Common use of Advances to Contractor Clause in Contracts

Advances to Contractor. Upon the occurrence and during the continuance of a Default or Event of Default, or upon the request of the Borrower, as the case may be, at its option the Agent may, upon prior written notice to the Borrower, make any or all advances for construction expenses directly to the Contractor for deposit in an appropriately designated special bank account, and the execution of this Credit Agreement by the Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of any Revolving Credit Loan. No further authorization from the Borrower shall be necessary to warrant such direct advances to the Contractor and all such advances shall satisfy pro tanto --- ----- the obligations of the Agent and the Banks hereunder and shall be secured by the Security Documents and the other Loan Documents as fully as if made directly to the Borrower.

Advances to Contractor. Upon the occurrence and during the ---------------------- continuance of a Default or Event of Default, or upon the request of the Borrower, as the case may be, at its option the Agent may, upon prior written notice to the Borrower, make any or all advances for construction expenses directly to the Contractor for deposit in an appropriately designated special bank account, and the execution of this Credit Agreement by the Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of any Revolving Credit Loan. No further authorization from the Borrower shall be necessary to warrant such direct advances to the Contractor and all such advances shall satisfy pro --- tanto --- ----- the obligations of the Agent and the Banks hereunder and shall be ----- secured by the Security Documents and the other Loan Documents as fully as if made directly to the Borrower.

Advances to Contractor. Upon the occurrence and during the continuance ---------------------- of a Default or Event of Default, or upon the request of the Borrower, as the case may be, at its option the Agent may, upon prior written notice to the Borrower, may make any or all advances for construction expenses directly to the Contractor for deposit in an appropriately designated special bank account, and the execution of this Credit Agreement by the Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of any Advance or Revolving Credit LoanLoans. No further authorization from the Borrower shall be necessary to warrant such direct advances to the Contractor and all such advances shall satisfy pro tanto the --- ----- the obligations of the Agent and the Banks hereunder and shall be secured by the Security Documents and the other Loan Documents as fully as if made directly to the Borrower.