PIK Payments. If the Company is permitted to exercise the PIK Option for any Interest Period and does so exercise the PIK Option with respect to such Interest Period, the Company shall pay the applicable amount of PIK Interest for such Interest Period in respect of each outstanding Note on the Interest Payment Date in respect of such Interest Period. On any Interest Payment Date on which the Company pays PIK Interest (a “PIK Payment”), PIK Interest on the Notes will be payable (1) with respect to Global Notes, by increasing the principal amount of each outstanding Global Note at the end of such Interest Period by an amount equal to the amount of PIK Interest applicable to such outstanding Global Note (rounded up to the nearest whole Dollar) for the relevant Interest Period, as provided in the PIK Notice, to the credit of the Holders on the relevant record date, which shall upon receipt of an Authentication Order be recorded in the Registrar’s books and records and in the “Schedule of Increases or Decreases in the Global Note”, and (2) with respect to Definitive Notes, by issuing additional Notes (“PIK Notes”) in definitive form in an aggregate principal amount equal to the amount of PIK Interest applicable to each outstanding Definitive Note (rounded up to the nearest whole Dollar) for the relevant Interest Period, as provided in the PIK Notice, and the Trustee will, at the written order of the Company, authenticate and deliver such PIK Notes in definitive form for original issuance to the Holders on the relevant record date, as shown by the records of the Registrar. Any PIK Notes issued in definitive form will be dated as of the applicable Interest Payment Date and will bear interest from and after such date. All PIK Notes will be governed by, and subject to the terms (including the maturity date), provisions and conditions of, this Indenture and will have the same rights and benefits as the Notes issued on the Closing Date. Following any increase in the principal amount of the outstanding Notes as a result of a PIK Payment, the Notes will bear interest on such increased principal amount from and after the date of such PIK Payment. Unless the context otherwise requires, for all purposes under this Indenture (including for purposes of calculating any redemption price or redemption amount), references to the “principal” and the “principal amount” of any Notes includes any increase in the principal amount thereof due to the addition of PIK Interest thereto as a result of ...
PIK Payments. Within one Business Day following the first day that the Borrower is no longer subject to any prohibition to pay cash interest or other amounts owed under the Loan Documents under the Intercreditor Agreement, an amount equal to the principal that is attributable to PIK Interest that has capitalized as additional principal of the Loans under this Agreement. (iv)
PIK Payments. (a) In the event that the Issuer is required to pay any interest as PIK Interest as set forth in the Notes, the Issuer shall (without the consent of the Holders) issue Additional Notes having an aggregate principal amount equal to the amount of interest then due and owing as PIK Interest as follows (a “PIK Payment”):
PIK Payments. (a) The Borrower agrees to make all interest payments owing with respect to the Senior Subordinated Notes by using the pay-in-kind feature applicable thereto, rather than making such payment in cash, to the maximum extent permitted under the terms of the Senior Subordinated Notes Indenture and the Senior Subordinated Notes.
PIK Payments. Section 4.4 of the Original Note is hereby amended and restated in its entirety as set forth below:
PIK Payments. Notwithstanding any provision in this Note to the contrary, if on any Member Loan Principal Payment Date or Member Loan Interest Payment Date (in each case, other than the Member Loan Maturity Date), the sum of (a) the amount of Available Cash to be distributed to the Borrower pursuant to Section 6.01(a) of the LLC Agreement and (b) the amount of any Business Debt Distribution made pursuant to Section 4.5 after the immediately preceding Member Loan Principal Payment Date or Member Loan Interest Payment Date, as applicable, and on or prior to such Member Loan Principal Payment Date or Member Loan Interest Payment Date, as applicable (such aggregate amount, the “Distributed Amount”), is insufficient to pay the full amount of the principal and/or interest due on such date, then the Borrower shall be permitted to elect (a) such interest due to be capitalized and added as of such date to the principal amount of this Note and (b) the principal amount simultaneously (x) be repaid in an amount equal to such deficiency (less the interest amount described in clause (a)) and (y) such principal amount deemed re-paid shall be deemed re-borrowed (such amounts added to the principal pursuant clauses (a) and (b), collectively, the “PIK Payments”); provided, that the Borrower shall not be permitted to elect any PIK Payment in an amount that exceeds sixty percent (60%) of the Member Loan Target Balance Schedule (as adjusted pursuant to Section 4.2) as of such Member Loan Principal Payment Date or Member Loan Interest Payment Date, as applicable (“PIK Payment Threshold”).
PIK Payments. The Company may elect to pay all or any portion of any payment of principal or interest due hereunder, other than payments due on the Maturity Date (each, a “PIK Payment”), by increasing the principal amount of this AP Note, dollar for dollar. If the Company elects to pay make a payment as a combination cash and PIK Payment, such cash and PIK Payment shall be paid on the AP Notes on a pro rata basis. If the Company elects to make a PIK Payment, the Company shall deliver a notice to the Noteholder Representative not less than three Business Days prior to the applicable payment date, which notice shall state the total amount to be paid on such payment date and the total amount of PIK Payment. The Noteholder Representative is hereby authorized to modify and amend this AP Note by notation on the attached grid, which notation shall be deemed accurate and complete absent manifest error. 23.
PIK Payments. If the Company is entitled to pay PIK Interest or Partial PIK Interest in respect of the Notes as set forth in Section 1 in the form of Notes in Exhibit A, the Company may elect (subject to the restrictions described in the form of Notes in Exhibit A) to either increase the outstanding principal amount of the Notes or issue additional Notes (the “PIK Notes”) under this Indenture having the same terms (except that PIK Notes shall be made in a minimum denomination of $1.00 and integral multiples of $1.00) as the Notes (in each case, a “PIK Payment”). In the event that the Company shall determine to pay PIK Interest (including Partial PIK Interest) for any Interest Period, then the Company shall deliver a PIK Notice to the Trustee as required by the form of Note in Exhibit A. The Trustee, on behalf of the Company, shall promptly following receipt deliver to the Holders a copy of such notice provided by the Company to the Trustee.
PIK Payments. (a) So long as no Nevada Pledged Equity Delay Event has occurred, in connection with the payment of PIK Interest in respect of the Notes, the Company may, upon compliance with the conditions set forth in the Notes, without the consent of any of the Holders, elect to issue additional certificated Notes (“PIK Notes”) under this Agreement on the same terms and conditions as the Notes issued on the Closing (in each case, a “PIK Payment”). In the event that the Company shall be entitled to pay PIK Interest in respect of the Notes, then the Company shall deliver a written notice to each of the Holders not less than thirty (30) days prior to the Interest Payment Date on which intends to pay such PIK Interest, which notice shall state the total amount of interest to be paid on the applicable Interest Payment Date and the amount of such interest to be paid as PIK Interest. If no such notice is delivered by the Company prior to such date, the Company shall be deemed to have elected to make such payment in cash.
PIK Payments. (a) Commencing onJune 1, 2013, and continuing on the last day of each calendar month thereafter until the outstanding principal balance of the Loan has been repaid in full, Borrower shall make monthly payments to Lender of all interest that has accrued in arrears at the PIK Interest Rate on the outstanding principal amount of the Loan (each, a “PIK Payment”, and collectively, the “PIK Payments”), which PIK Payments shall (1) be made in kind by increasing the principal amount of the Loan by the amount of each PIK Payment (which shall be compounded on a monthly basis), (2) be deemed for all purposes (including accrual of interest) to be increases of the principal amount of the Loan, and (3) be deemed made automatically upon the occurrence of the first day of each calendar month that each PIK Payment is due. Notwithstanding the foregoing, upon the occurrence of an Event of Default, all accrued interest under the Loan (including, for the avoidance of doubt, interest calculated at Increased Cash Pay Interest Rate and the PIK Interest Rate) shall be payable in cash on demand.
