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The phrase "draw down on" is grammatically correct and commonly used in written English.
It can be used in different contexts depending on the intended meaning, but it typically refers to the action of using a weapon or drawing money from a fund. Example 1 (using "draw down on" to refer to using a weapon): The robber threatened to draw down on the cashier if she didn't hand over the money. Example 2 (using "draw down on" to refer to withdrawing money from a fund): The company had to draw down on their emergency fund to cover the unexpected expenses.
Exact(31)
In the bad years they draw down on these reserves.
It later added, "For global cash management reasons, we elected to draw down on our revolver".
Many are wrestling with whether, or how much, to draw down on their retirement accounts.
The west could draw down on strategic oil supplies to limit the impact of the loss of Russian supply.
But then there is not a social justice bank where you make deposits that you can then draw down on.
He would like to know: How can I draw down on my Sipp and keep my tax bill low?
Similar(29)
And we have been drawing down on centuries of accumulation.
Under terms of the contract, Halliburton draws down on the money as it performs services for the military.
The government is drawing down on Hurricane Katrina relief money at a rate of more than $500 million a day.
In March, CIT drew down on its entire $7.3 billion of bank lines; $2 billion of that debt comes due in October.
The pressures of ecosystem decline, pollution and resource depletion have become immense, drawing down on the economic prospects of present and future generations.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com