draw

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draw

(1) A request that a lender advance funds under a construction or other future-advances loan.

(2) A periodic request by a contractor or subcontractor for a portion of the contract price for a job, usually according to the percentage of completion of the work and the cost of materials and labor.

References in periodicals archive ?
On February 19, 2010, Aerosonic also borrowed an aggregate principal amount of $600,000 upon a cash draw down under the Loan Agreements, as amended.
NEW YORK -- Fitch Ratings assigns an 'AA-' rating to the Alaska Housing Finance Corporation (the Corporation) draw down bonds series 2007 A, C & D.
The ielisa kits will be delivered by the successful tenderer to the blood testing laboratory (btl), model farm road, cork, ireland, on a draw down basis over the term of the contract.
Access will determine if and when to draw down on this facility, subject to certain conditions.
Mentioned in the Budget Speechof 1989 and subsequently introduced under Memorandum 101,SIPPs really came into their own when the concept of income draw down was set out in the Finance Act 1995.
The equity line of credit may be used to sell common stock to the investor at the discretion of the Company, with a minimum of $150,000 and a maximum of $750,000 for each draw down, over a term of 36 months, at a 15% discount to the market price over the 10 days prior to the draw down date.
While PMI remains in a strong financial position with $30 million in cash at the end of August 2012, the standby funding facility gives the Company additional flexibility, if required, to draw down on the additional funding to undertake key pre-development activities including engineering design, environmental studies and other statutory approvals.
From time to time at ICOA's sole discretion, the Company may present Cornell Capital with a draw down notice, which would require them to purchase shares at a 2% discount to the lowest daily Volume Weighted Average Price ("VWAP") of ICOA, Inc.