Common use of Requesting redraw Clause in Contracts

Requesting redraw. If you make additional payments on a facility account and the annual percentage rate on the account is a variable rate of interest, you may ask to redraw from the account. We will agree to your request unless: • your right to redraw has been cancelled by you or cancelled or suspended by us; • the amount you request is more than the available credit on the facility account; • we reasonably believe that you are unable to repay your loan in accordance with the contract for your loan or may be unable to do so if we make the redraw available to you; • we reasonably believe that the information given to us about you or any guarantor is misleading or false; • we reasonably believe that we are unable to enforce a security; or • you are in default. Please see clause 10.1 for when you may be in default. Redraws on a facility account will increase the amount you owe on the account. Please consider carefully the financial consequences of a redraw before you request a redraw.