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Drawdowns
Drawdowns contract clause examples

Article XIOperations/Administrative Contacts (for drawdowns, repayments, rate setting, payment noticesetc.):

Drawdown Requests. Maker and Payee agree that Maker may request, from time to time, up to Three Hundred Thousand Dollars ($300,000) in drawdowns under this Note to be used for costs and expenses related to Maker’s formation and the proposed initial public offering of its securities (the “IPO”). 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 three (3) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns outstanding under this Note at any time may not exceed 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.

The Lender shall make the Loan available to the Borrower on the Effective Date of April 15, 2024. The Borrower may draw the Loan in one or more drawdowns upon prior written notice to the Lender. The Lender agrees in advance to fund the Contributions directly into the Borrower’s trust account (the “Trust Account”) that was established in connection with Borrower’s initial public offering. The Lender’s obligation to fund Contributions into the Trust Account shall terminate upon the earlier of # June 17, 2024 (the “Extended Date”), # the closing of an initial business combination and # such date as the Lender determines that no initial business combination will be entered into prior to the Extended Date. Funds for Working Capital may be placed into a bank account for the Borrower.

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