Common use of Progressive release Clause in Contracts

Progressive release. (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. (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 Assignment. (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 Borrower and/or the Assignor. (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. (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 Borrower and/or the Assignor) its express or implied undertaking, guarantee, or covenant to – (i) any of the persons mentioned in 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 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 (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 Assignment; 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. (a) 5.1 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. (b) 5.2 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 AssignmentAgreement. (c) 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 and/or the AssignorBorrower. (d) 5.4 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. (e) 5.5 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 Borrower and/or the AssignorBorrower) its express or implied undertaking, guarantee, or covenant to –to:- (i) any of the persons mentioned in Section 4.1(a) 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 the Assignor any Security Party 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 (in addition the Property being charged to secure the Indebtedness) that –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 AssignmentAgreement; 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).