Common use of Redraw Clause in Contracts

Redraw. 7.1 By paying each Instalment (which may change as Interest Rates change), you will repay the Facility Amount (together with interest) over the Term. 7.2 If you make a payment to your Facility Account which is additional to your required Instalment this will further reduce the amount owing under the Facility. This additional payment does not reduce the required Instalments but, provided that you are not in default, it does entitle you to redraw on your Facility Account (to the extent set out in clause 7.3). 7.3 If on any date your Facility Account balance (excluding uncleared funds) is less than the amount which would be owing at that time if all required Instalments from the commencement date of the Facility have been paid on the due date, you may redraw the difference. Your monthly Facility Account statement will show the "funds available for redraw" as at the last day of the statement period. Payments made to and from your Facility Account after the last day of the monthly statement will change the redraw amount available from time to time. 7.4 Notwithstanding clause 7.3, the ability to redraw funds under your Facility is not available to you during any Fixed Rate Period of the Facility.