Examples of PIK Term Loans in a sentence
Any promissory note evidencing a Tranche C-3 Term Loan prior to the Amendment Agreement Effective Date may be exchanged, upon the request of the relevant Lender made through Administrative Agent and surrender of such promissory note to the relevant Borrower through Administrative Agent, for promissory notes evidencing the Tranche C-3 PIK Term Loans into which such Lender’s Tranche C-3 Term Loans were converted on the Amendment Agreement Effective Date.
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It is understood and agreed that the PIK Term Loans shall accrue interest as set forth in Section 2.13 and shall accrete substantially in a manner illustrated by Schedule 2.2(b), subject to the assumptions set forth therein.
Upon the making by such Lender of such PIK Term Loan, each Lender shall cancel on its records a principal amount of the PIK Initial Loans held by such Lender corresponding to the principal amount of PIK Term Loans made by such Lender, which corresponding principal amount of the PIK Initial Loans shall be satisfied by the conversion thereof into PIK Term Loans in accordance with Section 2.2(b).
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Where a U.S. Holder’s First Lien Debt is continued as Cash-Pay Term Loans or converted into PIK Term Loans, such continuation or conversion may be a modification of a debt instrument that, if significant, will be treated as a “deemed exchange” of such First Lien Debt (an “old” debt instrument) for the New Debt (a “new” debt instrument) under the Treasury Regulations promulgated under Section 1001 of the Tax Code.
The Borrower hereby expressly assumes such outstanding PIK Term Loans without regard to any defense, set-off or counterclaim which may at any time be available to or be asserted by Holdings or any other Person against any Lender (each of which defenses, set-off and counterclaims are hereby waived).
Each holder of an Allowed First Lien Lender Claim shall, in full satisfaction of such holders’ Allowed First Lien Lender Claims against any of the Debtors, receive its Pro Rata Share of (i) the Cash-Pay Term Loans and (ii) the PIK Term Loans.
The Tranche C-2 PIK Term Loan Commitment shall terminate immediately after the conversion of Tranche C-2 Term Loans into Tranche C-2 PIK Term Loans on the Amendment Agreement Effective Date.
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