Common use of Drawdown Requests Clause in Contracts

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. Maker Borrower and Payee Lxxxxx agree that Maker Borrower may request up to [ ] One Million Five Hundred Thousand Dollars ($[ ]1,500,000) for working capital in connection with Makercosts reasonably related to Borrower’s pursuit of a Business Combinationtransaction cost and extension fee. The principal of this Note Agreement may be drawn down from time to time prior to the Maturity Datedate on which Borrower consummates the business combination, upon written request from Maker Borrower to Payee Lender (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 ($10,000)) unless agreed upon by Borrower and Lender. Payee Lender shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under the Working Capital Promissory Notes this Agreement is [ ] One Million Five Hundred Thousand Dollars ($[ ]1,500,000) and that amounts the actual amount of principal may only be drawn down upon drawdowns collectively under this Note on a pro rata basis (based Agreement shall be the amount determined by the auditors and reflected on the allocation set forth on Schedule I financial statements 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 jointBorrower. Once an amount is drawn down under this NoteAgreement, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee Lender in connection with, or as a result of, any Drawdown Request by MakerBorrower. Notwithstanding It is acknowledged that (1) the foregoingBorrower may in the Drawdown Request specify that the Lender makes payments to the third parties (together with the Borrower, all payments shall be applied first to payment the “Receiver”) specified by the Borrower; (2) the Receiver may have received amounts in full respect of any reasonable costs incurred in collection of any sum due the Loan under this Note, including (without limitation) reasonable attorneys' feesAgreement prior to the date hereof, and then to the reduction it is agreed that all such sums were received in anticipation of the unpaid principal balance execution of this NoteAgreement.