REDRAWING AMOUNTS Clause Samples
REDRAWING AMOUNTS. 10.1 This clause only applies to a variable business term loan. This clause does not apply to a fixed business term loan.
10.2 Subject to clause 10.1 of this Part B, if you have repaid amounts early under this facility (for example, if you have made a one-off lump sum repayment, repayments more frequently than required or regular repayments of a greater amount than your elected repayments), you may ask us to allow you to redraw any amount repaid early. Any amount redrawn becomes part of the balance owing on your facility account.
10.3 You may only ask to redraw up to the amount which results in the balance owing on your facility account being not more than the amount which would be owing if you had paid all of your elected repayments on time and as required by this facility. If for whatever reason the amount you redraw exceeds this amount, you must repay the balance immediately.
10.4 You may request a redraw by providing us with a request notice at least 5 clear business days before you require the redraw amount.
10.5 Redrawn money will only be made available to you by deposit into your nominated account.
10.6 You may only redraw an amount in accordance with this clause if you meet the following criteria:
a. you have not dealt with any security without our consent;
b. you are not, and any debtor/guarantor is not, in default under this facility agreement or any security;
c. you are not relying on any statement or representation by us (including our employees) or our agents relating to the taxation effects of making the redraw. You should obtain your own tax advice.;
d. you have not provided subsequent security interests over the security property to other parties;
e. the requested redraw will not exceed the facility limit;
f. any security property has not, in our opinion, been diminished in value; and
g. the term of the facility has not expired. Each time you redraw an amount you declare these things to be true. If, for whatever reason, you do not meet the redraw criteria and a redraw is made, you must immediately repay upon demand the redraw.
10.7 We may impose fees and charges in connection with a redraw in accordance with this facility agreement and the Business Banking Guide to Fees and Charges.
10.8 You can find out what the minimum redraw amount is and how much you have available for redraw by calling us or asking at any branch.
10.9 We can end your rights to redraw under this
10.10 If there is more than one of you, then any of you or an authorised of...
REDRAWING AMOUNTS reference rate the interest rate stated in the Schedule from which we derive the annual percentage rate applying to your loan. The reference rate may change from time to time. related entity has the meaning given to it in the Corporations Act. repayment the amount of the repayment as stated in the Schedule. The repayment may change from time to time in the way this agreement allows. repayment date the dates upon which repayments are due as stated in the Schedule. repayment schedule the schedule for repayment described in the Schedule. representative a person’s officer, employee, contractor or agent. sanctions laws Australian sanctions laws means: • the United Nations Security Council (UNSC) sanctions pursuant to the Charter of the United Nations Act 1945 (Cth) and its associated regulations as part of Australia’s international obligations, and • autonomous sanctions pursuant to the Autonomous Sanctions Act 2011 (Cth) and its associated regulations as part of Australia’s independent foreign policy. International sanctions laws means any applicable sanctions laws or regulations administered or enforced from time to time by the US government (including OFAC, the US State Department or any other agency of the US government), the United Nations Security Council, the European Union or Her Majesty’s Treasury or any other sanctions authority in a jurisdiction other than Australia. security any security for the payment of money or performance of obligations including a mortgage, charge, lien, pledge, trust or power or title retention arrangement and a security interest as defined in sections 12(1) or 12(2) of the PPSA. Security also includes a guarantee.
REDRAWING AMOUNTS. 11.1 This clause only applies to a variable business term loan.This clause does not apply to a fixed business term loan.
11.2 Subject to clause 11.1 of this Part B, if you have repaid amounts early under this facility (for example, if you have made a one-off lump sum repayment, repayments more frequently than required or regular repayments of a greater amount than your elected repayments), you may ask us to allow you to redraw any amount repaid early except where clause 10.10 applies. Anyamount redrawn becomes part of the balance owing on your facility account.
11.3 You may only ask to redraw up to the amount which results in the balance owing on your facility account being not more than the amount which would be owing if you had paid all of your elected repayments on time and as requiredby this facility. If for whatever reason the amount you redraw exceeds this amount, you must repay the balance immediately.
11.4 For redraw via online banking, a maximum of $20,000 per rolling 12-month period (or such other amount as we specify in our Online Banking Terms and Conditions) will apply. Alternatively, including for other or larger amounts and differing time frames you may request a redraw by providing us with a request notice at least 5 clear business days before you require theredraw amount.
11.5 Redrawn money will only be made available to you bydeposit into your nominated account.
11.6 You may only redraw an amount in accordance with thisclause if you meet the following criteria: 103892277.1
REDRAWING AMOUNTS. 11.1 This clause 11 applies to additional amounts paid early under clause 10 of Part D and categorised as unallocated credits.
11.2 Subject to clause 11.6 of this Part D, if you have paid additional amounts that are categorised as unallocated credits under this facility, you may ask us to allow you to redraw any unallocated credit. Any amount redrawn becomes part of the balance owing on your facility account. The annual percentage rate applying to the redraw will be the annual percentage rate applying to the interest period current at the time of the redraw.
11.3 You may only ask to redraw up to the amount that results in the balance owing on your facility account being not more than the facility limit or reduced facility limit. If for whatever reason the amount you redraw exceeds this amount, you must repay the excess immediately.
11.4 If we choose to permit you to redraw via online banking it is only available on the first day of an interest period. For other restrictions on redraw limits via online banking please refer to our Online Banking Terms and Conditions. Alternatively, a redraw may be requested by providing us with a request notice at least five clear business days before you require the redraw amount.