Common use of Progressive release Clause in Contracts

Progressive release. (a) The Bank can, and is expressly authorised by the Customer and/or the Assignor to, advance or pay (where applicable) all or part of the Facilities to the builder, developer, contractor, architect or such other persons responsible for or concerned with the construction of any building (“the said building”) or the vendor of the said building at such times, on such terms, in such manner, by such amounts, and upon such contingencies and conditions, as the Bank decides in its absolute discretion.

Progressive release. (a) The Bank can, and is expressly authorised by the Customer Borrower and/or the Assignor to, advance or pay (where applicable) all or part of the Banking Facilities to the builder, developer, contractor, architect or such other persons responsible for or concerned with the construction of any building (“the said building”) or the vendor of the said building at such times, on such terms, in such manner, by such amounts, and upon such contingencies and conditions, as the Bank decides in its absolute discretion.

Progressive release. (a) The Assignor hereby irrevocably authorizes the Bank can, and is expressly authorised by the Customer and/or the Assignor to, Bank can advance or pay (where applicable) all or part of the Banking Facilities to the builder, developer, contractor, architect or such other persons responsible for or concerned with the construction of any building (“the said buildingproperty”) or the vendor of the said building property at such times, on such terms, in such manner, by such amounts, and upon such contingencies and conditions, as the Bank decides in its absolute discretion.