Common use of Disbursement and Use Clause in Contracts

Disbursement and Use. (a) You authorise the Bank to pay any amount in such manner and upon such terms and conditions as the Bank reasonably deems fit, to any financial institution, firm of solicitors, developer, vendor, court, builder, contractor, architect or other person responsible for or concerned with the sale or construction of the Property. An acknowledgement of receipt of such payment made by the Bank from the recipient will be deemed to have been made or given by you personally. (b) You acknowledge and agree that the Bank is unable to defer or stop disbursement of any amounts under the Facility if the Bank has already given an undertaking to a third party to disburse the Facility and has received the relevant invoice(s) or redemption statement(s) in accordance with the Sale and Purchase Agreement. (c) You authorise the Bank to withhold the disbursement of the Facility if the relevant developer or vendor, builder or contractor fails to honour its obligations under any relevant contract and/or undertaking or if in the Bank’s opinion, the developer or vendor or builder or contractor or the Security Party is or are in breach of any relevant contract relating to the Property. (d) If an Event of Default or potential Event of Default has occurred or is about to occur and has not been remedied after a written notice of seven (7) days has been given, the Bank is not obliged either in law or in equity to make or continue to make any disbursement of the Facility. (e) In consideration of the Bank agreeing to provide customary undertakings to third parties in such form as the Bank may decide (including but not limited to any financial institution, developer or vendor or their respective solicitors), you undertake to indemnify the Bank for all costs, expenses, claims and demands suffered by or made on the Bank in connection with or arising from the issuance or performance of such undertakings. (f) You undertake that you will not and will ensure that the Security Party will not, permit any other person to directly or indirectly utilise any part of the Facility to fund any trade, business or activities which: (a) involve or is for the benefit of any Restricted Party, or (b) would reasonably be expected to result in you or the Security Party being in breach of any Sanctions (if to the extent applicable to either of them) or becoming a Restricted Party.

Disbursement and Use. (a) You authorise The Borrower must fulfill each condition precedent set out in the Letter of Offer and any additional conditions precedent stated in Schedule 3, otherwise the Facility may be cancelled by the Bank. (b) The Borrower authorises the Bank to pay any amount in such manner and upon such terms and conditions as disburse the Bank reasonably deems fit, Facility to any financial institution, firm of solicitors, developer, vendor, court, builder, contractor, architect or such other person responsible for or concerned with the sale purchase or construction of the Property. The disbursements shall be used to facilitate the purchase, construction or redemption of the Property (as applicable), whether by progressive releases or otherwise, and in accordance with the applicable schedule of payments or any variation to the same. An acknowledgement of receipt of such payment made payment(s) by the Bank from the recipient will shall be deemed to have been made or as effective as if given by you the Borrower personally. (bc) You acknowledge The Borrower acknowledges and agree agrees that the Bank is unable to defer or stop disbursement of any amounts under the Facility if the Bank has already given an undertaking to a third party to disburse the Facility and has received the relevant invoice(s) invoice or redemption statement(s) statement in accordance with the Sale sale and Purchase Agreementpurchase agreement or construction or development contract or proclamation of sale. (cd) You authorise The Borrower authorises the Bank to withhold the disbursement of the Facility if the relevant developer or vendor, builder or contractor fails to honour its obligations under any relevant contract and/or undertaking or if in the Bank’s opinionopinion the developer, the developer or vendor vendor, or builder or contractor or the Security Party is or is/are in breach of any the relevant contract relating to the Property. (de) If an Event of Default or potential Event of Default has occurred or is about to occur and has not been remedied after a written notice of seven (7) days has been givenoccur, the Bank is not obliged either in law or in equity to make or continue to make any disbursement of the Facility. (ef) In consideration of the Bank agreeing to provide customary undertakings undertaking(s) to third parties in such form as the Bank may decide (including but not limited to any financial institution, developer or vendor or their respective solicitors), you undertake the Borrower undertakes to indemnify the Bank for all costs, expenses, claims and demands suffered by or made on the Bank in connection with or arising from the issuance or performance of such undertakings. (fg) You undertake The Borrower undertakes that you will not it shall not, and will it shall ensure that the Security Party will shall not, permit any other person to directly or indirectly utilise any part of the Facility to fund any trade, business or activities which: (a) involve or is for the benefit of any Restricted Party, or (b) would reasonably be expected to result in you the Borrower or the Security Party being in breach of any Sanctions (if to the extent applicable to either of them) or becoming a Restricted Party. 18.1 Tenure of the Housing Loan The tenure of the Housing Loan is as stated in the Letter of Offer. 19.1 Section 8(2) of the Insolvency Xxx 0000 for Joint Borrowers If the Facility is granted to joint Borrowers and one of the Borrowers has been declared a bankrupt during the tenure of the Facility but the Bank has not realised its security within 12 months from the bankruptcy order, the other Borrower who is not bankrupt must continue to pay interest at the Prevailing Interest Rate on the Facility.

Disbursement and Use. (a) You authorise The Borrower must fulfil each condition precedent set out in the Letter of Offer and any additional conditions precedent stated in Schedule 3, otherwise the Facility may be cancelled by the Bank. (b) The Borrower authorises the Bank to pay any amount in such manner and upon such terms and conditions as disburse the Bank reasonably deems fit, Facility to any financial institution, firm of solicitors, developer, vendor, court, builder, contractor, architect or such other person responsible for or concerned in accordance with the sale Letter of Offer. The disbursements shall be used to facilitate the purchase, construction, redemption or construction financing of the PropertyProperty (as applicable), whether by progressive releases or otherwise, and in accordance with the applicable schedule of payments or any variation to the same. An acknowledgement of receipt of such payment made payment(s) by the Bank from the recipient will shall be deemed to have been made or as effective as if given by you the Borrower personally. (bc) You acknowledge The Borrower acknowledges and agree agrees that the Bank is unable to defer or stop disbursement of any amounts under the Facility if the Bank has already given an undertaking to a third party to disburse the Facility and has received the relevant invoice(s) invoice or redemption statement(s) statement in accordance with the Sale sale and Purchase Agreementpurchase agreement or construction or development contract or proclamation of sale. (cd) You authorise The Borrower authorises the Bank to withhold the disbursement of the Facility if the relevant developer or vendor, builder or contractor fails to honour its obligations under any relevant contract and/or undertaking or if in the Bank’s opinionopinion the developer, the developer or vendor vendor, or builder or contractor or the Security Party is or is/are in breach of any the relevant contract relating to the Property. (de) If an Event of Default or potential Event of Default has occurred or is about to occur and has not been remedied after a written notice of seven (7) days has been givenoccur, the Bank is not obliged either in law or in equity to make or continue to make any disbursement of the Facility. (ef) In consideration of the Bank agreeing to provide customary undertakings undertaking(s) to third parties in such form as the Bank may decide (including but not limited to any financial institution, developer or vendor or their respective solicitors), you undertake the Borrower undertakes to indemnify the Bank for all costs, expenses, claims and demands suffered by or made on the Bank in connection with or arising from the issuance or performance of such undertakings. (fg) You undertake The Borrower undertakes that you will not it shall not, and will it shall ensure that the Security Party will shall not, permit any other person to directly or indirectly utilise any part of the Facility to fund any trade, business or activities which: (a) involve or is for the benefit of any Restricted Party, or (b) would reasonably be expected to result in you the Borrower or the Security Party being in breach of any Sanctions (if to the extent applicable to either of them) or becoming a Restricted Party. (h) If the Facility comprises of a term loan and an overdraft, the Bank will allow utilisation of the overdraft only after the term loan has been fully disbursed. 18.1 Tenure of the Facility (a) The Tenure of the Facility is as stated in the Letter of Offer. (b) The Bank may extend the Tenure of the Facility on such terms and conditions as will be disclosed by the Bank to the Borrower in writing. (c) If the Facility comprises of a term loan and an overdraft, the overdraft must be repaid on (i) expiry of the Tenure, or (ii) termination of the term loan, or (iii) on demand by the Bank, whichever is the earliest. 19.1 Section 8(2A) of the Insolvency Act 1967 for Joint Borrowers

Disbursement and Use. (a) You authorise The Borrower authorises the Bank to pay any amount in such manner and upon such terms and conditions as the Bank reasonably deems fit, to any financial institution, firm of solicitors, developer, vendor, court, builder, contractor, architect or such other person responsible for or concerned with the sale of the Property or the construction of the Property, at such times, in such manner, in such amounts, and upon such contingencies and conditions as the Bank may in its absolute discretion decide, and/or by progressive releases or otherwise in accordance with the schedule of payments or such variation as the Bank may deem fit. An acknowledgement of receipt of such payment made by the Bank from the recipient will shall be deemed to have as if the same had been made or given by you the Borrower personally. (b) You acknowledge The Borrower acknowledges and agree agrees that the Bank is unable to defer or stop disbursement of any amounts under the Facility if the Bank has already given an undertaking to a third party to disburse the Facility and has received the relevant invoice(s) or redemption statement(s) in accordance with the Sale and Purchase AgreementFacility. (c) You authorise The Borrower authorises the Bank to withhold the disbursement of the Facility if the relevant developer developer, or vendor, builder or contractor fails to honour its obligations obligation under any relevant contract and/or undertaking or if in the Bank’s opinionopinion the developer, the developer or vendor vendor, or builder or contractor or the Security Party is or is/are in breach of any relevant sale and purchase agreement or any construction or development contract relating or any proclamation of sale in relation to the PropertySecurity Interest. (d) If an Event of Default or potential Event of Default has occurred or is about to occur and has not been remedied after a written notice of seven (7) days has been given, the The Bank is not obliged either in law or in equity to make or continue to make any disbursement if an event of the Facility. default or potential event of default had occurred or is about to occur and if capable of being remedied is not remedied within seven (e7) In consideration of days after written notice by the Bank agreeing to provide customary undertakings to third parties in such form as the Bank may decide (including but not limited to any financial institution, developer or vendor or their respective solicitors), you undertake to indemnify the Bank for all costs, expenses, claims and demands suffered by or made on the Bank in connection with or arising from the issuance or performance of such undertakings. (f) You undertake that you will not and will ensure that the Security Party will not, permit any other person to directly or indirectly utilise any part of the Facility to fund any trade, business or activities which: (a) involve or is for the benefit of any Restricted Party, or (b) would reasonably be expected to result in you or the Security Party being in breach of any Sanctions (if to the extent applicable to either of them) or becoming a Restricted Borrower and/or Security Party.