Facility B Tranche definition

Facility B Tranche means the part of the Total Facility B Commitment made available to the Borrowers in respect of the Acquisition of each of the Vessels, being an amount of up to USD 16,250,000 per Vessel.

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Facility B Tranche. 2 Overdraft Bank means each Party identified in the recitals to this Agreement as a Facility B Tranche 2 Overdraft Bank and any Facility B Lender which has become a Facility B Tranche 2 Overdraft Bank pursuant to clause 5.12(b) (Appointment of additional Issuing Banks and Overdraft Banks) (and if there is more than one such Party, such Parties shall be referred to, whether acting individually or together, as the Facility B Tranche 2 Overdraft Bank) provided that, in respect of a relevant Overdraft made available or agreed to be made available pursuant to the terms of this Agreement, the Facility B Tranche 2 Overdraft Bank shall be the Facility B Tranche 2 Overdraft Bank which has made available or agreed to make available that Overdraft Facility under Facility B Tranche 2.

Facility B Tranche. 1 Issuing Bank means each Party identified in the recitals to this Agreement as a Facility B Tranche 1 Issuing Bank and any Facility B Lender which has become a Facility B Tranche 1 Issuing Bank pursuant to clause 5.12(a) (Appointment of additional Issuing Banks and Overdraft Banks) (and if there is more than one such Party, such Parties shall be referred to, whether acting individually or together, as the Facility B Tranche 1 Issuing Bank) provided that, in respect of a Credit Instrument issued or to be issued pursuant to the terms of this Agreement, the Facility B Tranche 1 Issuing Bank shall be the Facility B Tranche 1 Issuing Bank which has issued or agreed to issue that Credit Instrument under Facility B Tranche 1.

Examples of Facility B Tranche in a sentence

• The Borrowers shall repay the Facility B Tranches in one amount on the Termination Date applicable to the relevant Facility B Tranche.

• The first principal payment of Tranche 2 shall be due on the first day of the calendar month following the first full calendar month after Borrower draws Tranche 2, and shall continue on the same day of each month thereafter until the Tranche 2 Maturity Date on which date the entire unpaid principal balance of the Facility B Tranche 2 Loan plus any and all accrued and unpaid interest shall be paid.

• The aggregate outstanding amount of Facility B Tranche A Equipment Advances and Facility B Tranche B Equipment Advances shall not exceed the Facility B Equipment Line.

• The obligation of each relevant Facility A Bank to contribute to the first Advance under Facility A Tranche 2 subject to the further condition that, at the date of the relevant Drawdown Notice and on the relevant Drawdown Date, Facility B Tranche 2 is drawn down in full.

• Borrower may request Facility B Equipment Advances under Facility B Tranche B at any time from the day after the Facility B Tranche A Availability End Date through the Facility B Tranche B Availability End Date.

• If the said Advance under Facility B Tranche 1 on the Closing Date is less than the Facility B Tranche 1 Limit, the Facility B Tranche 1 Limit shall be reduced to the amount of the said Advance.

• If the said Advance under Facility B Tranche 2 on the Spark Red Closing Date is less than the Facility B Tranche 2 Limit, the Facility B Tranche 2 Limit shall be reduced to the amount of the said Advance.

• Any Facility B Equipment Advances that are outstanding under Facility B Tranche A on the Facility B Tranche A Availability End Date shall be payable in thirty (30) equal monthly installments of principal, plus all accrued interest, beginning on December 30, 2006, and continuing on the same day of each month thereafter until paid in full.

• Borrower may request Facility B Equipment Advances under Facility B Tranche A at any time from the date hereof through the Facility B Tranche A Availability End Date.

• The first such principal payment (Tranche 1) shall be due on March 1, 2016, and continue on the same day of each month thereafter until the Tranche 1 Maturity Date on which date the entire unpaid principal balance of the Facility B Tranche 1 Loan plus any and all accrued and unpaid interest shall be paid.

More Definitions of Facility B Tranche

Facility B Tranche any C/D Tranche, Eurodollar Tranche or Money Market Tranche in respect of Facility B Revolving Credit Loans.

Facility B Tranche. A Availability End Date" means November 30, 2006.

Facility B Tranche. A Equipment Advance" or "Facility B Tranche A Equipment Advances" means any Facility B Equipment Advance(s) made under Facility B Tranche A.

Facility B Tranche. B Availability End Date" means May 30, 2007. "Facility B Tranche B Equipment Advance" or "Facility B Tranche B Equipment Advances" means any Facility B Equipment Advances(s) made under Facility B Tranche B. "Letter of Credit Sublimit" means a sublimit for Letters of Credit under the Committed Line not to exceed (i) One Million Four Hundred Fifty Thousand Dollars ($1,450,000) through November 30, 2006 and (ii) Four Hundred Fifty Thousand Dollars ($450,000) thereafter.