Common use of Drawdown Requests Clause in Contracts

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 Thousand Dollars ($300,000), 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 the Holder. Holder shall fund each Drawdown Request no later than two (2) Business Days after receipt of such Drawdown Request; provided, however, that, unless otherwise agreed by the Company and the Holder, no more than one Drawdown Request is made by the Company each month, and that the aggregate principal amount outstanding under this Note at any time after giving effect to a drawdown may not exceed Three Hundred Thousand Dollars ($300,000). 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.

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 Four Hundred Ninety Thousand Dollars ($300,000490,000), 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 the Holder. Holder shall fund each Drawdown Request no later than two (2) Business Days after receipt of such Drawdown Request; provided, however, that, unless otherwise agreed by the Company and the Holder, no more than one Drawdown Request is made by the Company each month, and that the aggregate principal amount outstanding under this Note at any time after giving effect to a drawdown may not exceed Three Four Hundred Ninety Thousand Dollars ($300,000490,000). 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.

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 Thousand Five Million Dollars ($300,000), 5,000,000) 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”), it being understood that prior to the date hereof, Holder advanced an aggregate of Two Million Five Hundred Thousand Dollars ($2,500,000) to the Company, which advance Holder and the Company agree shall be deemed to have been a drawdown under this Note. 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 the Holder. Holder shall fund each Drawdown Request no later than two three (23) Business Days after receipt of such Drawdown Request; provided, however, that, unless otherwise agreed by the Company and the Holder, no more than one Drawdown Request is made by the Company each month, and that the aggregate principal amount outstanding under this Note at any time after giving effect to a drawdown may not exceed Three Hundred Thousand Five Million Dollars ($300,0005,000,000). 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.

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 ($300,000360,000), 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 the Holder. Holder shall fund each Drawdown Request no later than two three (23) Business Days after receipt of such Drawdown Request; provided, however, that, unless otherwise agreed by the Company and the Holder, no more than one Drawdown Request is made by the Company each month, and 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 ($300,000360,000). 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.