Common use of Drawdown Procedure Clause in Contracts

Drawdown Procedure. (a) Other than in respect of Convertible Security A, the Company must deliver Funding Notice to the Investor if the Company requires an Investment Amount. (b) A Funding Notice for each Convertible Security, must: (i) be in writing specifying the matters set out in Schedule 9; (ii) be received by the Investor before 11am on a Trading Day not less than 45 Trading Days before the proposed Closing Date (or such shorter period with the prior written consent of the Investor); (iii) nominate a proposed Closing Date for the Convertible Security; and (iv) be signed by an Authorised Officer of the Company. (c) A Funding Notice received by the Investor may only be revoked with the prior written consent of the Investor and otherwise is irrevocable. (d) A Funding Notice issued otherwise than in compliance with clause 2.2(b) is, unless otherwise agreed (or compliance is waived) in writing by the Investor, invalid.