Common use of Draw Down Clause in Contracts

Draw Down. Subject to this Agreement, Client may draw down against a Window Forward Contract during the Delivery Window provided that AFEX has received Settlement in immediately available funds corresponding to the amount of the draw down. Notwithstanding any draw down, Client is required to provide full Settlement, or any remaining balance, to AFEX in good cleared funds in connection with a Forward Contract on or before the end of the Value Date. AFEX may, in its discretion, apply to any draw down any rate of exchange that it deems reasonably appropriate.

Draw Down. Subject to this the Agreement, Client may draw down against a Window Forward Contract during the Delivery Window provided that AFEX has received Settlement in immediately available funds corresponding to the amount of the draw down. Notwithstanding any draw down, Client is required to provide full Settlement, or any remaining balance, to AFEX in good cleared funds in connection with a Forward Contract on or before the end of the Value Date. AFEX may, in its discretion, apply to any draw down any rate of exchange that it deems reasonably appropriate.