Common use of Construction Loans Clause in Contracts

Construction Loans. 17.1 If your loan is a construction loan, then we’ll progressively lend you the amount of credit through progress payments. The time and amount of the payments will be in accordance with the builder’s progress payment schedule that you provide to us, or as otherwise determined by us acting reasonably. Payments will normally be made directly to the builder, subject to us holding a progress payment authority from you.

Construction Loans. 17.1 16.1 If your loan is a construction loan, then we’ll progressively lend you the amount of credit through progress payments. The time and amount of the payments will be in accordance with the builder’s progress payment schedule that you provide to us, or as otherwise determined by us acting reasonably. Payments will normally be made directly to the builder, subject to us holding a progress payment authority from you.