Paid In-Kind Interest. (i) Beginning with the Effective Date and continuing through and including the Interest Payment Date occurring on June 30, 2026 (the “PIK Period”), so long as (x) no Event of Default has occurred and is continuing as of any such Interest Payment Date for which the Administrative Agent shall have delivered notice to the Borrower in writing prior to such Interest Payment Date that all interest due on such Interest Payment Date must be paid in cash as a result of such Event of Default and (y) the Borrower has not notified the Administrative Agent in writing prior to such Interest Payment Date that it intends to pay all interest due on such Interest Payment Date in cash, (A) a portion of the interest accruing on the Loans at a rate equal to the sum of (I) (1) prior to the expiration of the Interest Period ending on March 31, 2023, Three-Month LIBOR or (2) upon and after the expiration of the Interest Period ending on March 31, 2023, Adjusted Three-Month Term SOFR (or, if a SOFR Unavailability Period has commenced and is continuing, the Prime Rate or, if a SOFR Successor Rate has been established pursuant to Section 3.05, the SOFR Successor Rate) plus (II) six and one-half percent (6.50%) per annum (the “PIK Period Cash Pay Interest”) shall be due and payable in cash in arrears on each such Interest Payment Date and (B) the portion of the interest accruing on the Loans in excess of the PIK Period Cash Pay Interest (such interest, the “PIK Period Paid-in-Kind Interest”) shall be due and payable on each such Interest Payment Date by adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such Interest Payment Date; provided, that, notwithstanding the foregoing, it is agreed that the entire amount of interest due on the Interest Payment Date occurring on June 30, 2023 shall constitute PIK Period Paid-in-Kind Interest for all purposes under this Agreement and be deemed to have been paid on June 30, 2023 by adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such date. (ii) Paid-in-Kind Interest Generally. Any and all such PIK Period Paid-in-Kind Interest so added to the principal amount of the Loans shall constitute and increase the principal amount of the Loans for all purposes under this Agreement, including without limitation, for purposes of calculating any repayment premium under Section 2.03(d) and any exit fee under Section 2.07(b) and shall bear interest in accordance with this Section 2.06. Upon the occurrence and during the continuation of any Event of Default during the PIK Period for which the Administrative Agent shall have delivered notice to the Borrower directing that all interest must be paid in cash as a result of such Event of Default, all interest accruing on the Loans shall be due and payable in cash in arrears on each Interest Payment Date and at such other times as may be specified herein.
Appears in 1 contract
Paid In-Kind Interest. (i) Beginning with the Effective Date and continuing through and including the Interest Payment Date occurring on June 30, 2026 (the “PIK Period”), so long as (x) no Event of Default has occurred and is continuing as of any such Interest Payment Date for which the Administrative Agent shall have delivered notice to the Borrower in writing prior to such Interest Payment Date that all interest due on such Interest Payment Date must be paid in cash as a result of such Event of Default and (y) the Borrower has not notified the Administrative Agent in writing prior to such Interest Payment Date that it intends to pay all interest due on such Interest Payment Date in cash, (A) a portion of the interest accruing on the Loans at a rate equal to the sum of (I) (1) prior to the expiration of the Interest Period ending on March 31, 2023, Three-Month LIBOR or (2) upon and after the expiration of the Interest Period ending on March 31, 2023, Adjusted Three-Month Term SOFR (or, if a SOFR Unavailability Period has commenced and is continuing, the Prime Rate or, if a SOFR Successor Rate has been established pursuant to Section 3.05, the SOFR Successor Rate) plus (II) six and one-half percent (6.50%) per annum (the “PIK Period Cash Pay Interest”) shall be due and payable in cash in arrears on each such Interest Payment Date and (B) the portion of the interest accruing on the Loans in excess of the PIK Period Cash Pay Interest (such interest, the “PIK Period Paid-in-Kind Interest”) shall be due and payable on each such Interest Payment Date by adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such Interest Payment Date; provided, that, notwithstanding the foregoing, it is agreed that the entire amount of interest due on the Interest Payment Date occurring on June 30, 2023 shall constitute PIK Period Paid-in-Kind Interest for all purposes under this Agreement and be deemed to have been paid on June 30, 2023 by adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such date.
(ii) Paid-in-Kind Interest Generally. Any and all such PIK Period Paid-in-Kind Interest so added to the principal amount of the Loans shall constitute and increase the principal amount of the Loans for all purposes under this Agreement, including without limitation, for purposes of calculating any repayment premium under Section 2.03(d) and any exit fee under Section 2.07(b) and shall bear interest in accordance with this Section 2.06. Upon the occurrence and during the continuation of any Event of Default during the PIK Period for which the Administrative Agent shall have delivered notice to the Borrower directing that all interest must be paid in cash as a result of such Event of Default, all interest accruing on the Loans shall be due and payable in cash in arrears on each Interest Payment Date and at such other times as may be specified herein.
Appears in 1 contract
Paid In-Kind Interest. (i) Beginning with the Effective Date and continuing through and including the Interest Payment Date occurring on June 30, 2026 (the “PIK Period”), so long as (x) no Event of Default has occurred and is continuing as of any such Interest Payment Date for which the Administrative Agent shall have delivered notice to the Borrower in writing prior to such Interest Payment Date that all interest due on such Interest Payment Date must be paid in cash as a result of such Event of Default and (y) the Borrower has not notified the Administrative Agent in writing prior to such Interest Payment Date that it intends to pay all interest due on such Interest Payment Date in cash, (A) a portion of the interest accruing on the Loans at a rate equal to the sum of (I) (1) prior to the expiration of the Interest Period ending on March 31, 2023, Three-Month LIBOR or (2) upon and after the expiration of the Interest Period ending on March 31, 2023, Adjusted Three-Month Term SOFR (or, if a SOFR Unavailability Period has commenced and is continuing, the Prime Rate or, if a SOFR Successor Rate has been established pursuant to Section 3.05, the SOFR Successor Rate) plus (II) six and one-half percent (6.50%) per annum (the “PIK Period Cash Pay Interest”) shall be due and payable in cash in arrears on each such Interest Payment Date and (B) the portion of the interest accruing on the Loans in excess of the PIK Period Cash Pay Interest (such interest, the “PIK Period Paid-in-Kind Interest”) shall be due and payable on each such Interest Payment Date by adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such Interest Payment Date; provided, that, notwithstanding the foregoing, it is agreed that the entire amount of interest due on the Interest Payment Date occurring on June 30, 2023 shall constitute PIK Period Paid-in-Kind Interest for all purposes under this Agreement and be deemed to have been paid on June 30, 2023 by adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such date; provided, further, that, notwithstanding the foregoing, it is agreed that the entire amount of interest due on the Interest Payment Date occurring on March 31, 2024 shall constitute PIK Period Paid-in-Kind Interest for all purposes under this Agreement and be deemed to have been paid on March 31, 2024 by adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such date; provided, further, that, notwithstanding the foregoing, it is agreed that the entire amount of interest due on the Interest Payment Date occurring on June 28, 2024 shall constitute PIK Period Paid-in-Kind Interest for all purposes under this Agreement and be deemed to have been paid on June 28, 2024 by adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such date.
(ii) Paid-in-Kind Interest Generally. Any and all such PIK Period Paid-in-Kind Interest so added to the principal amount of the Loans shall constitute and increase the principal amount of the Loans for all purposes under this Agreement, including without limitation, for purposes of calculating any repayment premium under Section 2.03(d) and any exit fee under Section 2.07(b) and shall bear interest in accordance with this Section 2.06. Upon the occurrence and during the continuation of any Event of Default during the PIK Period for which the Administrative Agent shall have delivered notice to the Borrower directing that all interest must be paid in cash as a result of such Event of Default, all interest accruing on the Loans shall be due and payable in cash in arrears on each Interest Payment Date and at such other times as may be specified herein.
Appears in 1 contract
Paid In-Kind Interest. (i) Beginning with the Effective first (1st) Interest Payment Date to occur after the Funding Date and continuing through and including the sixteenth (16th) Interest Payment Date occurring on June 30, 2026 to occur after the Funding Date (the “PIK Period”), so long as (x) no Event of Default has occurred and is continuing as of any such Interest Payment Date for which the Administrative Agent shall have delivered notice to the Borrower in writing prior to such Interest Payment Date that all interest due on such Interest Payment Date must be paid in cash as a result of such Event of Default and (y) the Borrower has not notified the Administrative Agent in writing prior to such Interest Payment Date that it intends to pay all interest due on such Interest Payment Date in cash, (A) a portion of the interest accruing on the Loans at a the rate equal to the sum of (I) (1) prior to the expiration of the Interest Period ending on March 31, 2023, Three-Month LIBOR or (2) upon and after the expiration of the Interest Period ending on March 31, 2023, Adjusted Three-Month Term SOFR (or, if a SOFR Unavailability Period has commenced and is continuing, the Prime Rate or, if a SOFR Successor Rate has been established pursuant to Section 3.05, the SOFR Successor Rate) plus (II) six and one-half nine percent (6.509.00%) per annum (the “PIK Period Cash Pay Interest”) shall be due and payable in cash in arrears on each such Interest Payment Date and (B) the portion of the interest accruing on the Loans in excess of the PIK Period Cash Pay Interest (such interestportion, the “PIK Period Paid-in-Kind Interest”) shall be due and payable on each such Interest Payment Date by adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such Interest Payment Date; provided. For the avoidance of doubt, that, notwithstanding the foregoing, it is agreed that the entire amount of interest due on the if prior to any Interest Payment Date occurring on June 30, 2023 shall constitute during the PIK Period Paid-in-Kind the Borrower has notified the Administrative Agent in writing prior to such Interest for Payment Date that it intends to pay all purposes under this Agreement and be deemed to have been paid on June 30, 2023 by adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans interest due on such dateInterest Payment Date in cash or, if any Event of Default has occurred and is continuing as of any such Interest Payment Date, all interest accruing on the Loans shall be due and payable in cash in arrears on such Interest Payment Date.
(ii) Paid-in-Kind Interest Generally. Any and all such PIK Period Paid-in-Kind Interest so added to the principal amount of the Loans shall constitute and increase the principal amount of the Loans for all purposes under this Agreement, including without limitation, for purposes of calculating any repayment prepayment premium under Section 2.03(d) and any exit fee under Section 2.07(b2.03(e) and shall bear interest in accordance with this Section 2.06. Upon the occurrence and during the continuation of any Event of Default during the PIK Period for which the Administrative Agent shall have delivered notice to the Borrower directing that all interest must be paid in cash as a result of such Event of DefaultPeriod, all interest accruing on the Loans shall be due and payable in cash in arrears on each Interest Payment Date and at such other times as may be specified herein.
Appears in 1 contract
Samples: Credit Agreement (Veracyte, Inc.)
Paid In-Kind Interest. (i) Beginning with the Effective Interest Payment Date occurring on June 30, 2024 and continuing through and including the Interest Payment Date occurring on June 30March 31, 2026 (the “PIK Period”), on any Interest Payment Date, so long as (xA) no Event of Default has occurred and is continuing as of on any such Interest Payment Date for which the Administrative Agent shall have delivered notice to the Borrower in writing prior to such Interest Payment Date that all interest due on such Interest Payment Date must be paid in cash as a result of such Event of Default and (yB) the Borrower has not notified delivered to the Administrative Agent in writing prior (for further distribution to such Interest Payment Date that it intends to pay all interest due on such Interest Payment Date in cash, (Athe Lenders) a portion of the interest accruing PIK Period Cash Pay Notice on the Loans at a rate equal to the sum of (I) (1) or prior to the expiration date that is six (6) Business Days prior to the first day of the Interest Period ending on March 31such Interest Payment Date, 2023, Three(x) seventy-Month LIBOR or five percent (275%) upon and after the expiration of the aggregate amount of interest accruing on the Loans during such Interest Period ending on March 31(such interest, 2023, Adjusted Three-Month Term SOFR (or, if a SOFR Unavailability Period has commenced and is continuing, the Prime Rate or, if a SOFR Successor Rate has been established pursuant to Section 3.05, the SOFR Successor Rate) plus (II) six and one-half percent (6.50%) per annum (the “PIK Period Cash Pay Interest”) shall be due and payable in cash in arrears on each such Interest Payment Date and (By) the portion twenty-five percent (25%) of the aggregate amount of interest accruing on the Loans in excess of the PIK during such Interest Period Cash Pay Interest (such interest, the “PIK Period Paid-in-Kind Interest”) shall be due and payable on each such Interest Payment Date by capitalizing and adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such Interest Payment Date; provided. For the avoidance of doubt, that, notwithstanding if (I) on or prior to the foregoing, it is agreed that sixth (6th) Business Day prior to the entire amount first day of interest due any Interest Period ending on the any Interest Payment Date occurring on June 30, 2023 shall constitute during the PIK Period Paid-in-Kind Interest the Borrower has delivered to the Administrative Agent (for all purposes under this Agreement and be deemed further distribution to have been paid on June 30, 2023 by adding such the Lenders) a PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such date.
Cash Pay Notice, or (iiII) Paid-in-Kind Interest Generally. Any and all such PIK Period Paid-in-Kind Interest so added to the principal amount of the Loans shall constitute and increase the principal amount of the Loans for all purposes under this Agreement, including without limitation, for purposes of calculating any repayment premium under Section 2.03(d) and any exit fee under Section 2.07(b) and shall bear interest in accordance with this Section 2.06. Upon the occurrence and during the continuation of any Event of Default during the PIK Period for which the Administrative Agent shall have delivered notice to the Borrower directing that all interest must be paid in cash as a result of has occurred and is continuing on any such Event of DefaultInterest Payment Date, all interest accruing on the Loans shall be due and payable in cash in arrears on each such Interest Payment Date and at such other times as may be specified hereinDate.
Appears in 1 contract
Paid In-Kind Interest. (i) Beginning with the Effective Date and continuing through and including the Interest Payment Date occurring on June 30, 2026 (the “PIK Period”), so long as (x) no Event of Default has occurred and is continuing as of any such Interest Payment Date for which the Administrative Agent shall have delivered notice to the Borrower in writing prior to such Interest Payment Date that all interest due on such Interest Payment Date must be paid in cash as a result of such Event of Default and (y) the Borrower has not notified the Administrative Agent in writing prior to such Interest Payment Date that it intends to pay all interest due on such Interest Payment Date in cash, (A) a portion of the interest accruing on the Loans at a rate equal to the sum of (I) (1) prior to the expiration of the Interest Period ending on March 31, 2023, Three-Month LIBOR or (2) upon and after the expiration of the Interest Period ending on March 31, 2023, Adjusted Three-Month Term SOFR (or, if a SOFR Unavailability Period has commenced and is continuing, the Prime Rate or, if a SOFR Successor Rate has been established pursuant to Section 3.05, the SOFR Successor Rate) plus (II) six and one-half percent (6.50%) per annum (the “PIK Period Cash Pay Interest”) shall be due and payable in cash in arrears on each such Interest Payment Date and (B) the portion of the interest accruing on the Loans in excess of the PIK Period Cash Pay Interest (such interest, the “PIK Period Paid-in-Kind Interest”) shall be due and payable on each such Interest Payment Date by adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such Interest Payment Date; provided, that, notwithstanding the foregoing, it is agreed that the entire amount of interest due on the Interest Payment Date occurring on June 30, 2023 shall constitute PIK Period Paid-in-Kind Interest for all purposes under this Agreement and be deemed to have been paid on June 30, 2023 by adding such PIK Period Paid-in-Kind Interest to the outstanding principal amount of the applicable Loans on such date.
(ii) Paid-in-Kind Interest Generally. Any and all such PIK Period Paid-in-Kind Interest so added to the principal amount of the Loans shall constitute and increase the principal amount of the Loans for all purposes under this Agreement, including without limitation, for purposes of calculating any repayment premium under Section 2.03(d) and any exit fee under Section 2.07(b) and shall bear interest in accordance with this Section 2.06. Upon the occurrence and during the continuation of any Event of Default during the PIK Period for which the Administrative Agent shall have delivered notice to the Borrower directing that all interest must be paid in cash as a result of such Event of Default, all interest accruing on the Loans shall be due and payable in cash in arrears on each Interest Payment Date and at such other times as may be specified herein.
Appears in 1 contract
