Quarterly PIK Amount definition
Quarterly PIK Amount means, measured as of the last Business Day of any calendar quarter and for the three month period ended on such date, the sum of (i) interest on the outstanding principal amount of Term Loan 2 accrued at the PIK Interest Rate, plus (ii) interest on the Consolidated PIK Amount (calculated as of the first day of such three month period) accrued at the Consolidated PIK Interest Rate.
Examples of Quarterly PIK Amount in a sentence
PIK Interest shall be paid by increasing the Consolidated PIK Amount by the Quarterly PIK Amount on the last Business Day of each quarter of each calendar year.
The undersigned promises to pay interest on the unpaid principal amount of the Quarterly PIK Amount from the date hereof until such principal amount is paid in full, at such interest rates and at such times as provided in Section 2.08 of the Loan Agreement.