Tranche C definition

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

Tranche C means up to the amount by which the Hermes Insurance Premium is increased after the date on which the seventy five per cent (75%) of the amount of the Hermes Insurance Premium is paid by the Hermes Agent to Hermes or the Equivalent Amount thereof 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 and Tranche B shall not when aggregated exceed eighty per cent (80%) of the Hermes Premium;

Tranche C means the amount of up to USD25,000,000, being the aggregate of all of the Advances to be made available by the Lender to the Borrowers to assist Syros in its acquisition of Vessel C or, as the context requires, the amount thereof outstanding from time to time;

Examples of Tranche C in a sentence

• The Borrower accepts, recognizes and agrees that Tranche C described in this Clause will be subject to the terms and conditions applicable to the Credit indicated in this Agreement and in the other Credit Documents, including, without limitation, being guaranteed by the Guarantee Documents.

• Borrower shall execute and deliver to each Lender to evidence such Xxxxxx’s Term Loans: (i) on the Tranche A Closing Date, a Tranche A Note, (ii) on the Tranche B Closing Date, a Tranche B Note; (iii) on the Tranche C Closing Date, a Tranche C Note and (iv) on the Tranche D Closing Date, a Tranche D Note (each, a “Term Loan Note”).

• Except for the terms and conditions established in this Clause, the Parties agree that each and every one of the Clauses of this Agreement shall be applicable mutatis mutandis to all those obligations that the corresponding Parties must comply with in in relation to the Provisions made under Tranche C.

• The Additional Consideration payable hereunder shall be deducted, as applicable, from the proceeds of the Tranche A Loan (with respect to the Tranche A/B Additional Consideration), the Tranche C Loan (with respect to the Tranche C Additional Consideration) and the Tranche D Loan (with respect to the Tranche D Additional Consideration), in each case, to be advanced to Borrower pursuant to Section 2.2(a) and Section 3.7.

• Notwithstanding anything else in this Tranche C Note to the contrary, the right to the principal of, and stated interest on, this Tranche C Note may be transferred only if the transfer is registered on such record of ownership and the transferee is identified as the owner of an interest in the obligation.

More Definitions of Tranche C

Tranche C means the aggregate of the Tranche C Commitments.

Tranche C has the meaning specified in Section 2.01(c).

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

Tranche C means that part of the Loan made or to be made available to the Borrowers to finance up to 65 per cent. of the Fair Market Value of Ship C.

Tranche C. That part of the Facility granted to the Borrower pursuant to Clause 2.1.1(c) (Granting of the Facility).

Tranche C means that part of the Loan made or to be made available to Borrower C to finance the Purchase Price in respect of Ship C in a principal amount not exceeding $53,105,000.

Tranche C means that part of the Loan, up to the Maximum Tranche C Amount, toe advanced to the Borrowers for the purpose of refinancing part of the Existing Indebtedness pursuant to the Existing Loan Agreement, or when the context permits, the amount advanced and for the time being outstanding.