Additional PIK Interest definition
Examples of Additional PIK Interest in a sentence
The Additional PIK Interest shall be compounded monthly by adding the Additional PIK Interest to the principal amount of the Notes and shall be due and payable, in cash, at the Maturity Date and on the date of any repayment or prepayment of the Notes (with respect to the portion of such Notes so repaid or prepaid).
Unless prepaid earlier, all PIK Notes and all accrued and capitalized Additional PIK Interest thereon are due and payable in cash on the Term Loan Maturity Date.
Notwithstanding anything contained to the contrary in this clause (c), during the Forbearance Period only, with respect to any month, if the outstanding balance of the Converted Interest Amount (as defined in the Ninth Amendment) is zero for at least 22 days of such month, then the applicable per annum Additional PIK Interest rate shall be reduced by fifty percent (50%) for such month.
Prior to 12:00 p.m. (noon) New York, New York time on each Interest Payment Date and the Maturity Date, the Company shall deposit with the Paying Agent U.S. Legal Tender sufficient to make payments, if any, of principal and Cash Interest (other than interest payable as Additional PIK Interest on such Interest Payment Date in accordance with Section 4.01) due on such Interest Payment Date or the Maturity Date, as the case may be.
If the Borrower makes a PIK Increase Paydown on the PIK Increase Date, the Additional PIK Interest and the PIK Payment shall be adjusted as set forth below based on the aggregate Paydown Amount as of the calendar day immediately prior to the PIK Increase Date.
Upon payment of any Additional PIK Interest and/or PIK Payment, such Additional PIK Interest and/or PIK Payment shall be deemed to be principal of the Initial Term Loans, and shall accrue interest pursuant to the terms hereof, for all purposes hereunder.
If an Event of Default occurs and is continuing, subject to the provisions of the Intercreditor Agreement, the Holders may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, or interest (including PIK Interest and Additional PIK Interest, if any) on the Notes or to enforce the performance of any provision of the Notes, this Agreement, any Security Document or any Guarantee.
The Liens on, and pledges of, all Collateral hereunder and under the Security Documents will also be terminated and released upon payment in full of the principal of accrued and unpaid interest (including PIK Interest) and Additional PIK Interest, if any, on the Notes and all other Obligations hereunder, the Guarantees and the Security Documents that are due and payable at or prior to the time such principal and accrued and unpaid interest, are paid.
Such payments shall be made to the Agent at its Principal Office for the ratable accounts of the Lenders (except as otherwise may be provided with respect to a Defaulting Lender and except as provided in Section 5.08, 5.09 or 5.10) in (except as provided in Section 5.05(b) with respect to PIK Interest and Additional PIK Interest) U.S. Dollars and in immediately available funds, and the Agent shall promptly distribute such amounts to the Lenders in immediately available funds.
Accrued and unpaid Additional PIK Interest, if any, will be due and payable semi-annually in arrears on each Interest Payment Date to Holders of record on the Record Date immediately preceding the Interest Payment Date, and shall be payable by the Company by issuing additional Floating Rate Notes with a principal amount equal to the Additional PIK Interest then due and payable (the “PIK Floating Rate Notes”).