PIK Interest Election definition

PIK Interest Election shall have the meaning set forth in Section 2.8(f).
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PIK Interest Election means, with respect to any Interest Payment Date, an election by the Company duly given pursuant to Section 4.01(c) not to pay the entire amount of interest due on the Notes on such Interest Payment Date in cash.
Sample 1Sample 2Sample 3
PIK Interest Election has the meaning specified in Section 2.10(d). “PIK Interest Election Notice” has the meaning specified in Section 2.10(d). 30 #96555161v28 Principal Repaid PIK Interest Per Annum Rate Less than $20,000,000 5.00% At least $20,000,000 but less than $30,000,000 At least $30,000,000 but less than $40,000,000 3.75% At least $40,000,000 but less than $45,000,000 3.50% At least $45,000,000 but less than $50,000,000 3.00% At least $50,000,000 but less than $55,000,000 2.50% At least $55,000,000 but less than $60,000,000 2.00% At least $60,000,000 but less than $65,000,000 1.00% At least $65,000,000 but less than $70,000,000 0.50% $70,000,000 or more 0.00% 4.50%
Sample 1

Examples of PIK Interest Election in a sentence

  • Notwithstanding the foregoing, each Collateral Shortfall Notice, Borrowing Request, Voluntary Prepayment Notice, Mandatory Prepayment Notice, PIK Interest Election Notice, and any notice delivered pursuant to Section 2.09(e) and any notice of termination or reduction of Commitments may be delivered electronically.

  • Unless the Borrower delivers a PIK Interest Election Notice to the Administrative Agent at least three (3) Business Days prior to an Interest Payment Date, the Borrower will, subject to the immediately succeeding clause (B) below, be deemed to have elected for each Interest Period, to make interest payments in cash as set forth in Section 2.06(a)(i).

  • If the Borrower has delivered a PIK Interest Election Notice in accordance with the terms of this Section 2.06(a)(ii)(A), on the applicable Interest Payment Date, all accrued and unpaid interest shall be added to the principal amount of the Loans and shall, thereafter, be deemed an extension of additional Loans pursuant to the terms of, and subject to, the Loan Documents.

  • Unless the Borrower delivers to the Administrative Agent a PIK Interest Election Notice at least three Business Days prior to the applicable Interest Payment Date, the Borrower will be deemed to have elected for the applicable quarterly period to make interest payments in the form of cash interest.

  • If the Borrower has delivered a PIK Interest Election Notice in accordance with the terms of this S ection 2.06(a)(ii), on the applicable Interest Payment Date, all accrued and unpaid interest shall be added to the principal amount of the Loans and shall, thereafter, be deemed an extension of additional Loans pursuant to the terms of, and subject to, the Loan Documents.

  • The Company must make such PIK Interest Election by delivering a notice to the Noteholders no later than ten (10) Business Days prior to the relevant PIK Date, which notice shall specify the PIK Date for which the PIK Interest Election is made.

  • This shows that despite appearing inside the noun phrase, the inposition still determines the case inflection of words in that noun phrase.

  • The TOP consisted of two major activities, namely: (i) Market Operations Scenario Testing (MOST) which was implemented from 15 July to 17 September 2010 for a series of structured tests to familiarize the trading participants in the Visayas region with the various modules and functionalities of the WESM Market Management System (MMS), and; (ii) Live Dispatch Operations (LDO) or final phase of the TOP on 20-29 September 2010 in preparation for commercial operation.

  • Notwithstanding the foregoing, no PIK Interest Election Notice may be delivered with respect to the portion of the interest due on the March 15, 2018 Interest Payment Date, representing the Fee Spread and such portion of the interest will be paid in cash on such Interest Payment Date.

  • Please call 972-941-7275 from 8am to 5pm, Mon-Fri to make a reservation.


More Definitions of PIK Interest Election

PIK Interest Election has the meaning assigned to such term in Section 3.1(c).
Sample 1

Related to PIK Interest Election

  • Interest Election Request means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.07.

  • LCT Election has the meaning assigned to such term in Section 1.06.

  • IDR Reset Election has the meaning given such term in Section 5.11(a).

  • Maximum Uncertificated Accrued Interest Deferral Amount With respect to any Distribution Date, the excess of (i) accrued interest at the Uncertificated REMIC II Pass-Through Rate applicable to REMIC II Regular Interest ZZ for such Distribution Date on a balance equal to the Uncertificated Principal Balance of REMIC II Regular Interest ZZ minus the REMIC II Overcollateralization Amount, in each case for such Distribution Date, over (ii) the aggregate amount of Uncertificated Accrued Interest for such Distribution Date on the REMIC II Regular Interests (other than REMIC II Regular Interests AA, ZZ and IO), with the rate on each such REMIC II Regular Interest (other than REMIC II Regular Interests B-1, B-2, B-3 and B-4) subject to a cap equal to the least of (x) the One-Month LIBOR Pass Through Rate for the Corresponding Certificate, (y) 11.00% per annum and (z) the Net WAC Cap Rate for the REMIC III Regular Interest the ownership of which is represented by the Corresponding Certificate for the purpose of this calculation for such Distribution Date, and with the rate on each of the REMIC II Regular Interests B-1, B-2, B-3 and B-4 subject to a cap equal to the lesser of (i) the per annum fixed rate specified in the definition of “Pass-Through Rate” for the Corresponding Certificate, and (ii) the related Net WAC Cap Rate for the REMIC III Regular Interest the ownership of which is represented by the Corresponding Certificate for the purpose of this calculation for such Distribution Date; provided, however, that solely for this purpose, the related cap with respect to each REMIC II Regular Interest (other than REMIC II Regular Interests AA, ZZ, B-1, B-2, B-3, B-4 and IO) shall be multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Accrual Period. MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.

  • LIBOR Interest Determination Date means the second LIBOR Business Day preceding each LIBOR Rate Reset Date.

  • Borrowing Request means a request by the Borrower for a Borrowing in accordance with Section 2.03.

  • Notice of Interest Rate Election has the meaning set forth in Section 2.10.

  • Other Benchmark Rate Election means, if the then-current Benchmark is USD LIBOR, the occurrence of:

  • Notice of Continuation/Conversion has the meaning specified in Section 2.2(b).

  • Eurodollar Interest Period or "Interest Period" shall mean, with respect to a Eurodollar Loan, a period of one, two, three or six months commencing on a Business Day selected by the Borrowers pursuant to this Agreement. Such Eurodollar Interest Period shall end on the day which corresponds numerically to such date one, two, three or six months thereafter, provided, however, that if there is no such numerically corresponding day in such next, second, third or sixth succeeding month, such Eurodollar Interest Period shall end on the last Business Day of such next, second, third or sixth succeeding month. If a Eurodollar Interest Period would otherwise end on a day which is not a Business Day, such Eurodollar Interest Period shall end on the next succeeding Business Day, provided, however, that if said next succeeding Business Day falls in a new calendar month, such Eurodollar Interest Period shall end on the immediately preceding Business Day.

  • Quarterly Floating Rate Period means, for the initial Quarterly Floating Rate Period, the period commencing on September 20, 2018 and ending on and including December 19, 2018, and thereafter the period from and including the day immediately following the end of the immediately preceding Quarterly Floating Rate Period to but excluding the next succeeding Quarterly Commencement Date.

  • Notice of Conversion/Extension means the written notice of conversion of a LIBOR Rate Loan to an Alternate Base Rate Loan or an Alternate Base Rate Loan to a LIBOR Rate Loan, or extension of a LIBOR Rate Loan, in each case substantially in the form of Exhibit 1.1(f).

  • 10) Election has the meaning set forth in Section 6.05(a).

  • Continuation/Conversion Date means the date on which a Loan is converted into or continued as a LIBOR Rate Loan.

  • Notice of Continuation or Conversion has the meaning provided in Section 2.10(b).

  • SOFR Interest Determination Date means the day that is the number of U.S. Government Securities Business Days prior to the Interest Payment Date in respect of the relevant Interest Period, as specified in the applicable Pricing Supplement.In addition to the Interest Periods and the Interest Payment Dates, the applicable Pricing Supplement shall specify and describe, as applicable, any relevant interest commencement date, interest period end date, interest determination date, index maturity, rate cut-off date, any other terms relating to the particular method of calculating interest on the Average SOFR Note (including any applicable payment delay, lockout or suspension period, lookback or observation shift) and any other terms applicable specifically to such Average SOFR Note.Term SOFR NotesUnless otherwise provided for or modified in the applicable Pricing Supplement, Term SOFR Notes will bear interest at a rate per annum equal to Term SOFR (as defined below) (or Specified-Tenor Term SOFR (as defined below)), plus the Spread.

  • Interest-Only Period means the period from and including the first Borrowing Date and through and including the sixteenth (16th) Payment Date following the first Borrowing Date.

  • Continuation/Conversion Notice means a notice of continuation or conversion and certificate duly executed by an Authorized Officer of the Borrower, substantially in the form of Exhibit C hereto.

  • Funding Request shall have the meaning set forth in Section 5.3(a).

  • Eurodollar Borrowing means a Borrowing comprised of Eurodollar Loans.

  • Notice of Conversion/Continuation has the meaning assigned thereto in Section 4.2.

  • Floating Quarterly Dividend Rate means, for any Quarterly Floating Rate Period, the rate of interest (expressed as a percentage rate rounded down to the nearest one hundred-thousandth of one percent (with 0.000005% being rounded up)) equal to the sum of the T-Bill Rate on the applicable Floating Rate Calculation Date plus 1.60% (calculated on the basis of the actual number of days elapsed in such Quarterly Floating Rate Period divided by 365).

  • Notice of Conversion or Continuation shall have the meaning provided in Section 2.6(a).

  • Cash Election Amount means the product of the number of Cash Election Shares multiplied by the Cash Election Consideration.

  • Conversion/Continuation Date means the effective date of a continuation or conversion, as the case may be, as set forth in the applicable Conversion/Continuation Notice.