Redraw Facility. The Bendigo will allow a redraw facility to be attached to your loan account. The redraw facility will operate on the following conditions: (i) You may have previously from time to time during the term of the Loan paid to the Bank an amount or amounts in addition to the scheduled instalment amounts which you are obliged to pay during the term of the Loan. The total of such amounts is referred to as the ‘Prepayment Amount’. (ii) Upon completion of the Bank authorised Redraw Request form which is available from any Branch of the Bank, or via Bendigo e-banking if you have completed an Application for Online Redraw form, you may request the Bank to redraw all or any part of the Prepayment Amount against your current loan balance provided that the maximum amount you may redraw will be the Prepayment Amount less the next scheduled instalment amount. Where there is more than one borrower, all borrowers must sign the Redraw Request from or Application for Online Redraw form. (iii) Interest will be charged in accordance with the existing interest provisions applying to the Loan upon the amount redrawn. (iv) The Bank may be in its absolute discretion decline any request for a redraw made (v) Any amount redrawn under the Loan shall form part of the loan balance and shall be subject to all the terms and conditions of the Loan. You do not have a redraw facility.
Appears in 5 contracts
Samples: Term Loan Agreement, Term Loan Agreement, Term Loan Agreement
