Tranche B definition

Tranche B has the meaning assigned in Section 2.1(c)(i).

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Tranche B is defined in Section 2.1.1(a).

Tranche B means the credit facility provided pursuant to Section 2.1 to or for the benefit of the Company by the Banks with a Tranche B Commitment, which such facility shall consist of Loans (and participations in Swingline Loans) in the currencies referenced under the heading “Tranche B” on Schedule 1.1 and shall be in the maximum aggregate amount of the Tranche B Commitments of such Banks, as adjusted from time to time pursuant to the terms hereof.

Examples of Tranche B in a sentence

• The Borrower may request, once per year by notice in writing to the Agent given at any time during such year, that the Revolving Facility Tranche B Lenders extend the Term of the Revolving Facility Tranche B (a “Tranche B Extension Request”) for an additional period of 364 days from the date upon which the requested extension takes effect.

• In addition, subject to the terms and conditions of this Agreement, during the Tranche B Draw Period, Borrower may request up to two (2) term loan advances under Tranche B in an original principal amount equal to Ten Million Dollars ($10,000,000) (the “Tranche B Term Loan Advance” and together with the Tranche A Term Loan Advances, each such advance is referred to herein as a “Term Loan Advance” and, collectively, as the “Term Loan Advances”).

• If all of the Commitments in respect of the Revolving Facility Tranche B are extended or taken up by existing or new Revolving Facility Tranche B Lenders, then the Borrower shall not be permitted to exercise the Tranche B Term Loan Conversion Option until the expiry of the extended Term.

• If any Revolving Facility Tranche B Lender fails to so respond, such Revolving Facility Tranche B Lender shall be deemed to have refused the Tranche B Extension Request, and, unless the Borrower exercises the Tranche B Term Loan Conversion Option (as defined below), the Commitment of such Revolving Facility Tranche B Lender under the Revolving Facility Tranche B will terminate on the then expiry date of the Term of the Revolving Facility Tranche B.

• The Revolving Facility Tranche B Lenders undertake to respond to the Tranche B Extension Request not more than 30 days from receipt.

More Definitions of Tranche B

Tranche B means that part of the Loan made or to be made available to the Borrowers to finance up to the lower of (i) 60 per cent. of the Fair Market Value of Ship B or (ii) 65 per cent. of the Contract Price of Ship B.

Tranche B means the Equivalent Amount of up to seventy five per cent (75%) of the amount of the Hermes Insurance Premium payable on the later of the First Drawdown Date and the issue of the Hermes Cover to be paid to the Hermes Agent for on-payment to Hermes to be advanced by the Lenders on a Drawdown Date by way of their Contributions thereto PROVIDED THAT the amount of this Tranche and the amount of Tranche A shall not when aggregated exceed eighty per cent (80%) of the Hermes Premium;

Tranche B means the aggregate of the Tranche B Commitments.

Tranche B means that part of the Loan made or to be made available to the Borrower B to finance part of the Purchase Price of Ship B in a principal amount of US$16,200,000 (representing 80 per cent. of that Purchase Price).

Tranche B means, at any time, all Tranche B Collateral Loans at such time.

Tranche B has the meaning assigned to such term in Section 2.1(f).

Tranche B has the meaning ascribed to it in paragraph (b) of Clause 2.1 (The Facility).