Definition of Term Advance B


Term Advance B means the principal amount of the borrowing of a portion of the Total Term Loan Commitments to be made available to the Borrower to refinance the Existing Indebtedness relating to the Advance B Ships pursuant to Existing Facility Agreement B and for general corporate purposes.

Examples of Term Advance B in a sentence

Section 1.15 of the Agreement is hereby amended in its entirety as follows: 1.15 Mandatory Paydown of Term Advance B. Borrowers agree to pay to Lender the outstanding principal amount of Term Advance B on June 30, 2016 (the "Paydown Date").
The entire Term Advance B principal balance and all accrued but unpaid interest hereunder shall be due and payable on November 1, 2016.
Section 1.15 of the Agreement is hereby amended in its entirety as follows: 1.15Mandatory Paydown of Term Advance B. Borrowers agree to pay to Lender the outstanding principal amount of Term Advance B on the Paydown Date.
The principal balance of Term Advance B shall bear interest thereon from such Advance Date at an initial rate equal to 11.0% per annum.
Borrower may prepay all, but not less than all, of Term Advance B at any time upon at least two Business Days notice to Lender.