Common use of Drawdown Requests Clause in Contracts

Drawdown Requests. Maker and Payee agree that Maker may request, from time to time, up to Six Hundred and Sixty Thousand Dollars ($660,000) in drawdowns under this Note to be used for extension payments related to Maker’s Business Combination. 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 Fifty-Five Thousand Dollars ($55,000.00) or more than One Hundred and Sixty-Five Thousand Dollars ($165,000.00). 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 Six Hundred and Sixty Thousand Dollars ($660,000.00). No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.