Paid in Kind definition

Paid in Kind as used with respect to payment of any accrued interest on any Loan, or the payment of any fee or any other amount hereunder that is expressly specified as being required to be Paid in Kind (or payable in kind, capitalized or similar) (including PIK Interest and the Upfront Payment) (the applicable interest, fee or other amount, the “Reference Obligation”), shall mean that such Reference Obligation shall (automatically, by operation of the terms hereof, without the requirement for any Person to take any action or cause anything to be done in order to effectuate such payment), be deemed paid at 12:01 a.m. (New York City time) on due date therefor, by deeming the equivalent Dollar amount of such Reference Obligation (calculated in accordance with Section 3 and as otherwise provided in this Agreement) to be automatically capitalized as an equivalent principal amount of the Loans due in respect of (as determined in accordance with this Agreement), and, accordingly, such amount shall be compounded onto, and added to the aggregate principal amount of the Loans outstanding immediately prior to such payment, such that, immediately after giving effect to the payment of the applicable Reference Obligation as described herein, the aggregate outstanding principal amount of the Loans shall include the amount of such Reference Obligation. For the avoidance of doubt, without limiting the foregoing, (i) with respect to any Reference Obligation owing with respect to any DIP Term Loans, once such Reference Obligation has been Paid in Kind in accordance with the foregoing, the amount of such Reference Obligation shall constitute, for all purposes hereunder, DIP Term Loans incurred as of such time, which shall thereupon accrue interest in accordance with Section 3 and (ii) the aggregate principal amount of DIP Term Loans outstanding as of any time shall be calculated to include (x) the original principal amount thereof, (y) the aggregate amount of PIK Interest through the time of determination and the amount of the Upfront Payment and (z) any other amounts Paid in Kind hereunder.

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Paid in Kind means, with respect to interest accruing on any Loans, that such interest has been capitalized and the amount thereof has been added to the outstanding principal amount of such Loans.

Paid in Kind means Accrued Interest paid in shares of the Company’s common stock.

Examples of Paid in Kind in a sentence

Except in the case of any amounts that are expressly permitted to be Paid in Kind hereunder, all payments of Obligations shall be made in Dollars in cash, without offset, counterclaim or defense of any kind and in immediately available funds, not later than 12:00 noon (New York City time) on the due date.
Subject to clause (b) below, accrued interest on each Loan shall be due and payable by Borrower in arrears on each Interest Payment Date, and such interest shall be Paid in Kind and otherwise in accordance with the terms of this Agreement.
Accrued Default Rate interest shall be payable Paid in Kind on each Interest Payment Date (unless a demand for Payment in Kind thereof is made by the Administrative Agent on the Obligor Representative sooner or on a more frequent basis, as determined by the Administrative Agent, in which case payment shall be made when specified by the Administrative Agent to the Obligor Representative).
The Upfront Payment is deemed fully earned on the Interim DIP Closing Date and was Paid in Kind on the Interim DIP Closing Date.
Except in the case of any amounts that are expressly permitted to be Paid in Kind hereunder (including as set forth in Section 3.1.1), all payments of Obligations shall be made in Dollars in cash, without offset, counterclaim or defense of any kind and in immediately available funds, not later than 12:00 noon (New York City time) on the due date.
Such fees are deemed fully earned on the Closing Date and Paid in Kind on the Closing Date.
The aggregate principal amount of Loans made on each Funding Date (i) shall be no less than $5,000,000; and (ii) shall, when aggregated with the original principal amount of all other Loans funded hereunder (without giving effect to any Paid in Kind Interest), not be more than the Aggregate Commitment.
Accrued Interest may be paid in cash or Paid in Kind at the rate of $1.00 per share, or a combination of both, in the sole discretion of the Company.
Such interest Paid in Kind as well as the scheduled interest accrued under the BNY Note and the Apollo Note for the period February 1, 1996 through January 31, 1997 (and under the Apollo Note for the period November 1, 1995 through January 31, 1996) which had been Paid in Kind, shall be due and payable on November 3, 2002 or on any acceleration of the BNY Note or the Apollo Note, as the case may be, pursuant to the respective terms and conditions thereof.
Subject to clause (b) below, accrued interest on each Loan shall be due and payable by the Borrower in arrears on each Interest Payment Date, and such interest shall be Paid in Kind and otherwise in accordance with the terms of this Agreement.

More Definitions of Paid in Kind

Paid in Kind means, in the context of the Amended Syndicated Facility Agreement, payment-in-kind where interest is not satisfied by payment of cash, but rather the interest is added to the principal debt outstanding.

Paid in Kind. ("PIK"). As used in this Agreement, "Paid in Kind" shall mean, payment in the form of the issuance of the Company's 8% Cumulative Preferred Stock.

Paid in Kind means, with respect to any applicable accrued and unpaid (or otherwise due) interest, fee or other amount, that such interest, fee or other amount is added to the unpaid principal amount of the applicable Loans on the applicable Interest Payment Date or other applicable date of payment required pursuant to this Agreement (whereupon from and after such date such interest, fee or other amount shall be treated as part of the principal of the applicable Loans for all purposes of this Agreement and constitute Obligations). Any interest, fee or other amount that is Paid in Kind is referred to herein as a “Capitalized Amount” and the obligation of the Borrower to pay all Capitalized Amounts shall be automatically evidenced by this Agreement. “Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub.L. No. 107-56 (Signed into law October 26, 2001)). “Payment Directive” means one or more irrevocable payment direction(s) (a) from each EU Risk Retention Compliant Sunnova ABS Issuer to Computershare Trust Company, N.A., as indenture trustee, or Wilmington, as indenture trustee, as applicable, as account bank in respect of any and all cash distributions relating to the EU Risk Retention Interests, which payment direction (i) first, directs such cash to be distributed from an EU Risk Retention Compliant Sunnova ABS Issuer to RR Holdco, (ii) second, directs such cash to be distributed from RR Holdco to SE Corp. (or a replacement sponsor, as the case may be) and (iii) third, directs such cash to be deposited into the Proceeds Account, and (b) from Sunnova RAYS I Issuer, LLC to Computershare Trust Company, N.A., as indenture trustee, or Wilmington, as indenture trustee, as applicable, as account bank in respect of any and all cash distributions payable to the holders of the Equity Interests of Sunnova RAYS I Issuer, LLC, which payment direction directs such cash to be distributed from Sunnova RAYS I Issuer, LLC into the Proceeds Account, and in each case, is (x) acknowledged and consented to by (1)