Definition of Terance Tranche

  1. Terance Tranche means a tranche of the Total Commitment and the Loan consisting of the aggregate of the Terance Sub-Tranche A and Terance Sub-Tranche B of up to the lesser or (i) $76,400,000 and (ii) eighty per cent (80%) of the Contract Price of the Terance Ship, comprising the three (3) Terance Contract Instalment Advances and the Terance Delivery Advance, or (as the context may require) the aggregate principal amount of such Tranche outstanding at any relevant time;

Definition of Terance Tranche in Facility Agreement

Terance Tranche means a tranche of the Total Commitment and the Loan consisting of the aggregate of the Terance Sub-Tranche A and Terance Sub-Tranche B of up to the lesser or (i) $76,400,000 and (ii) eighty per cent (80%) of the Contract Price of the Terance Ship, comprising the three (3) Terance Contract Instalment Advances and the Terance Delivery Advance, or (as the context may require) the aggregate principal amount of such Tranche outstanding at any relevant time;