First Tranche definition

First Tranche means the amount of the Loan allocated to the category entitled “First Tranche” in the table set forth in Part B of Schedule 1 to this Agreement.

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First Tranche means the portion of the proceeds of the Loan in an amount equivalent to six million five hundred seventeen thousand five hundred Special Drawing Rights (SDR6,517,500) to be withdrawn pursuant to and subject to the provisions of paragraph 4 of Schedule 3 to this Loan Agreement;

First Tranche has the meaning assigned to that term in Section 2.1.

Examples of First Tranche in a sentence

• The number of shares to be issued upon Conversion shall be determined by dividing the First Tranche Conversion Amount or Second Tranche Conversion Amount (as applicable) (expressed in USD at the spot exchange rate published by the European Central Bank on the Conversion Date) by the Conversion Price.

• For the avoidance of doubt the Lender shall be permitted to convert the principal amount outstanding in two tranches: (i) EUR 2,500,000 plus all accrued interest thereon (being the amount drawn under the First Tranche) (“First Tranche Conversion Amount”); and (ii) such amount as is drawn under the Second Tranche plus all accrued interest thereon (“Second Tranche Conversion Amount”).

• The Borrower fails to apply: (x) the First Tranche in accordance with the purpose set out in Clause 3.1; or (y) the Second Tranche in accordance with the purpose set out in Clause 3.2.

• Immediately after the consummation of the borrowing of the First Tranche and the Second Tranche and after giving effect to the application of the proceeds thereof, the Company and its subsidiaries, on a consolidated basis, are solvent.

• For the avoidance of doubt, the absence of such share pledge at the time of utilisation of the First Tranche shall not affect the validity of the Utilisation or the obligation of the Lender to fund the First Tranche in accordance with this Agreement.

More Definitions of First Tranche

First Tranche means the Notes Payable issued to the Purchasers in an aggregate principal amount of $100.0 million on March 18, 2022.

First Tranche means the portion of the proceeds of the Loan in an amount not exceeding the equivalent of SDR 19,241,000 to be withdrawn pursuant to and subject to the provisions of paragraph 5 of Schedule 3 to this Loan Agreement;

First Tranche is defined in Section 2.1.1(a)(i).

First Tranche means the Tranche of the proceeds of the Credit allocated to Category (1) in the table set forth in paragraph 1 of Schedule 1 to this Agreement;

First Tranche means the portion of the proceeds of the Loan in an amount not exceeding the equivalent of $250,000,000 to be initially withdrawn and utilized;

First Tranche means the portion of the proceeds of the Grant in an amount not exceeding $11,000,000 to be withdrawn pursuant to and subject to the conditions set out in Attachment 2 to Schedule 2 to this Grant Agreement and the portion of the proceeds of the DFID Grant in an amount not exceeding $900,000;

First Tranche means, calculated separately for each CFD, one or more series of CFD Bonds (including refunding bonds) secured by the levy of Project Special Taxes in such CFD, the proceeds of which the Agency is obligated under this Financing Plan to use to finance Qualified Project Costs.