Drawdown Mechanics. Each Participant must deposit in the Facility Account the amount of its Drawdown that MIGA requests in its withdrawal notice by the date specified in the notice. This Drawdown must be equal to the lesser of (i) the Participant’s Remaining Contribution; or (ii) the Participant’s allocable share of the aggregate amount required to backstop a Facility Guarantee Contract by applying the Pro-Rata Formula.
Appears in 2 contracts