Redraw definition

Redraw means the Seller's re-advance to a Debtor of repayments of principal made by that Debtor on its Housing Loan in accordance with the terms of the relevant Loan Agreement.

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Redraw. ' means in respect of a Mortgage, a Payment Holiday or a redraw by the relevant Borrower of a portion of the principal of his/her Mortgage if and to the extent that such Borrower has previously made Prepayments on his/her Mortgage in excess of the scheduled principal repayments and has not previously redrawn the whole of such excess payments and provided that the amounts of such Redraw is limited to ensure that the outstanding balance of the Mortgage after such Redraw is no greater than the Borrower Loan Limit;

Redraw has the meaning provided in Clause 4.3(a) (Redraw).

Examples of Redraw in a sentence

• The Redraw Limit shall be reduced by the amount of that cancellation on that notice.

• Those repayments will be applied against Redraw Advances in chronological order of their Drawdown Dates.

• The Trustee shall have no recourse to the Redraw Facility Provider in relation to this agreement beyond its terms, and the Redraw Facility Provider's obligations under this agreement are separate from, and independent to, any obligations the Redraw Facility Provider may have to the Trustee for any other reason (including under any other Trust Document).

• It will provide copies promptly to the Redraw Facility Provider when they are obtained or renewed.

• This clause survives the repayment of any relevant Redraw Advance and the termination of this agreement.

• The Trustee irrevocably authorises the Redraw Facility Provider to rely on a certificate by persons purporting to be its directors and/or secretaries as to the identity and signatures of its Authorised Signatories.

• The accounts kept by the Redraw Facility Provider constitute sufficient evidence, unless proven wrong, of the amount at any time due from the Trustee under this agreement.

• At the close of business (Sydney time) on the last day of the Term the Redraw Limit will be cancelled.

• Except where expressly stated the Redraw Facility Provider may give or withhold, or give conditionally, approvals and consents, may be satisfied or unsatisfied, may form opinions, and may exercise its rights, powers and remedies, at its absolute discretion.

• Without limitation, the Redraw Facility Provider has no obligation under this agreement to provide financial accommodation to the Trustee as trustee of any other such Trust.

More Definitions of Redraw

Redraw. Any amounts repaid or prepaid may not be redrawn. Existing Facilities Commercial Credit Card Facility Borrower: SCFIS Limited Purpose: Business Credit Cards Facility Limit: $30,000.00 Card Type: ANZ Business Preferred MasterCard Condition Precedent: You are only entitled to use the facility if we agree with the terms of your commercial credit card application and if you execute all documents required by us. Issue of the credit card is subject to the Bank’s standard terms and conditions applicable to the card.

Redraw. ’ means ¡n respect of a Mortgage, a Payment HoI¡day or a redraw by the reIevant Borrower of a port¡on of the pr¡nc¡paI of h¡s/her Mortgage ¡f and to the extent that such Borrower has prev¡ousIy made Prepayments on h¡s/her Mortgage ¡n excess of the scheduIed pr¡nc¡paI repayments and has not prev¡ousIy redrawn the whoIe of such excess payments and prov¡ded that the amounts of such Redraw ¡s I¡m¡ted to ensure that the outstand¡ng baIance of the Mortgage after such Redraw ¡s no greater than the Borrower Loan L¡m¡t;

Redraw means Redraw Limited is a wholly owned subsidiary of Virizion LLC