Common use of Draw Down Clause in Contracts

Draw Down. Subject to Argentex’s agreement, the Client may draw down in the Contract Currency against a Forward Contract during the Delivery Window provided that Argentex has received Settlement in immediately available funds corresponding to the amount of the draw down. Notwithstanding any draw down, the Client is required to provide full Settlement (or any remaining balance) to Argentex in immediately available funds in connection with a Forward Contract on or before the end of Business Hours on the Maturity Date (Delivery Date/ Value Date). Argentex may, at its discretion, apply to any draw down in the Contract Currency at any rate of exchange that it deems reasonably appropriate.