| This procedure is also applied even if the loan is paid out in several tranches over a period of more than one year. |
| A number of directors have purchased tranches of the shares to maintain their proportionate interests in the enlarged share capital. |
| An investor in mezzanine will not therefore be repaid until after all tranches of senior debt have been fully repaid. |
| The plan envisaged that the number of shares they held would be increased in tranches over several years. |
| We will negotiate as we go along in terms of drawing down tranches of the money. |
| It will set aside equal shares for two tranches if the retail portion is more than 100 times oversubscribed. |
