Common use of Progressive release Clause in Contracts

Progressive release. 5.1 The Bank can, and is expressly authorised by the Borrower 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. 5.2 The authorisation given by the Borrower is irrevocable. All advances and payments to the said person(s) will be deemed to be part of the monies secured by and owing under this Agreement. 5.3 The acknowledgement or receipt of such person(s) will be as good and sufficient and effective as if it had been made or given by the Borrower. 5.4 The Borrower irrevocably agrees and confirms that the Borrower cannot object to or to restrain such payment by the Bank. 5.5 If the Bank has given or agreed to give on the Borrower‟s authority (which authority is hereby confirmed by the Borrower) its express or implied undertaking, guarantee, or covenant to:- (i) any of the persons mentioned in Clause 5.1 (“the Vendor”) or its solicitors or firm of solicitors purporting to act for the Vendor to pay; or (ii) pay the Bank‟s solicitors to enable the Bank‟s solicitors to give the Vendor or the Vendor‟s solicitors their solicitor‟s undertaking to pay, the balance purchase price payable by the Borrower and/or any Security Party under the agreement of sale of the said building progressively in accordance with the terms in the said agreement, the Borrower agrees that:- (iii) the payment of all monies undertaken, guaranteed, or covenanted to be paid by the Bank to the Vendor, the Vendor‟s solicitors, or the Bank‟s solicitors (as the case may be) will be secured under this Agreement; and (iv) the Borrower will at all times indemnify and keep the Bank indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be taken, incurred, or suffered by the Bank arising from the Bank‟s aforesaid undertaking given to the Vendor, the Vendor‟s solicitors, or the Bank‟s solicitors (as the case may be).

Progressive release. 5.1 (a) The Bank Chargee can, and is expressly authorised by the Borrower Customer and/or the Chargor 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 Chargee decides in its absolute discretion. 5.2 (b) The authorisation given by the Borrower Customer and/or the Chargor is irrevocable. All advances and payments to the said person(s) will be deemed to be part of the monies secured by and owing under this AgreementCharge. 5.3 (c) The acknowledgement or receipt of such person(s) will be as good and sufficient and effective as if it had been made or given by the BorrowerCustomer and/or the Chargor. 5.4 (d) The Borrower Customer and/or the Chargor irrevocably agrees and confirms that the Borrower Customer and/or the Chargor cannot object to or to restrain such payment by the BankChargee. 5.5 (e) If the Bank Chargee has given or agreed to give on the Borrower‟s Customer’s and/or the Chargor’s authority (which authority is hereby confirmed by the BorrowerCustomer and/or the Chargor) its express or implied undertaking, guarantee, or covenant to:-to: (i) any of the persons mentioned in Clause 5.1 3.1(a) (“the Vendor”) or its solicitors or firm of solicitors purporting to act for the Vendor to pay; or (ii) pay the Bank‟s Chargee’s solicitors to enable the Bank‟s Chargee’s solicitors to give the Vendor or the Vendor‟s Vendor’s solicitors their solicitor‟s solicitor’s undertaking to pay, the balance purchase price payable by the Borrower Customer and/or any Security Party the Chargor under the agreement of sale of the said building progressively in accordance with the terms in the said agreement, the Borrower Customer and/or the Chargor agrees that:-(in addition the Lease being charged to secure the Indebtedness) that: (iii1) the payment of all monies undertaken, guaranteed, or covenanted to be paid by the Bank Chargee to the Vendor, the Vendor‟s Vendor’s solicitors, or the Bank‟s Chargee’s solicitors (as the case may be) will be secured under this AgreementCharge; and (iv2) the Borrower Customer and/or the Chargor will at all times indemnify and keep the Bank Chargee indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be taken, incurred, or suffered by the Bank Chargee arising from the Bank‟s Chargee’s aforesaid undertaking given to the Vendor, the Vendor‟s Vendor’s solicitors, or the Bank‟s Chargee’s solicitors (as the case may be).

Progressive release. 5.1 (a) The Bank can, and is expressly authorised by the 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. 5.2 (b) The authorisation given by the Borrower and/or the Assignor is irrevocable. All advances and payments to the said person(s) will be deemed to be part of the monies secured by and owing under this AgreementAssignment. 5.3 (c) The acknowledgement or receipt of such person(s) will be as good and sufficient and effective as if it had been made or given by the BorrowerBorrower and/or the Assignor. 5.4 (d) The Borrower and/or the Assignor irrevocably agrees and confirms that the Borrower and/or the Assignor cannot object to or to restrain such payment by the Bank. 5.5 (e) If the Bank has given or agreed to give on the Borrower‟s and/or the Assignor‟s authority (which authority is hereby confirmed by the BorrowerBorrower and/or the Assignor) its express or implied undertaking, guarantee, or covenant to:-to – (i) any of the persons mentioned in Clause 5.1 Section 4.1(a) (“the Vendor”) or its solicitors or firm of solicitors purporting to act for the Vendor to pay; or (ii) pay the Bank‟s solicitors to enable the Bank‟s solicitors to give the Vendor or the Vendor‟s solicitors their solicitor‟s undertaking to pay, the balance purchase price payable by the Borrower and/or any Security Party the Assignor under the agreement of sale of the said building progressively in accordance with the terms in the said agreement, the Borrower and/or the Assignor agrees that:-(in addition the Property being charged to secure the Indebtedness) that – (iii) the payment of all monies undertaken, guaranteed, or covenanted to be paid by the Bank to the Vendor, the Vendor‟s solicitors, or the Bank‟s solicitors (as the case may be) will be secured under this AgreementAssignment; and (iv) the Borrower and/or the Assignor will at all times indemnify and keep the Bank indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be taken, incurred, or suffered by the Bank arising from the Bank‟s aforesaid undertaking given to the Vendor, the Vendor‟s solicitors, or the Bank‟s solicitors (as the case may be).

Progressive release. 5.1 (a) The Bank Chargee can, and is expressly authorised by the Borrower Customer and/or the Chargor 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 Chargee decides in its absolute discretion. 5.2 (b) The authorisation given by the Borrower Customer and/or the Chargor is irrevocable. All advances and payments to the said person(s) will be deemed to be part of the monies secured by and owing under this AgreementCharge. 5.3 (c) The acknowledgement or receipt of such person(s) will be as good and sufficient and effective as if it had been made or given by the BorrowerCustomer and/or the Chargor. 5.4 (d) The Borrower Customer and/or the Chargor irrevocably agrees and confirms that the Borrower Customer and/or the Chargor cannot object to or to restrain such payment by the BankChargee. 5.5 (e) If the Bank Chargee has given or agreed to give on the Borrower‟s Customer’s and/or the Chargor’s authority (which authority is hereby confirmed by the BorrowerCustomer and/or the Chargor) its express or implied undertaking, guarantee, or covenant to:-to: (i) any of the persons mentioned in Clause 5.1 Section 3.1(a) (“the Vendor”) or its solicitors or firm of solicitors purporting to act for the Vendor to pay; or (ii) pay the Bank‟s Chargee’s solicitors to enable the Bank‟s Chargee’s solicitors to give the Vendor or the Vendor‟s Vendor’s solicitors their solicitor‟s solicitor’s undertaking to pay, the balance purchase price payable by the Borrower Customer and/or any Security Party the Chargor under the agreement of sale of the said building progressively in accordance with the terms in the said agreement, the Borrower Customer and/or the Chargor agrees that:-(in addition the Lease being charged to secure the Indebtedness) that: (iii1) the payment of all monies undertaken, guaranteed, or covenanted to be paid by the Bank Chargee to the Vendor, the Vendor‟s Vendor’s solicitors, or the Bank‟s Chargee’s solicitors (as the case may be) will be secured under this AgreementCharge; and (iv2) the Borrower Customer and/or the Chargor will at all times indemnify and keep the Bank Chargee indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be taken, incurred, or suffered by the Bank Chargee arising from the Bank‟s Chargee’s aforesaid undertaking given to the Vendor, the Vendor‟s Vendor’s solicitors, or the Bank‟s Chargee’s solicitors (as the case may be).