Common use of Progressive release Clause in Contracts

Progressive release. (a) The 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. (b) All advances and payments made by the Bank to the person in Clause 4.1(a) (“Third Party”) shall be deemed paid to the 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 Assignor. (c) The Assignor hereby irrevocably authorizes the Bank and the Bank is entitled:- (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; (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 (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:- (aa) if any sum billed is to be paid on the date the 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 Assignor or the purchaser have actually taken vacant possession of the property; and (bb) 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 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 Assignor, 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 Assignor agree that the Assignor shall only claim against such Third Party in respect of such sum released and the Assignor shall have no claim and shall not make any claim whatsoever against the Bank arising from such release.

Progressive release. (a) The Assignor hereby irrevocably authorizes Chargee can, and is expressly authorised by the Bank and Customer and/or the Bank can 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 propertysaid building”) or the vendor of the said property 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. (b) The authorisation given by the Customer and/or the Chargor is irrevocable. All advances and payments made by the Bank to the person in Clause 4.1(asaid person(s) (“Third Party”) shall will be deemed paid to the Assignor and shall constitute and form be part if of the monies secured by and owing under this Agreement and the Security Document. Charge. (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 AssignorCustomer and/or the Chargor. (cd) The Assignor Customer and/or the Chargor irrevocably agrees and confirms that the Customer and/or the Chargor cannot object to or to restrain such payment by the Chargee. (e) If the Chargee has given or agreed to give on the Customer’s and/or the Chargor’s authority (which authority is hereby irrevocably authorizes confirmed by the Bank and Customer and/or the Bank is entitled:-Chargor) its express or implied undertaking, guarantee, or covenant to: (i) to issue to any of the Third Party persons mentioned in Section 3.1(a) (“the Vendor”) or the its 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) Vendor 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;pay; or (ii) to release or pay to the BankChargee’s solicitors all or part of the Banking Facilities to enable the BankChargee’s solicitors to issue give the Vendor or the Vendor’s solicitors their undertakingsolicitor’s undertaking to pay, guarantee the balance purchase price payable by the Customer and/or the Chargor under the agreement of sale of the said building progressively in accordance with the terms in the said agreement, the Customer and/or the Chargor agrees (in addition the Lease being charged to secure the Indebtedness) that: (1) the payment of all monies undertaken, guaranteed, or covenant covenanted to be paid by the Chargee to the Third PartyVendor, undertakingthe Vendor’s solicitors, guaranteeing or covenanting to release or pay to the Third Party all or part of Chargee’s solicitors (as the Banking Facilitiescase may be) will be secured under this Charge; and (iii2) where the release of Customer and/or the Banking Facilities is to Chargor will at all times indemnify and keep the Chargee indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be made against a schedule of payment in an agreementtaken, to release incurred, or pay suffered by the Chargee arising from the Chargee’s aforesaid undertaking given to the Third Party on or before Vendor, the due date as stated in the progressive billing submitted by the Third Party to the Bank upon terms that:- (aa) if any sum billed is to be paid on the date the Assignor Vendor’s solicitors, or the purchaser takes vacant possession of Chargee’s solicitors (as the property, the Bank shall be entitled to make such payment to the Third Party at any time, whether or not the Assignor or the purchaser have actually taken vacant possession of the property; and (bb) 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 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 Assignor, 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 Assignor agree that the Assignor shall only claim against such Third Party in respect of such sum released and the Assignor shall have no claim and shall not make any claim whatsoever against the Bank arising from such releasecase may be).

Progressive release. (a) The Bank can, and is expressly authorised by the Customer and/or the Assignor hereby irrevocably authorizes the Bank and the Bank can 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 said property 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. (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 4.1(asaid person(s) (“Third Party”) shall will be deemed paid to the Assignor 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 Customer and/or the Assignor. (cd) The Customer and/or the Assignor hereby 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: (i) to issue to 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 (which shall be in such form as agreed between the Bank and the Third Party) Vendor 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;pay; or (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 give the Vendor or the Vendor’s solicitors their undertakingsolicitor’s undertaking to pay, guarantee or covenant LEG/i-024 DOA(RP)(01/18) the balance purchase price payable by the Customer and/or the Assignor under the agreement of sale of the said building progressively in accordance with the terms in the said agreement, the Assignor agrees (in addition to the Third Party, undertaking, guaranteeing or covenanting Rental Proceeds being charged to release or pay to secure the Third Party all or part of the Banking Facilities; andIndebtedness) that: (iii) where the release payment of the Banking Facilities is to be made against a schedule of payment in an agreementall monies undertaken, to release guaranteed, 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:- (aa) if any sum billed is covenanted to be paid on the date the 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 Assignor or the purchaser have actually taken vacant possession of the property; and (bb) 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 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 Assignor, 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 paidVendor, the Assignor agree that Vendor’s solicitors, or the Bank’s solicitors (as the case may be) will be secured under this Assignment; and (iv) the Customer and/or the Assignor shall only claim will at all times indemnify and keep the Bank indemnified against such Third Party in respect of such sum released all actions, proceedings, costs, expenses, claims, and the Assignor shall have no claim and shall not make any claim whatsoever against demands which may be taken, incurred, or suffered by the Bank arising from such releasethe Bank’s aforesaid undertaking given to the Vendor, the Vendor’s solicitors, or the Bank’s solicitors (as the case may be).

Progressive release. (a) The Bank can, and is expressly authorised by the Customer and/or the Assignor hereby irrevocably authorizes the Bank and the Bank can 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 said property 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. (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 4.1(asaid person(s) (“Third Party”) shall will be deemed paid to the Assignor 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 Customer and/or the Assignor. (cd) The Customer and/or the Assignor hereby 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: (i) to issue to 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 (which shall be in such form as agreed between the Bank and the Third Party) Vendor 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;pay; or (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 give the Vendor or the Vendor’s solicitors their undertakingsolicitor’s undertaking to pay, guarantee or covenant the balance purchase price payable by the Customer and/or the Assignor under the agreement of sale of the said building progressively in accordance with the terms in the said agreement, the Assignor agrees (in addition to the Third Party, undertaking, guaranteeing or covenanting Rental Proceeds being charged to release or pay to secure the Third Party all or part of the Banking Facilities; andIndebtedness) that: (iii) where the release payment of the Banking Facilities is to be made against a schedule of payment in an agreementall monies undertaken, to release guaranteed, 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:- (aa) if any sum billed is covenanted to be paid on the date the 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 Assignor or the purchaser have actually taken vacant possession of the property; and (bb) 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 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 Assignor, 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 paidVendor, the Assignor agree that Vendor’s solicitors, or the Bank’s solicitors (as the case may be) will be (iv) the Customer and/or the Assignor shall only claim will at all times indemnify and keep the Bank indemnified against such Third Party in respect of such sum released all actions, proceedings, costs, expenses, claims, and the Assignor shall have no claim and shall not make any claim whatsoever against demands which may be taken, incurred, or suffered by the Bank arising from such releasethe Bank’s aforesaid undertaking given to the Vendor, the Vendor’s solicitors, or the Bank’s solicitors (as the case may be).

Progressive release. (a) The Assignor hereby irrevocably authorizes Chargee can, and is expressly authorised by the Bank and Customer and/or the Bank can 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 propertysaid building”) or the vendor of the said property 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. (b) The authorisation given by the Customer and/or the Chargor is irrevocable. All advances and payments made by the Bank to the person in Clause 4.1(asaid person(s) (“Third Party”) shall will be deemed paid to the Assignor and shall constitute and form be part if of the monies secured by and owing under this Agreement and the Security Document. Charge. (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 AssignorCustomer and/or the Chargor. (cd) The Assignor Customer and/or the Chargor irrevocably agrees and confirms that the Customer and/or the Chargor cannot object to or to restrain such payment by the Chargee. (e) If the Chargee has given or agreed to give on the Customer’s and/or the Chargor’s authority (which authority is hereby irrevocably authorizes confirmed by the Bank and Customer and/or the Bank is entitled:-Chargor) its express or implied undertaking, guarantee, or covenant to: (i) to issue to any of the Third Party persons mentioned in Clause 3.1(a) (“the Vendor”) or the its 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) Vendor 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;pay; or (ii) to release or pay to the BankChargee’s solicitors all or part of the Banking Facilities to enable the BankChargee’s solicitors to issue give the Vendor or the Vendor’s solicitors their undertakingsolicitor’s undertaking to pay, guarantee the balance purchase price payable by the Customer and/or the Chargor under the agreement of sale of the said building progressively in accordance with the terms in the said agreement, the Customer and/or the Chargor agrees (in addition the Lease being charged to secure the Indebtedness) that: (1) the payment of all monies undertaken, guaranteed, or covenant covenanted to be paid by the Chargee to the Third PartyVendor, undertakingthe Vendor’s solicitors, guaranteeing or covenanting to release or pay to the Third Party all or part of Chargee’s solicitors (as the Banking Facilitiescase may be) will be secured under this Charge; and (iii2) where the release of Customer and/or the Banking Facilities is to Chargor will at all times indemnify and keep the Chargee indemnified against all actions, proceedings, costs, expenses, claims, and demands which may be made against a schedule of payment in an agreementtaken, to release incurred, or pay suffered by the Chargee arising from the Chargee’s aforesaid undertaking given to the Third Party on or before Vendor, the due date as stated in the progressive billing submitted by the Third Party to the Bank upon terms that:- (aa) if any sum billed is to be paid on the date the Assignor Vendor’s solicitors, or the purchaser takes vacant possession of Chargee’s solicitors (as the property, the Bank shall be entitled to make such payment to the Third Party at any time, whether or not the Assignor or the purchaser have actually taken vacant possession of the property; and (bb) 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 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 Assignor, 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 Assignor agree that the Assignor shall only claim against such Third Party in respect of such sum released and the Assignor shall have no claim and shall not make any claim whatsoever against the Bank arising from such releasecase may be).