Draw Period Clause Samples
The Draw Period clause defines the specific timeframe during which a borrower is permitted to request and receive advances or disbursements under a credit facility or loan agreement. Typically, this period begins on the closing date of the agreement and ends on a predetermined date, after which no further draws can be made. For example, in a revolving credit line, the borrower may have a two-year window to access funds as needed. The core practical function of this clause is to clearly establish the limits on when funds can be accessed, thereby managing the lender’s risk and ensuring both parties have a mutual understanding of the borrowing terms.
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Draw Period. Borrower may request from Lender advances of funds ("Draws") under the Credit Facility from the date of this Agreement until March 1, 2003 (the "Draw Period"). As amounts drawn by Borrower hereunder are repaid, they may be reborrowed subject to the terms and conditions of this Credit Agreement; provided, that at no time shall the aggregate principal amount of Loans outstanding under this Credit Agreement exceed the Maximum Loan Amount. The Draw Period may be terminated by Borrower at any time by written notice to Lender. Subject to the terms and conditions of this Credit Agreement, and provided that no Event of Default has occurred, Lender shall make advances to Borrower upon request as provided in this Section 2. Upon the occurrence of an Event of, one of Lender's remedies includes Lender's right to terminate the Draw Period and Borrower's right to make Draws under this Credit Agreement.
Draw Period. FICI can obtain Advances for one year (the 'Draw Period'). The Draw Period may be extended from year to year, upon the request of FICI, but at the sole discretion of CFG.
Draw Period. I may select, subject to the Credit Union’s approval, one of the following three options for the Minimum Payment during the Draw Period . The
Draw Period. The Draw Period shall end on December 1, 2009.
Draw Period. The Loan will have an initial 12-month draw period for the purpose of funding new equipment purchases and existing commitments to fund equipment purchases and tenant improvements. Lender expects to fund one million, three hundred forty-two thousand, eight hundred nine and 30/100 dollars ($1,342,809.30) at Closing, with the remaining amount of six hundred ninety-one thousand, nine hundred sixty-three and 30/100 dollars ($691,963.30 ) remaining available for draw during the Draw Period.
Draw Period. Subject to the provisions of this Agreement, from the date of this Supplement up to and including the Maturity Date (“Draw Period”), Borrower may draw Loan funds hereunder; and Lender shall make advances of Loan funds to Borrower upon Borrower’s request.
Draw Period. The Draw Period shall end on April 15, 2009.
Draw Period. The loan will be single advancing note with a draw period extending through February 28, 2009. This draw period amends and supersedes the previously stated draw period of 12 months stated in the commitment letter (p.1, section “Funding: C)”) dated July 17, 2006.
Draw Period. Lake District may request Loan advances from the date that the conditions set forth in Section 5 are satisfied until the earlier of (a) the Maturity Date, (b) the date Borrowers terminate this Agreement, or (c) the date Lender terminates its commitment to make Loans following an Event of Default. The earliest of these dates is the “Termination Date.”
Draw Period. Subject to the provisions of this Note, until April 1, 2023 (“Draw Period”), Borrower may draw Loan funds hereunder; and Lender shall make advances of Loan funds to Borrower upon Borrower’s request. The Draw Period may be terminated by Borrower at any time by written notice to Lender.