement entered into in accordance with the terms of this Agreement between Borrower or Mortgage Borrower and a Qualified

Major Trade Contract means any contract with a Major Contractor.

Major Trade Contract means, collectively, (i) with respect to the Renovation Project, any Trade Contract, having a contract or purchase price, as the case may be, whether initially or thereafter by virtue of any Change Order or Change Orders, equal to or in excess of $2,000,000, provided that, for purposes of this definition, multiple Trade Contracts with a single contractor or supplier, or an Affiliate thereof, as the case may be, shall be deemed to be one Trade Contract, and (ii) with respect to any other Project, the Trade Contracts with Trade Contractors representing the five (5) highest price contracts for the contracting work with respect to such Project.