Ann: Investor Presentation, page-134

From their latest 4C, it seems like they only managed to drawdown $14M out of an available $17M? You may be right about not having access to the entire $50M, if not it should be $14M out of $50M... Maybe there are some criteria to unlock the remaining amount? Some trade financing funds I came across have criteria such as a single loan cannot exceed 0.05% of fund size, a single client cannot exceed 1% of the total loan portfolio, client's customer cannot exceed xx% of its total revenue, unable to loan to xx countries and xx industries, etc.

On the other hand, we can view it as there is still $3M left undrawn which could mean 1) they are unable to grow this segment, 2) they are limited by first loss condition for whatever reasons they need the $6M cash as buffer for, or 3) they do not have the bandwidth to secure new trade financing deals.