Common use of Redraw Clause in Contracts

Redraw. The Bank will allow a redraw facility to be attached to the loan. The redraw facility will operate on the following conditions: (i) The Borrower may redraw any repayments paid in addition to the required repayments to the loan. The total of these amounts is referred to as the 'Prepayment Amount'. (ii) The Borrower is able to redraw the Prepayment Amount by: (a) completing and signing a bank authorised Redraw Request Form; or (b) via Bendigo ebanking if an Application for Online Redraw form has been completed. Where there is more than one borrower, all borrowers must sign the Redraw Request form or have had previously signed the Application for Online Redraw form. (iii) The Bank may refuse a request to redraw, withdraw the electronic access to redraw or withdraw the right to redraw at any time without notice if: (a) any one of the Borrowers asks the Bank in writing to do so; (b) the Borrower is in default under the Agreement; or (c) a variation to the terms of the Agreement is being processed; or at the Bank’s discretion (iv) Any amount redrawn from the loan will become part of the loan balance and will be subject to the terms of the Agreement.