Drawdown Requests. Maker and Payee agree that Maker may request up to One Million Seven Hundred and Fifty Thousand Dollars ($1,750,000.00) for costs reasonably related to Maker’s working capital needs prior to the consummation of the Business Combination. The principal of this Note may be drawn down from time to time prior to the date on which Maker consummates a Business Combination, upon request from Maker to Payee (each, a “Drawdown Request”) in such amounts as Maker may determine in its discretion. Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note is One Million Seven Hundred and Fifty Thousand Dollars ($1,750,000.00). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.
Drawdown Requests. Maker and Payee agree that Maker may request, from time to time, up to Five Hundred Thousand Dollars ($500,000) in aggregate draw downs under this Note to be used for working capital, or costs and expenses related to the Offering and the pursuit of a Business Combination. The principal amount of this Note may be drawn down from time to time prior to the Maturity Date upon written request from Maker to Payee (each, a “Drawdown Request”) and set forth on the Drawdown Request Schedule included as Annex A hereto. Each Drawdown Request must state the amount to be drawn down, and must not be in an amount less than Ten Thousand Dollars ($10,000). Payee shall fund each Drawdown Request no later than three (3) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns to be made under this Note may not exceed Five Hundred Thousand Dollars ($500,000). No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.
Drawdown Requests. Prior to Bank accepting Drawdown Requests from other depository institutions to debit an Account with Bank and transfer funds to other depository institutions, you must first complete, execute, and return to Bank a Fedwire or SWIFT Debit Authorization Form, as applicable, authorizing Bank to accept such Drawdown Requests and to debit your Accounts and transfer funds in accordance with the applicable Drawdown Requests. In order to initiate Drawdown Requests to debit an account at another depository institution and transfer funds to Bank, you must first complete, execute, and return to Bank the Wire Transfer Drawdown Authorization setup forms. You must also provide express, written authorization to the depository institution from which funds will be transferred (your “Drawdown Bank”) (with a copy to Bank where requested) to honor requests from Bank to transfer funds to Bank. Bank may provide you with a sample letter to be delivered to your Drawdown Bank for this purpose. However, Bank accepts no liability for the contents of any such letter or the failure by your Drawdown Bank to accept such authorization or honor any Drawdown Requests, and you hereby release Bank from any such liability.
Drawdown Requests. Maker and Payee agree that Maker may request up to [ ] ($[ ]) for working capital in connection with Maker’s pursuit of a Business Combination. The principal of this Note may be drawn down from time to time prior to the Maturity Date, upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000). Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under the Working Capital Promissory Notes is [ ] ($[ ]) and that amounts of principal may only be drawn down upon under this Note on a pro rata basis (based on the allocation set forth on Schedule I of the Agreement) with amounts drawn down upon under the other Working Capital Promissory Notes. The obligation of each WC Payee to fund Drawdown Requests shall be several and not joint. Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all payments shall be applied first to payment in full of any reasonable costs incurred in collection of any sum due under this Note, including (without limitation) reasonable attorneys' fees, and then to the reduction of the unpaid principal balance of this Note.
Drawdown Requests. The Company and the Holder hereby agree that, from time to time, at any time on or after the date hereof and prior to the Maturity Date, the Company may request up to Three Hundred Sixty Thousand Dollars ($360,000), in aggregate principal amount of borrowings under this Note upon written request (email being sufficient) from the Company to the Holder (each, a “Drawdown Request”). Each Drawdown Request must state the aggregate principal amount requested to be borrowed, and must not be an amount less than Ten Thousand Dollars ($10,000), unless agreed upon in writing by the Company and Holder. Holder shall fund each Drawdown Request no later than three (3) Business Days after receipt of such Drawdown Request; provided, however, that the aggregate principal amount outstanding under this Note at any time after giving effect to a drawdown may not exceed Three Hundred Sixty Thousand Dollars ($360,000). No fees, payments or other amounts shall be due to Holder in connection with, or as a result of, any Drawdown Request by the Company. Notwithstanding the foregoing, on or after July 22, 2022, the Company shall not be entitled to deliver a Drawdown Request, and the Holder shall not be required to fund any Drawdown Request, unless, at such time, either (i) Chavant has filed with the Securities and Exchange Commission an announcement on Form 8-K disclosing, among other things, the signing of the definitive agreement relating to its initial Business Combination and the issuance of this Note by the Company or (ii) Chavant has attained the necessary shareholder approval to extend the period to close its initial Business Combination beyond July 22, 2022.
Drawdown Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for costs reasonably related to Maker's initial public offering of its securities. The principal of this Note may be drawn down from time to time prior to the earlier of: (i) December 31, 2023 or (ii) the date on which Maker consummates an initial public offering of its securities, upon written request from Maker to Payee (each, a "Drawdown Request"). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than One Thousand Dollars ($1,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than five (5) business day after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note is Three Hundred Thousand Dollars ($300,000). No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker."
Drawdown Requests. Maker and the Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) to fund Maker’s working capital expenses prior to completion of any potential Business Combination. The principal of this Note may be drawn down from time to time prior to the Maturity Date, upon written request from Maker to the Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than One Thousand Dollars ($1,000) unless agreed upon by Maker and the Payee. The Payee shall fund each Drawdown Request no later than one (1) business day after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under the Working Capital Promissory Notes is Three Hundred Thousand Dollars ($300,000).
Drawdown Requests. The Borrower will use the Loan by delivering to the Agent Drawdown Requests: the first for Tranche A1, the second for Tranche A2, the third for Tranche A3 and the fourth for Tranche A4.
Drawdown Requests. Each request by the Borrower for a drawing under the ------------------ Facility shall be made by the Borrower giving notice to the Bank (which shall be irrevocable), specifying the drawdown date (being a Business Day on or before the Final Drawdown Date) and the amount required, by not later than 10.00 a.m. on (a) the proposed drawdown date if interest is to be calculated on a Base Rate Basis or (b) the second Business Day prior to the proposed drawdown date if interest is to be calculated on a Fixed Rate Basis or a LIBOR Basis. Drawings will be made available by the Bank by credit to the Borrower's current account with the Bank.
Drawdown Requests. Maker and the Payee agree that Maker may request up to Six Hundred Thousand Dollars ($600,000) to fund Maker’s working capital expenses prior to completion of any potential Business Combination. The principal of this Note may be drawn down from time to time prior to the Maturity Date, upon written request from Maker to the Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than One Thousand Dollars ($1,000) unless agreed upon by Maker and the Payee. The Payee shall fund each Drawdown Request no later than one (1) business day after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under the Working Capital Promissory Notes is One Million Two Hundred Thousand Dollars ($1,200,000) and that amounts of principal may only be drawn down under this Note on a pro rata basis (based on the allocation set forth on Schedule I of the Agreement) with amounts drawn down upon under the other Working Capital Promissory Note. The obligation of each WC Payee to fund Drawdown Requests shall be several and not joint. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.
