Common use of Trade Contracts Clause in Contracts

Trade Contracts. (1) Trade Contracts shall have been entered into for all contracts which are, in the Bank's sole and absolute judgment, major contracts and in any event for Trade Contracts representing not less than 75% of the Hard Costs of the Project as set forth in the Budget, (2) if the Company determines to engage in local construction manager, the agreement with such construction manager shall have been entered into and approved by the Bank, (3) all payment and performance bonds required in connection with any then existing Trade Contract shall have been delivered to the Bank, and (4) copies of all existing Trade Contracts, and copies of all amendments thereto, together with Trade Contractor Consents and Agreements with respect to each such Trade Contract and Assignments of Contracts with respect to each such Trade Contract shall have been delivered to the Bank and are satisfactory to the Bank in its sole and absolute discretion;