Common use of Progressive release Clause in Contracts

Progressive release. 6.1 The Borrower hereby irrevocably authorizes the Bank and the 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 property”) or the vendor of the 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. 6.2 All advances and payments made by the Bank to the person in Clause 6.1 (“Third Party”) shall be deemed paid to the Borrower and shall constitute and form part if the monies secured by and owing under this Agreement and the Security Document. The acknowledgement or receipt of such person(s) will be as good, sufficient and effective as if it has been made or given by the Borrower. 6.3 The Borrower hereby irrevocably authorizes the Bank and the Bank is entitled:- 6.3.1 to issue to the Third Party or the solicitors or firm of solicitors purporting to act for the Third Party its undertaking, guarantee or covenant (which shall be in such form as agreed between the Bank and the Third Party) to release or pay all or part of the Banking Facilities to the Third Party at such time and in such manner as the Bank may in its absolute discretion agree; 6.3.2 to release or pay to the Bank’s solicitors all or part of the Banking Facilities to enable the Bank’s solicitors to issue their undertaking, guarantee or covenant to the Third Party, undertaking, guaranteeing or covenanting to release or pay to the Third Party all or part of the Banking Facilities; and 6.3.3 where the release of the Banking Facilities is to be made against a schedule of payment in an agreement, to release or pay to the Third Party on or before the due date as stated in the progressive billing submitted by the Third Party to the Bank upon terms that:- (i) if any sum billed is to be paid on the date the Borrower or the purchaser takes vacant possession of the property, the Bank shall be entitled to make such payment to the Third Party at any time, whether or not the Borrower or the purchaser have actually taken vacant possession of the property; and (ii) in making such payment, the Bank shall not be obliged to verify or ascertain whether such progressive billing is in order or otherwise or whether the sums billed is properly due or otherwise and the Borrower irrevocably agrees and confirms that the Bank shall be entitled to release or pay the Banking Facilities to the Third Party notwithstanding any protest or objection from the Borrower, the Security Party and/or any other parties to restrain the Bank from making such release or payment. In the event any sum released by the Bank to the Third Party is subsequently found to be not due for payment when paid, the Borrower agree that the Borrower shall only claim against such Third Party in respect of such sum released and the Borrower shall have no claim and shall not make any claim whatsoever against the Bank arising from such release. 6.4 If the Bank or the Bank’s solicitors have given or agreed to give their undertaking, guarantee, or covenant referred to in Clause 6.3 above to release or pay, all or part of the Banking Facilities in settlement of the balance purchase price payable by the Borrower under the agreement of sale of the property progressively in accordance with the terms in the said agreement, the Borrower agrees (in addition to the Security) that:– 6.4.1 the payment of all monies undertaken, guaranteed, or covenanted to be paid by the Bank to the Third Party, the Third Party’s solicitors, or the Bank’s solicitors (as the case may be) will be secured under this Agreement and the Security Document; and 6.4.2 the Borrower shall at all times indemnify and keep the Bank or the Bank’s solicitors indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be taken, incurred, or suffered by the Bank or the Bank’s solicitors arising from the Bank’s or the Bank’s solicitors aforesaid undertaking given to the Third Party, the Third Party’s solicitors, or the Bank’s solicitors (as the case may be).

Progressive release. 6.1 (a) The Borrower Assignor hereby irrevocably authorizes the Bank and the 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 property”) or the vendor of the said 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. 6.2 (b) All advances and payments made by the Bank to the person in Clause 6.1 4.1(a) (“Third Party”) shall be deemed paid to the Borrower Assignor and shall constitute and form part if the monies secured by and owing under this Agreement and the Security Document. The acknowledgement or receipt of such person(s) will be as good, sufficient and effective as if it has been made or given by the BorrowerAssignor. 6.3 (c) The Borrower Assignor hereby irrevocably authorizes the Bank and the Bank is entitled:- 6.3.1 (i) to issue to the Third Party or the solicitors or firm of solicitors purporting to act for the Third Party its undertaking, guarantee or covenant (which shall be in such form as agreed between the Bank and the Third Party) to release or pay all or part of the Banking Facilities to the Third Party at such time and in such manner as the Bank may in its absolute discretion agree; 6.3.2 (ii) to release or pay to the Bank’s solicitors all or part of the Banking Facilities to enable the Bank’s solicitors to issue their undertaking, guarantee or covenant to the Third Party, undertaking, guaranteeing or covenanting to release or pay to the Third Party all or part of the Banking Facilities; and 6.3.3 (iii) where the release of the Banking Facilities is to be made against a schedule of payment in an agreement, to release or pay to the Third Party on or before the due date as stated in the progressive billing submitted by the Third Party to the Bank upon terms that:- (iaa) if any sum billed is to be paid on the date the Borrower Assignor or the purchaser takes vacant possession of the property, the Bank shall be entitled to make such payment to the Third Party at any time, whether or not the Borrower Assignor or the purchaser have actually taken vacant possession of the property; and (iibb) in making such payment, the Bank shall not be obliged to verify or ascertain whether such progressive billing is in order or otherwise or whether the sums billed is properly due or otherwise and the Borrower Assignor irrevocably agrees and confirms that the Bank shall be entitled to release or pay the Banking Facilities to the Third Party notwithstanding any protest or objection from the BorrowerAssignor, the Security Party and/or any other parties to restrain the Bank from making such release or payment. In the event any sum released by the Bank to the Third Party is subsequently found to be not due for payment when paid, the Borrower Assignor agree that the Borrower Assignor shall only claim against such Third Party in respect of such sum released and the Borrower Assignor shall have no claim and shall not make any claim whatsoever against the Bank arising from such release. 6.4 If the Bank or the Bank’s solicitors have given or agreed to give their undertaking, guarantee, or covenant referred to in Clause 6.3 above to release or pay, all or part of the Banking Facilities in settlement of the balance purchase price payable by the Borrower under the agreement of sale of the property progressively in accordance with the terms in the said agreement, the Borrower agrees (in addition to the Security) that:– 6.4.1 the payment of all monies undertaken, guaranteed, or covenanted to be paid by the Bank to the Third Party, the Third Party’s solicitors, or the Bank’s solicitors (as the case may be) will be secured under this Agreement and the Security Document; and 6.4.2 the Borrower shall at all times indemnify and keep the Bank or the Bank’s solicitors indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be taken, incurred, or suffered by the Bank or the Bank’s solicitors arising from the Bank’s or the Bank’s solicitors aforesaid undertaking given to the Third Party, the Third Party’s solicitors, or the Bank’s solicitors (as the case may be).

Progressive release. 6.1 4.1 The Borrower Customer hereby irrevocably authorizes authorises the Bank and the Bank can advance or pay (where applicable) all or part of the Banking Facilities Facility to the builder, developer, contractor, architect or such other persons responsible for or concerned with the construction of any building (“the property”) or the vendor of the 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. 6.2 4.2 All advances and payments made by the Bank to the person in Clause 6.1 4.1 (“Third Party”) shall be deemed paid to the Borrower Customer and shall constitute and form part if the monies secured by and owing payable under this Agreement and the Security Document. The acknowledgement or receipt of such person(s) will be as good, sufficient and effective as if it has been made or given by the BorrowerCustomer. 6.3 4.3 The Borrower Customer hereby irrevocably authorizes authorises the Bank and the Bank is entitled:-entitled: 6.3.1 4.3.1 to issue to the Third Party or the solicitors or firm of solicitors purporting to act for the Third Party its undertaking, guarantee or covenant (which shall be in such form as agreed between the Bank and the Third Party) to release or pay all or part of the Banking Facilities Facility to the Third Party at such time and in such manner as the Bank may in its absolute discretion agree; 6.3.2 4.3.2 to release or pay to the Bank’s solicitors all or part of the Banking Facilities Facility to enable the Bank’s solicitors to issue their undertaking, guarantee or covenant to the Third Party, undertaking, guaranteeing or covenanting to release or pay to the Third Party all or part of the Banking FacilitiesFacility; and 6.3.3 4.3.3 where the release of the Banking Facilities Facility is to be made against a schedule of payment in an agreement, to release or pay to the Third Party on or before the due date as stated in the progressive billing submitted by the Third Party to the Bank upon terms that:- (ia) if any sum billed is to be paid on the date the Borrower Customer or the purchaser takes vacant possession of the property, the Bank shall be entitled to make such payment to the Third Party at any time, whether or not the Borrower Customer or the purchaser have actually taken vacant possession of the property; and (iib) in making such payment, the Bank shall not be obliged to verify or ascertain whether such progressive billing is in order or otherwise or whether the sums billed is properly due or otherwise otherwise; and the Borrower Customer irrevocably agrees and confirms that the Bank shall be entitled to release or pay the Banking Facilities Facility to the Third Party notwithstanding any protest or objection from the BorrowerCustomer, the Security Party and/or any other parties to restrain the Bank from making such release or payment. In the event any sum released by the Bank to the Third Party is subsequently found to be not due for payment when paid, the Borrower Customer agree that the Borrower Customer shall only claim against such Third Party in respect of such sum released and the Borrower Customer shall have no claim and shall not make any claim whatsoever against the Bank arising from such release. 6.4 4.4 If the Bank or the Bank’s solicitors have given or agreed to give their undertaking, guarantee, or covenant referred to in Clause 6.3 4.3 above to release or pay, all or part of the Banking Facilities Facility in settlement of the balance purchase price payable by the Borrower Customer under the agreement of sale of the property progressively in accordance with the terms in the said agreement, the Borrower Customer agrees (in addition to the Security) that:– 6.4.1 4.4.1 the payment of all monies undertaken, guaranteed, or covenanted to be paid by the Bank to the Third Party, the Third Party’s solicitors, or the Bank’s solicitors (as the case may be) will be secured under this Agreement and may 4.4.2 the Security Document; and 6.4.2 the Borrower Customer shall at all times indemnify and keep the Bank or the Bank’s solicitors indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be taken, incurred, or suffered by the Bank or the Bank’s solicitors arising from the Bank’s or the Bank’s solicitors aforesaid undertaking given to the Third Party, the Third Party’s solicitors, or the Bank’s solicitors (as the case may be).

Progressive release. 6.1 (a) The Borrower hereby irrevocably authorizes Bank can, and is expressly authorised by the Bank and Customer and/or the Bank can 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 propertysaid building”) or the vendor of the property 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. 6.2 (b) The authorisation given by the Customer and/or the Assignor is irrevocable. All advances and payments made by the Bank to the person in Clause 6.1 (“Third Party”said person(s) shall will be deemed paid to the Borrower and shall constitute and form be part if of the monies secured by and owing under this Agreement and the Security Document. Assignment. (c) The acknowledgement or receipt of such person(s) will be as good, good and sufficient and effective as if it has had been made or given by the BorrowerCustomer and/or the Assignor. 6.3 (d) The Borrower hereby Customer and/or the Assignor irrevocably authorizes agrees and confirms that the Customer and/or the Assignor cannot object to or to restrain such payment by the Bank. (e) If the Bank and has given or agreed to give on the Bank Customer’s and/or the Assignor’s authority (which authority is entitled:-hereby confirmed by the Customer and/or the Assignor) its express or implied undertaking, guarantee, or covenant to: 6.3.1 to issue to (i) any of the Third Party persons mentioned in Clause 4.1(a) (“the Vendor”) or the its solicitors or firm of solicitors purporting to act for the Third Party its undertaking, guarantee or covenant Vendor to pay; or (which shall be in such form as agreed between the Bank and the Third Partyii) to release or pay all or part of the Banking Facilities to the Third Party at such time and in such manner as the Bank may in its absolute discretion agree; 6.3.2 to release or pay to the Bank’s solicitors all or part of the Banking Facilities to enable the Bank’s solicitors to issue their undertaking, guarantee or covenant to give the Third Party, undertaking, guaranteeing or covenanting to release or pay to the Third Party all or part of the Banking Facilities; and 6.3.3 where the release of the Banking Facilities is to be made against a schedule of payment in an agreement, to release or pay to the Third Party on or before the due date as stated in the progressive billing submitted by the Third Party to the Bank upon terms that:- (i) if any sum billed is to be paid on the date the Borrower Vendor or the purchaser takes vacant possession of the property, the Bank shall be entitled to make such payment to the Third Party at any time, whether or not the Borrower or the purchaser have actually taken vacant possession of the property; and (ii) in making such payment, the Bank shall not be obliged to verify or ascertain whether such progressive billing is in order or otherwise or whether the sums billed is properly due or otherwise and the Borrower irrevocably agrees and confirms that the Bank shall be entitled to release or pay the Banking Facilities to the Third Party notwithstanding any protest or objection from the Borrower, the Security Party and/or any other parties to restrain the Bank from making such release or payment. In the event any sum released by the Bank to the Third Party is subsequently found to be not due for payment when paid, the Borrower agree that the Borrower shall only claim against such Third Party in respect of such sum released and the Borrower shall have no claim and shall not make any claim whatsoever against the Bank arising from such release. 6.4 If the Bank or the BankVendor’s solicitors have given or agreed their solicitor’s undertaking to give their undertaking, guarantee, or covenant referred to in Clause 6.3 above to release or pay, all or part of the Banking Facilities in settlement of LEG/i-024 DOA(RP)(01/18) the balance purchase price payable by the Borrower Customer and/or the Assignor under the agreement of sale of the property said building progressively in accordance with the terms in the said agreement, the Borrower Assignor agrees (in addition to the SecurityRental Proceeds being charged to secure the Indebtedness) that:– 6.4.1 (iii) the payment of all monies undertaken, guaranteed, or covenanted to be paid by the Bank to the Third PartyVendor, the Third PartyVendor’s solicitors, or the Bank’s solicitors (as the case may be) will be secured under this Agreement and the Security DocumentAssignment; and 6.4.2 (iv) the Borrower shall Customer and/or the Assignor will at all times indemnify and keep the Bank or the Bank’s solicitors indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be taken, incurred, or suffered by the Bank or the Bank’s solicitors arising from the Bank’s or the Bank’s solicitors aforesaid undertaking given to the Third PartyVendor, the Third PartyVendor’s solicitors, or the Bank’s solicitors (as the case may be).

Progressive release. 6.1 (a) The Borrower hereby irrevocably authorizes Bank can, and is expressly authorised by the Bank and Customer and/or the Bank can 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 propertysaid building”) or the vendor of the property 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. 6.2 (b) The authorisation given by the Customer and/or the Assignor is irrevocable. All advances and payments made by the Bank to the person in Clause 6.1 (“Third Party”said person(s) shall will be deemed paid to the Borrower and shall constitute and form be part if of the monies secured by and owing under this Agreement and the Security Document. Assignment. (c) The acknowledgement or receipt of such person(s) will be as good, good and sufficient and effective as if it has had been made or given by the BorrowerCustomer and/or the Assignor. 6.3 (d) The Borrower hereby Customer and/or the Assignor irrevocably authorizes agrees and confirms that the Customer and/or the Assignor cannot object to or to restrain such payment by the Bank. (e) If the Bank and has given or agreed to give on the Bank Customer’s and/or the Assignor’s authority (which authority is entitled:-hereby confirmed by the Customer and/or the Assignor) its express or implied undertaking, guarantee, or covenant to: 6.3.1 to issue to (i) any of the Third Party persons mentioned in Section 4.1(a) (“the Vendor”) or the its solicitors or firm of solicitors purporting to act for the Third Party its undertaking, guarantee or covenant Vendor to pay; or (which shall be in such form as agreed between the Bank and the Third Partyii) to release or pay all or part of the Banking Facilities to the Third Party at such time and in such manner as the Bank may in its absolute discretion agree; 6.3.2 to release or pay to the Bank’s solicitors all or part of the Banking Facilities to enable the Bank’s solicitors to issue their undertaking, guarantee or covenant to give the Third Party, undertaking, guaranteeing or covenanting to release or pay to the Third Party all or part of the Banking Facilities; and 6.3.3 where the release of the Banking Facilities is to be made against a schedule of payment in an agreement, to release or pay to the Third Party on or before the due date as stated in the progressive billing submitted by the Third Party to the Bank upon terms that:- (i) if any sum billed is to be paid on the date the Borrower Vendor or the purchaser takes vacant possession of the property, the Bank shall be entitled to make such payment to the Third Party at any time, whether or not the Borrower or the purchaser have actually taken vacant possession of the property; and (ii) in making such payment, the Bank shall not be obliged to verify or ascertain whether such progressive billing is in order or otherwise or whether the sums billed is properly due or otherwise and the Borrower irrevocably agrees and confirms that the Bank shall be entitled to release or pay the Banking Facilities to the Third Party notwithstanding any protest or objection from the Borrower, the Security Party and/or any other parties to restrain the Bank from making such release or payment. In the event any sum released by the Bank to the Third Party is subsequently found to be not due for payment when paid, the Borrower agree that the Borrower shall only claim against such Third Party in respect of such sum released and the Borrower shall have no claim and shall not make any claim whatsoever against the Bank arising from such release. 6.4 If the Bank or the BankVendor’s solicitors have given or agreed their solicitor’s undertaking to give their undertaking, guarantee, or covenant referred to in Clause 6.3 above to release or pay, all or part of the Banking Facilities in settlement of the balance purchase price payable by the Borrower Customer and/or the Assignor under the agreement of sale of the property said building progressively in accordance with the terms in the said agreement, the Borrower Assignor agrees (in addition to the SecurityRental Proceeds being charged to secure the Indebtedness) that:– 6.4.1 (iii) the payment of all monies undertaken, guaranteed, or covenanted to be paid by the Bank to the Third PartyVendor, the Third PartyVendor’s solicitors, or the Bank’s solicitors (as the case may be) will be secured under this Agreement and be (iv) the Security Document; and 6.4.2 Customer and/or the Borrower shall Assignor will at all times indemnify and keep the Bank or the Bank’s solicitors indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be taken, incurred, or suffered by the Bank or the Bank’s solicitors arising from the Bank’s or the Bank’s solicitors aforesaid undertaking given to the Third PartyVendor, the Third PartyVendor’s solicitors, or the Bank’s solicitors (as the case may be).

Progressive release. 6.1 The Borrower hereby irrevocably authorizes 3.6.1 Each of the Facility will only be available for utilisation by the Customer during the period as specified by the Bank in the relevant Letter of Offer unless extended by the Bank in writing. Notwithstanding this, any utilisation permitted by the Bank after the said period shall not constitute a waiver by the Bank and shall not prejudice the Bank’s right to disallow, stop or cease any further utilisation of the remaining Facility after the said period. 3.6.2 Where the Facility is to finance the purchase or construction of any property, the Customer hereby irrevocably authorises the Bank can to advance or pay (where applicable) all or part of the Banking Facilities Facility to the builderfinancial institutions, developerVendor, contractor, architect contractor or such other persons responsible for or concerned with the sale and/or construction of any building (“the property”) or the vendor of the property at such times, on such terms, terms and in such manner, by such amounts, and upon such contingencies and conditions, manner as the Bank decides in its absolute discretiondecides. 6.2 3.6.3 All advances and payments made by the Bank to the person person(s) mentioned in Clause 6.1 3.6.2 (“Third Party”) shall be deemed to have been paid to the Borrower Customer and shall constitute and form part if of the monies secured by and owing under this Agreement and the Security DocumentDocuments. The acknowledgement or receipt of such person(s) Third Party will be as good, sufficient and effective as if it has been made or given by the BorrowerCustomer. 6.3 3.6.4 The Borrower Customer hereby irrevocably authorizes authorises the Bank and the Bank is entitled:- 6.3.1 (a) to issue to the Third Party or the solicitors or firm of solicitors purporting to act for the Third Party its Party, an undertaking, guarantee or covenant (which shall be in such form as agreed between the Bank and the Third Party) to release or pay to such Third Party all or such part of the Banking Facilities to the Third Party Facility at such time and in such manner as the Bank may in its absolute discretion agree; 6.3.2 (b) to release or pay to the Bank’s financial institution, firm of solicitors or Vendor all or part of the Banking Facilities to enable the Bank’s solicitors to issue their undertaking, guarantee or covenant to the Third Party, undertaking, guaranteeing or covenanting to release or pay to the Third Party all or part of the Banking FacilitiesFacility; and 6.3.3 (c) where the release of the Banking Facilities Facility is to be made against a schedule of payment in an agreement, to release or pay to the Third Party on or before the due date as stated in the progressive billing submitted by the Third Party to the Bank upon terms that:- (i) if any sum billed is to be paid on the date the Borrower Customer or the purchaser takes vacant possession of the property, the Bank shall be entitled to make such payment to the Third Party at any time, whether or not the Borrower Customer or the purchaser have actually taken vacant possession of the property; and (ii) in making such payment, the Bank shall not be obliged to verify or ascertain whether such progressive billing is in order or otherwise or whether the sums billed is properly due or otherwise and the Borrower Customer irrevocably agrees and confirms that the Bank shall be entitled to release or pay the Banking Facilities Facility to the Third Party notwithstanding any protest or objection from the BorrowerCustomer, the Security Party and/or any other parties to restrain the Bank from making such release or payment. In the event any sum released by the Bank to the Third Party is subsequently found to be not due for payment when paid, the Borrower Customer agree that the Borrower Customer shall only claim against such Third Party in respect of such sum released and the Borrower Customer shall have no claim and shall not make any claim whatsoever against the Bank arising from such releaserelease unless it is due to the Bank’s gross negligence or willful default. 6.4 3.6.5 If the Bank or the Bank’s solicitors have given or agreed to give their undertaking, guarantee, or covenant referred to in Clause 6.3 3.6.4 above to release or pay, all or part of the Banking Facilities Facility in settlement of the balance purchase price such sums payable by the Borrower Customer and/or the Security Party under the agreement of sale of the property relevant agreement, whether progressively or otherwise in accordance with the terms in the said agreement, the Borrower Customer agrees (in addition to the Security) that:–that:- 6.4.1 (a) the payment of all monies undertaken, guaranteed, or covenanted to be paid by the Bank to the Third Party, the Third Party’s solicitors, or the Bank’s solicitors (as the case may be) will be secured under this Agreement and the Security DocumentDocuments; and 6.4.2 (b) the Borrower shall Customer will and will also cause the Security Party to at all times indemnify and keep the Bank or the Bank’s solicitors indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be taken, incurred, or suffered by the Bank or the Bank’s solicitors arising from the Bank’s or the Bank’s solicitors aforesaid undertaking given to the Third Party, the Third Party’s solicitors, or the Bank’s solicitors (solicitors, as the case may be).

Progressive release. 6.1 16.1 The Housing Loan/Facility will only be available for utilisation by the Borrower during the period as specified by the Bank in the relevant Letter of Offer unless extended by the Bank in writing. Notwithstanding this, any utilisation permitted by the Bank after the said period shall not constitute a waiver by the Bank and shall not prejudice the Bank’s right to disallow, stop or cease any further utilisation of the remaining Housing Loan/Facility after the said period. 16.2 Where the Housing Loan/Facility is to finance the purchase or construction of any property, the Borrower hereby irrevocably authorizes authorises the Bank and the Bank can to advance or pay (where applicable) all or part of the Banking Facilities Housing Loan/Facility to the builderfinancial institutions, developerVendor, contractor, architect contractor or such other persons responsible for or concerned with the sale and/or construction of any building (“the property”) or the vendor of the property at such times, Property on such terms, terms and in such manner, by such amounts, and upon such contingencies and conditions, as the Bank decides in its absolute discretiondecides. 6.2 16.3 All advances and payments made by the Bank to the person person(s) mentioned in Clause 6.1 Section 16.2 (“Third Party”) shall be deemed to have been paid to the Borrower and shall constitute and form part if of the monies secured by and owing under this Agreement and the Security DocumentDocuments. The acknowledgement or receipt of such person(s) Third Party will be as good, sufficient and effective as if it has been made or given by the Borrower. 6.3 16.4 The Borrower hereby irrevocably authorizes authorises the Bank and the Bank is entitled:- 6.3.1 (a) to issue to the Third Party or the solicitors or firm of solicitors purporting to act for the Third Party its Party, an undertaking, guarantee or covenant (which shall be in such form as agreed between the Bank and the Third Party) to release or pay to such Third Party all or such part of the Banking Facilities to the Third Party Housing Loan/Facility at such time and in such manner as the Bank may in its absolute discretion agree; 6.3.2 (b) to release or pay to the Bank’s financial institution, firm of solicitors or Vendor all or part of the Banking Facilities to enable the Bank’s solicitors to issue their undertaking, guarantee or covenant to the Third Party, undertaking, guaranteeing or covenanting to release or pay to the Third Party all or part of the Banking Facilities; andHousing Loan/Facility; 6.3.3 (c) where the release of the Banking Facilities Housing Loan/Facility is to be made against a schedule of payment in an agreement, to release or pay to the Third Party on or before the due date as stated in the progressive billing submitted by the Third Party to the Bank upon terms that:- (i) if any sum billed is to be paid on the date the Borrower or the purchaser takes vacant possession of the propertyProperty, the Bank shall be entitled to make such payment to the Third Party at any time, whether or not the Borrower or the purchaser have actually taken vacant possession of the propertyProperty; and (ii) in making such payment, the Bank shall not be obliged to verify or ascertain whether such progressive billing is in order or otherwise or whether the sums billed is properly due or otherwise and the Borrower irrevocably agrees and confirms that the Bank shall be entitled to release or pay the Banking Facilities Housing Loan/Facility to the Third Party notwithstanding any protest or objection from the Borrower, the Security Party and/or any other parties to restrain the Bank from making such release or payment. In the event any sum released by the Bank to the Third Party is subsequently found to be not due for payment when paid, the Borrower agree agrees that the Borrower shall only claim against such Third Party in respect of such sum released and the Borrower shall have no claim and shall not make any claim whatsoever against the Bank arising from such releaserelease unless it is due to the Bank’s gross negligence or wilful default. 6.4 16.5 If the Bank or the Bank’s solicitors have has given or agreed to give their undertaking, guarantee, or covenant referred to in Clause 6.3 Section 16.4(a) above to release or pay, all or part of the Banking Facilities Housing Loan/Facility in settlement of the balance purchase price such sums payable by the Borrower and/or the Security Party under the agreement of sale of the property relevant agreement, whether progressively or otherwise in accordance with the terms in the said agreement, the Borrower and/or the Security Party agrees (in addition to the Security) that:–that:- 6.4.1 (a) the payment of all monies undertaken, guaranteed, or covenanted to be paid by the Bank to the Third Party, the Third Party’s solicitors, or the Bank’s solicitors (as the case may be) will be secured under this Agreement and the Security DocumentDocuments; (b) the Borrower may not cancel all or part of the Housing Loan/Facilities without the prior written consent from the Bank in which the Bank is not contractually bound to give; and 6.4.2 (c) the Borrower shall will and will also cause the Security Party to at all times indemnify and keep the Bank or the Bank’s solicitors indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be taken, incurred, or suffered by the Bank or the Bank’s solicitors arising from the Bank’s or the Bank’s solicitors aforesaid undertaking given to the Third Party, the Third Party’s solicitors, or the Bank’s solicitors (solicitors, as the case may be).