Common use of Progressive advances Clause in Contracts

Progressive advances. We will make progressive advances to you up to the facility amount. We may undertake a valuation of the security property before any progressive advance. Please see clause 14.9 for more details. We will make progressive advances only if we are satisfied that: • the amount you request is no more than the available credit on the facility account; • there will be sufficient undrawn funds in the facility account to complete the construction in accordance with the building contract; • the valuation of the security property is reasonably satisfactory to us; and • you have contributed any money towards the cost of building that you have agreed to pay. We will pay all advances directly to the builder. We may charge you a fee if you request that we make a payment other than by electronic transfer. You can ask Advantedge for the details of the most current fees on your loan. You must give us an authority to pay the builder for each advance. A progressive advance may not be sufficient to meet your obligations to the builder. We may refuse to make a progressive advance on the facility account if you are in default. Please see clause 10.1 for details of when you may be in default. If the construction is completed for less than the anticipated total cost you notified to us in relation to the application for your loan, we need not lend you that part of the facility amount that is the difference between the anticipated total cost and the actual cost.

Progressive advances. We will make progressive advances to you up to the facility amount. We may undertake a valuation of the security property before any progressive advance. Please see clause 14.9 for more details. We will make progressive advances only if we are satisfied that: • the amount you request is no more than the available credit on the facility account; • there will be sufficient undrawn funds in the facility account to complete the construction in accordance with the building contract; • the valuation of the security property is reasonably satisfactory to us; and • you have contributed any money towards the cost of building that you have agreed to pay. We will pay all advances directly to the builder. We may charge you a fee if you request that we make a payment other than by electronic transfer. You can ask Advantedge for the details of the most current fees on your loan. You must give us an authority to pay the builder for each advance. A progressive advance may not be sufficient to meet your obligations to the builder. We may refuse to make a progressive advance on the facility account if you are in default. Please see clause 10.1 for details of when you may be in default. If the construction is completed for less than the anticipated total cost you notified to us in relation to the application for your loan, we need not lend you that part of the facility amount that is the difference between the anticipated total cost and the actual cost.in