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.
December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 As calculated on the first Business Day after the termination of the PIK Interest Period, 2.50% of the greater of (i) the outstanding aggregate principal amount of the Term Loans (including any capitalized PIK Interest) as of such date or (ii) the outstanding aggregate principal amount of the Term Loans as of first Business Day after the Delayed Draw Term Loan Commitment Termination Date.
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.