PIK Election Notice definition

PIK Election Notice means a written notice made by the Issuer to the Debenture Trustees specifying (i) the Interest Obligation to which the PIK Election relates, and (ii) the amount of the Interest Obligation subject to the PIK Election.

PIK Election Notice means a written notice in the form of Exhibit P-2 to this Agreement.

PIK Election Notice means a written notice of election to pay interest in kind pursuant to and in accordance with Section 2.06(c) with respect to any interest period in advance of the applicable Interest Payment Date and substantially in the form of Exhibit C or such other form as may be approved by the Lender.

Examples of PIK Election Notice in a sentence

• Irrespective of the date a PIK Election Notice is made, the actual payment in kind will occur on the applicable Interest Payment Date.

• If a PIK Election Notice electing to pay interest in kind is made, on the applicable Interest Payment Date, the amount elected to be paid in kind will be capitalized, compounded and added to the unpaid principal amount of this Note effective as of such Interest Payment Date.

• Unless otherwise consented to in writing by the Holder, if the Issuers fail to deliver a PIK Election Notice to Holder on or before the date specified above for such notice and do not make an interest payment in cash on the applicable Interest Payment Date for all interest due, it shall be deemed that the Issuers have elected to pay the balance of the interest due on the applicable Interest Payment Date in kind.

• To exercise the PIK Interest Election for any Interest Payment Date occurring during the PIK Election Period, the Issuer shall submit a PIK Election Notice to the Administrative Agent no later than seven (7) Business Days (or, such shorter period as the Administrative Agent may agree) prior to the applicable Interest Payment Date.

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More Definitions of PIK Election Notice

PIK Election Notice means a written request by the Borrower in the form of Exhibit E attached hereto.

PIK Election Notice has the meaning set forth in Section 2.2(a)(v).

PIK Election Notice has the meaning ascribed thereto in Section 2.13(c);

PIK Election Notice is defined in Section 2.3(a)(iv).

PIK Election Notice has the meaning specified in Section 2.08(d).

PIK Election Notice has the meaning specified in Section 2.13(f). “PIK Interest” means a payment of interest with respect to such Loan in-kind in arrears by increasing the outstanding principal amount of such Loan on the relevant Interest Payment Date by the amount of accrued and unpaid interest due and payable on such date. PIK Interest that is capitalized and added to the principal amount of the Loans and shall thenceforth be considered principal for all purposes hereunder (and shall bear interest in accordance with Section 2.13) such date. “PIK Repayment Maturity Date” means the earlier of (i) December 31, 2025 and (ii) the date on which the Aggregate PIK Amount is paid in full in cash. “PIK Repayment Period” means the period commencing on the first Interest Payment Date after the First Amendment Effective Date and ending on the PIK Repayment Maturity Date. “PIK Election” has the meaning specified in the definition of “Applicable Rate”. “PIK Election Notice” has the meaning specified in Section 2.13(f). “PIK Toggle Period” means, the fourseven Interest Periods occurring after the First Amendment Effective Date, commencing onwith the Interest Period ending on September 30, 2023 and up to and including the Interest Period ending on March 31, 2025.

PIK Election Notice has the meaning specified in Section 2.13(f). “PIK Toggle Period” means, the fourseven Interest Periods occurring after the First Amendment Effective Date, commencing onwith the Interest Period ending on September 30, 2023 and up to and including the Interest Period ending on March 31, 2025.