Accordion Tranche definition

Accordion Tranche has the meaning set forth in Section 2.14(b).

Accordion Tranche means, following the establishment of an Accordion Facility in accordance with Clause 6 (Establishment of an Accordion Facility), that part of the Loan made or to be made available to the Borrowers to finance the acquisition of an Accordion Ship and for general corporate and working capital purposes in a principal amount not exceeding 58 per cent. of the Fair Market Value of that Accordion Ship.

Accordion Tranche means optional, uncommitted and additional loan tranche(s) of up to EUR 20,000,000 in aggregate that may be established pursuant to the Accordion Tranche Contract.

Examples of Accordion Tranche in a sentence

• Each Lender participating in such Accordion Tranche shall maintain, in accordance with its usual practice, an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from such Lender’s share of such Accordion Tranche from time to time, including the amounts of principal, interest or fees payable and paid to such Lender from time to time under this Agreement.

• If requested by any Lender participating in such Accordion Tranche, the Borrower shall execute a promissory note with respect to such Lender’s portion of such Accordion Tranche.

• Each Lender participating in such Accordion Tranche shall maintain, in accordance with its usual practice, an account or accounts evidencing indebtedness of the Borrowers to such Lender resulting from such Lender’s share of such Accordion Tranche from time to time, including the amounts of principal, interest or fees payable and paid to such Lender from time to time under this Agreement.

• If requested by any Lender participating in such Accordion Tranche, the Borrowers shall execute a promissory note with respect to such Lender’s portion of such Accordion Tranche.

• With respect to each Lender, its Tranche A Commitment, Tranche B Commitment, Tranche C Commitment or its commitment under any Accordion Tranche advanced pursuant to §2.8 from time to time, as the context may require, as set forth from time to time on Schedule 2 hereto, as such Schedule 2 may be updated by the Agent from time to time.

• The Tranche A Maturity Date, the Tranche B Maturity Date, the Tranche C Maturity Date or the maturity date of any Accordion Tranche advanced pursuant to §2.8, as the context may require.

• If requested by any Lender participating in such Accordion Tranche, the Borrower shall execute a promissory note with respect to such Xxxxxx’s portion of such Accordion Tranche.

• As at 18 September 2018 the Revolving Credit Facility remains fully drawn down and the Accordion Tranche has £16.2 million of draw downs.

• If requested by any Lender participating in such Accordion Tranche, the Borrower shall execute a promissory note with respect to such Lxxxxx’s portion of such Accordion Tranche.

• Any such Conforming Amendment shall not require the consent of any Person other than the increasing and replacing Lenders or Acceding Lenders, as applicable, the Borrowers and the Administrative Agent so long as such Conforming Amendment does not provide for new or amended covenants or events of default applicable to any Accordion Tranche; provided, that upon the execution of any Conforming Amendment, the Administrative Agent shall distribute a copy thereof to all of the Lenders.