Common use of Advances After Default Clause in Contracts

Advances After Default. At its option, after the occurrence and continuance of a Default, Lender may but shall not be obligated to make advances of portions of the Loan proceeds to any Person (including without limitation NTI, suppliers, sub-contractors and materialmen) to whom Lender in good faith determines payment is due with respect to the Equipment, and any proceeds so disbursed by Lender shall be deemed disbursed as of the date on which the Person to whom payment is made receives the same. No further authorization from Borrower shall be necessary to warrant such direct advances, and the execution of this Loan Agreement by Borrower shall, and hereby does, constitute an irrevocable authorization and power of attorney so to advance proceeds hereunder. All such Advances shall satisfy PRO TANTO the obligations of Lender hereunder and shall be secured by the Security Documents as fully as if made directly to Borrower.

Advances After Default. At its option, after the occurrence and continuance of a Default, Lender may but shall not be obligated to make advances of portions of the Loan proceeds to any Person (including without limitation NTI, suppliers, sub-contractors and materialmen) to whom Lender in good faith determines payment is due with respect to the Equipment, and any proceeds so disbursed by Lender shall be deemed disbursed as of the date on which the Person to whom payment is made receives the same. No further authorization from a Borrower shall be necessary to warrant such direct advances, and the execution of this Loan Agreement by Econophone and borrowings hereunder by any Borrower shall, and hereby doesdo, constitute an irrevocable authorization and power of attorney so to advance proceeds hereunder. All such Advances shall satisfy PRO TANTO pro tanto the obligations of Lender hereunder and shall be secured by the Security Documents as fully as if made directly to such Borrower.

Advances After Default. At its option, after the occurrence and ---------------------- continuance of a Default, Lender may but shall not be obligated to make advances of portions of the Loan proceeds Loans to any Person (including without limitation NTINTI and any Vendor, suppliers, sub-contractors and materialmen) to whom Lender in good faith determines payment is due with respect to the Equipment, and any proceeds so disbursed by Lender shall be deemed disbursed as of the date on which the Person to whom payment is made receives the same. No further authorization from a Borrower shall be necessary to warrant such direct advances, and the execution of this Loan Agreement by a Borrower shall, and hereby does, constitute an irrevocable authorization and power of attorney so to advance proceeds hereunder. All such Advances shall satisfy PRO TANTO pro tanto the obligations of --- ----- Lender hereunder and shall be secured by the Security Documents as fully as if made directly to the Borrower.

Advances After Default. At its option, after the occurrence and ----------------------- continuance of a Default, Lender may but shall not be obligated to make advances of portions of the Loan proceeds Loans to any Person (including without limitation NTINortel and any Vendor, supplierssupplier, sub-contractors subcontractor and materialmenmaterialman) to whom Lender in good faith determines payment is due with respect to the Equipment, and any proceeds so disbursed by Lender shall be deemed disbursed as of the date on which the Person to whom payment is made receives the same. No further authorization from Borrower shall be necessary to warrant such direct advances, and the execution of this Loan Agreement by Borrower shall, and hereby does, constitute an irrevocable authorization and power of attorney so to advance proceeds hereunder. All such Advances shall satisfy PRO TANTO pro tanto the obligations of Lender hereunder and shall be secured by the Security Documents as fully as if made directly to Borrower.

Advances After Default. At its option, after the occurrence and continuance of a Default, Lender may but shall not be obligated to make advances of portions of the Loan proceeds to any Person (including without limitation NTI, suppliers, sub-contractors and materialmen) to whom Lender in good faith determines payment is due with respect to the Equipment, and any proceeds so disbursed by Lender shall be deemed disbursed as of the date on which the Person to whom payment is made receives the same. No further authorization from a Borrower shall be necessary to warrant such direct advances, and the execution of this Loan Agreement by Destia and borrowings hereunder by any Borrower shall, and hereby doesdo, constitute an irrevocable authorization and power of attorney so to advance proceeds hereunder. All such Advances shall satisfy PRO TANTO pro tanto the obligations of Lender hereunder and shall be secured by the Security Documents as fully as if made directly to such Borrower.

Advances After Default. At its option, after the occurrence and continuance of a Default, Lender may but shall not be obligated to make advances of portions of the Loan proceeds to any Person (including without limitation NTI, suppliers, sub-contractors and materialmen) to whom Lender in good faith determines payment is due with respect to the Equipment, and any proceeds so disbursed by Lender shall be deemed disbursed as of the date on which the Person to whom payment is made receives the same. No further authorization from Borrower shall be necessary to warrant such direct advances, and the execution of this Loan Agreement by Borrower shall, and hereby does, constitute an irrevocable authorization and power of attorney so to advance proceeds hereunder. All such Advances shall satisfy PRO TANTO pro tanto the obligations of Lender hereunder and shall be secured by the Security Documents as fully as if made directly to Borrower.

Advances After Default. At its option, after the occurrence and continuance of a Default, Lender may but shall not be obligated to make advances direct payment of portions a portion or all of the Loan proceeds an Advance to any Person (including without limitation NTI, suppliers, sub-contractors and materialmen) to whom Lender in good faith determines payment is due with respect to the Equipment, and any proceeds so disbursed by Lender shall be deemed disbursed as of the date on which the Person to whom payment is made receives the same. No further authorization from Borrower shall be necessary to warrant such direct advancespayments, and the execution of this Loan Agreement by Borrower shall, and hereby does, constitute an irrevocable authorization and power of attorney so to advance proceeds make such direct payments hereunder. All such direct payments are Advances and shall satisfy PRO TANTO pro tanto the obligations of Lender hereunder and shall be secured by the Security Documents as fully as if made directly to Borrower.