Subguard Policy definition

Subguard Policy has the meaning assigned to such term in Section 1.1 of the Building Loan Agreement.
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Subguard Policy means a form of contractor default insurance which provides coverage for the cost of completing the work of a subcontractor of, or supplier to, General Contractor in the event that such subcontractor or supplier should fail to complete their obligations to General Contractor, or in the event their work performed, or materials supplied, should prove to be non-conforming or defective. Any such policy shall (a) contain limits of coverage that exceed the largest subcontract or material contract for one loss and in the aggregate, (b) contain a deductible not greater than $250,000, (c) contain no co-pay requirements, (d) by its express terms not be subject to material change (other than to increase the coverage provided thereby) or cancellation without at least thirty (30) days’ written notice to the Administrative Agent, (e) be endorsed to Administrative Agent substantially in the form attached as Exhibit H and (f) otherwise be issued in form and substance satisfactory to the Administrative Agent.
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Subguard Policy has the meaning given to it in the Construction Contract. (aaa) “Submission Date” has the meaning given to it in Recital B.
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Examples of Subguard Policy in a sentence

  • The Subguard Policy shall be issued or reissued by an insurance company approved by Lender rated A+ by A.M. Best Company, Inc.

  • The Coach Member shall have the right to approve any material amendments to the Subguard Policy, such approval not to be unreasonably withheld or delayed.

  • If Agent receives any benefit from the Surety under the Performance Bond or from the insurer under the Subguard Policy being a component of the Security and fails to complete or cause to have completed the obligations of the Contractor under the Construction Contract, Agent shall pay to Owner an amount equal to the amount of the proceeds received by Agent from the Surety and not applied toward obtaining the completion of the unperformed obligations of the Contractor under the Construction Contract.

  • The costs associated with obtaining and maintaining the Subguard Policy shall constitute a Project Cost.

  • If the Employer adjusts the mileage rate for administrators during the life of this agreement, the above rate will be amended accordingly.

  • Prior to the Closing Date, Borrower shall cause Contractor to obtain a Subguard Policy.

  • Lender shall be named in the Additional Financial Interest endorsement delivered in connection with the Subguard Policy.

  • In addition to the Subguard Policy, Borrower shall deliver or cause Contractor to deliver, to Lender information regarding the number and value of current contracts, an executed Additional Financial Interest Endorsement and an Enrollment Endorsement.


More Definitions of Subguard Policy

Subguard Policy has the meaning set forth in Section 7.01(a).
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Subguard Policy has the meaning given to it in the Construction Contract. (ddd) [INTENTIONALLY DELETED]
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Subguard Policy means the subcontractor default insurance policy reasonably approved by Lender to be maintained by the Contractor at all times prior to the Completion Date.
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Related to Subguard Policy

  • Board Policy means any and all policies adopted by the School Board and in effect at the time the RFP is published and as they may be amended from time to time (“Board Policy”). All Board Policies are incorporated by reference into this Solicitation and into all Proposals submitted by a Proposer.

  • R&W Policy means the buyer-side representation and warranty insurance policy as may be issued to Purchaser in connection with this Agreement.

  • RWI Policy has the meaning set forth in Section 6.16.

  • D&O Policy has the meaning set forth in Section 6.18(b).

  • SAP Policies means the operational guidelines and policies applied by SAP to provide and support the Cloud Service as incorporated in an Order Form.