PIK Interest Period definition

PIK Interest Period means, with respect to any Term Loan, the period commencing on the Credit Date applicable to such Term Loan and ending on the last day of the eighth (8th) Fiscal Quarter thereafter.

PIK Interest Period has the meaning set forth in Section 2.7.

PIK Interest Period means (i) in respect of the first PIK Interest Period, the period from (but excluding) the Original Final Maturity Date to (and including) the first anniversary of the Original Final Maturity Date, and (ii) in respect of subsequent PIK Interest Periods, the period from (but excluding) the relevant anniversary of the Original Final Maturity Date to (and including) the next succeeding anniversary of the Original Final Maturity Date (or a shorter period if relevant).

Examples of PIK Interest Period in a sentence

• Following an increase in the principal amount of the Term Loans as PIK Interest, interest shall be payable on such increased amount of the Term Loans (it being understood and agreed that during the PIK Interest Period such interest may itself be paid in PIK Interest).

• During the PIK Interest Period, the Company must elect the form of interest payment with respect to each interest period by delivering a notice to the Trustee (and to the Holders as provided in Section 4.03(d) of the Indenture) at least 15 days prior to the beginning of each interest period stating its election.

• The PIK Interest Period shall terminate if the EPC Agreement terminates, except where such termination is the result of a change in Environmental Laws following which the Facilities are operating at or above the Operating Threshold and in material compliance with Environmental Laws.

• Further, on the date of any Term Increase but prior to the effectiveness of such Term Increase, (1) to the extent such Term Increase occurs during the PIK Interest Period, all accrued and unpaid interest on the principal amount of the existing Term Loans shall be paid in PIK Interest on such date and (2) to the extent such Term Increase occurs after the PIK Interest Period, all accrued and unpaid interest on the principal amount of the existing Term loans shall be paid in cash.

• All then unpaid principal amount of each Advance owed by the Co-Borrowers to the Lenders, together with all accrued and unpaid interest, fees, and other amounts due and owing by the Co-Borrowers pursuant to this Agreement, shall be due and payable on the Maturity Date; provided, however, that if the Advances are repaid or prepaid prior the end of the PIK Interest Period, all interest occurred since the most recent PIK Interest Payment Date shall be due and payable in cash.

More Definitions of PIK Interest Period

PIK Interest Period means the period commencing on the Third Amendment Effective Date and ending on the earlier of (x) the date that the aggregate amount of Net Cash Proceeds received by Quantum from the issuance of Qualified Equity Interests after the Third Amendment Effective Date is at least $25,000,000 and (y) the first date thereafter on which financial statements delivered pursuant to Section 9.8 hereof demonstrate that Quantum and its Subsidiaries, on a consolidated basis, are in compliance with each of the financial covenants set forth in Section 6.5 hereof (as in effect immediately prior to the Third Amendment Effective Date) for the four (4) fiscal quarter period then ended; provided that for purposes of determining compliance with the financial covenants set forth in Section 6.5 hereof (as in effect immediately prior to the Third Amendment Effective Date) for purposes of this clause (y), EBITDA shall be calculated without giving effect to clause (c)(xviii) of the definition of EBITDA.

PIK Interest Period means (x) in the case of a Term SOFR Rate Loan, the Interest Period with respect thereto and (y) in the case of an ABR Loan, the period commencing on the date of such borrowing, conversion into or continuation of such ABR Loan and ending on the earlier of (i) March 31, June 30, September 30 and December 31 of the applicable year and (ii) the date on which such ABR Loan is converted into a Term SOFR Rate Loan in accordance with Section 2.04; provided that no PIK Interest Period shall extend beyond the expiration date of the PIK Availability Period.

PIK Interest Period has the meaning assigned to such term in Section 2.4(b).

PIK Interest Period has the meaning given thereto in Amendment No. 5.”

PIK Interest Period means (x) in the case of a Term SOFR Rate Loan, the Interest Period with respect thereto and (y) in the case of an ABR Loan, the period commencing on the date of such borrowing, conversion into or continuation of such ABR Loan and ending on the earlier of

PIK Interest Period shall have the meaning set forth in paragraph 1 of each Note.

PIK Interest Period means the Interest Period immediately succeeding any Interest Period with respect to which Bxxxxxxx has made a PIK Election for all or any portion of the Advance.