Payments Directly to Contractors and Subcontractors. Following the occurrence of a Default hereunder, Lender, in its sole discretion, through an Advance of Loan proceeds, may make payments due for the cost of the development, construction and equipping of the Project directly to any Contractor, any subcontractor, material supplier or any vendor of fixtures, equipment, furniture, furnishings and other property.
Payments Directly to Contractors and Subcontractors. The Administrative Agent may after consultation with Borrower, in Administrative Agent’s reasonable discretion, make payments for the Cost of Improvements directly to the Prime Contractor, and after any material default by the Prime Contractor under the Prime Contract, to any contractor, subcontractor, materialman, or to any vendor of fixtures and equipment.
Payments Directly to Contractors and Subcontractors. The Administrative Agent may, in its sole discretion, at any time that an Event of Default has occurred and is then continuing, after notice to and reasonable consultation with the Borrower, make payments for the cost of the Construction of the Project directly to the General Contractor, any subcontractor, material supplier or any vendor of fixtures, equipment, furniture, furnishings and other property.
Payments Directly to Contractors and Subcontractors. Upon the occurrence of an Event of Default hereunder, Lender may in its sole discretion make payments for the cost of the Construction directly to the General Contractors, any subcontractors or material supplier.
Payments Directly to Contractors and Subcontractors. If an Event of Default is continuing, in connection with any Advance with respect to costs which have been incurred and requested by Borrowers but which have not yet been paid, Agent may, if Agent elects to do so in its reasonable discretion, make payments for the costs incurred for such Approved Renovation/ PIP Expenses directly to any applicable contractor, subcontractor, materialman or vendor of fixtures or equipment. The execution of this Agreement by Borrowers shall, and hereby does, constitute an irrevocable direction and authorization to so disburse any such Advance. No further direction or authorization from Borrowers shall be necessary or required for such direct disbursements and all such disbursements shall satisfy pro tanto the obligations of Lenders hereunder and shall be secured by the applicable Loan Documents as fully as if made directly to Borrowers, regardless of the disposition thereof by the payee.
