Advances to Contractor. Upon the occurrence and during the continuance of a Default or Event of Default, or upon the request of the Borrower, as the case may be, at its option the Agent may, upon prior written notice to the Borrower, make any or all advances for construction expenses directly to the Contractor for deposit in an appropriately designated special bank account, and the execution of this Credit Agreement by the Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of any Revolving Credit Loan. No further authorization from the Borrower shall be necessary to warrant such direct advances to the Contractor and all such advances shall satisfy pro tanto --- ----- the obligations of the Agent and the Banks hereunder and shall be secured by the Security Documents and the other Loan Documents as fully as if made directly to the Borrower.
Advances to Contractor. After an Event of Default, Lender may make any or all advances of the Loan directly to Contractor for deposit in an appropriately designated special bank account and the execution of this Agreement by the Borrower shall, and hereby does, constitute an irrevocable direction and authorization to so advance the funds. No further direction or authorization from Borrower shall be necessary to warrant such direct advances to Contractor and all such advances shall satisfy pro tanto the obligations of Lender hereunder and shall be secured by the Security Instrument and the other Loan Documents as fully as if made to Borrower, regardless of the disposition thereof by Contractor.
Advances to Contractor. In its sole discretion, following an Event of Default, the Lender may make any or all Advances through the Title Insurance Company and any portion of the Construction Loan so disbursed by the Lender shall be deemed disbursed as of the date on which the Lender makes such disbursement. At its option, in its sole discretion, the Lender may make any or all Advances for Direct Costs incurred under the Construction Contract directly to Contractor for deposit in an appropriately designated special bank account, and the execution of this Agreement by the Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Construction Loan. No further authorization from the Borrower shall be necessary to warrant such direct advances to the Contractor and all such advances shall satisfy pro tanto the obligations of the Lender hereunder and shall be secured by the Mortgage and the other Security Documents as fully as if made directly to the Borrower.
Advances to Contractor. In the event that the Agent or the Majority Banks shall determine in the exercise of their business judgment that cause exists to do so, the Agent may make any or all advances for Direct Costs incurred under the Construction Contract directly to the Contractor for deposit in an appropriately designated special bank account, and the execution of this Agreement by the Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Loan. No further authorization from the Borrower shall be necessary to warrant such direct advances to the Contractor and all such advances shall satisfy pro tanto the obligations of the Banks hereunder and shall be secured by the Security Deed and the other Security Documents as fully as if made directly to the Borrower.
Advances to Contractor. 20 Section 3.5 Advances to Title Insurance Company or to Others. . 20 Section 3.6 Advances Do Not Constitute a Waiver. . . . . . . . 21 Section 3.7.
Advances to Contractor. If specifically provided in Tender Documents of tender having advertised value more than Rs 50 Crores, Railway shall make payment, as an Interest bearing advances, as per Contractor’s request. These advances shall carry a simple interest as indicated in the Tender documents. The payment and recovery of such advances shall be made as per manners prescribed in Clause 46.4 of the Standard General Conditions of Contract. (Signature) (Designation) Signature of Tenderer(s) Railway Date Date ANNEXURE - I (Contd. …) TENDER FORM (Third Sheet) Name ofWork: BILL OF QUANTITIES
Advances to Contractor. If specifically provided in Tender Documents of tender having advertised value more than Rs 50 Crores, Railway shall make payment, as an Interest bearing advances, as per Contractor’s request. These advances shall carry a simple interest ________ as indicated in the Tender documents. The payment and recovery of such advances shall be made as per manners prescribed in Clause 46.4 of the Standard General Conditions of Contract. (Designation) Signature of Tenderer(s) _________Railway Date _____________ Date _____________ ANNEXURE - I (Contd. …) TENDER FORM (Third Sheet) Name ofWork: ________________________________________________ BILL OF QUANTITIES
Advances to Contractor. At its option and upon notice to Borrower, Lender may make any or all Advances for construction expenses directly to Contractor for deposit in an appropriately designated special bank account, and the execution of this Agreement by Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the
Advances to Contractor. 6.1 If the Owner advances money to the Contractor during the performance of the work, he will be entitled to deduct the money from the amount set out in clause 1 when that money becomes payable.
Advances to Contractor. At its option, Lender may make any or all Advances for construction expenses properly incurred by Contractor directly to Contractor for deposit in an appropriately designated special bank account, and the execution of this Agreement by Borrower shall, and hereby does, constitute an irrevocable authorization so to advance the proceeds of the Loan provided that Advances shall only be made directly to the Contractor if (i) sums due to the Contractor are specifically set forth in the applicable draw request; (ii) the sums have not been paid to the Contractor; and (iii) the Borrower receives advance notice that the Lender intends to pay such portions of the Advance directly to the Contractor. No further authorization from Borrower shall be necessary to warrant such direct Advances to Contractor and all such Advances shall satisfy pro tanto the obligations of Lender hereunder and shall be secured by the Mortgage and the other Loan Documents as fully as if made directly to Borrower.
