Examples of Additional PIK Interest in a sentence
With respect to any PIK Notes required to be issued in connection with the payment of Additional PIK Interest, the Company shall deliver to the Trustee, no later than one Business Day prior to the relevant Interest Payment Date an order to authenticate and deliver such PIK Notes.
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.
PIK Interest and Additional PIK Interest (as defined in the Note) shall be payable by the Company by issuing additional promissory notes (“PIK Notes”) to the Holders on each Interest Payment Date in the principal amount of the PIK Interest or Additional PIK Interest then due and payable, as provided in the Note.
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.
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.
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.
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 Fixed Rate Notes with a principal amount equal to the Additional PIK Interest then due and payable (the “PIK Fixed Rate Notes”).
The PIK Notes and the First PIK Interest Notes constitute, and the Additional PIK Interest Notes, when, as and if issued will constitute, legally valid and binding obligations of the Company.
Base Interest, PIK Interest and Additional PIK Interest, if any, hereunder shall be computed on the per annum basis of a year of three hundred sixty (360) days for the actual number of days (including the first day but excluding the last day) elapsed.
The shares of PIK Common Stock issuable on conversion of the Additional PIK Interest Notes, when issued upon valid conversion of the PIK Interest Notes in accordance their terms, will be validly issued, fully paid and non-assessable.