01 Jun '11, 2am
OCBC turns "bank speak" to plain English! Thumbs up for effort!
'The facility shall cease to be available upon the expiry of four months from the date of this letter of offer or three months from the issuance of separate title to the property, whichever is the later, or on such other date/period as the bank may approve, failing which the bank shall be at liberty to cancel the undisbursed portion of the facility and a fee shall be paid by you to the bank immediately.' Plain English 'You have four months from the date of this letter or three months from the date the separate title to the property is issued, whichever is later, or any other period we may approve, to draw down the facility. After this, we may cancel any part you have not drawn down and charge you the cancellation fee.'