Payment of Interest in Kind. By written notice to the Administrative Agent at least thirty (30) days prior to each Interest Payment Date, the Borrower may elect to pay all of the PIK Interest Amount in respect of such Interest Payment Date in cash on such Interest Payment Date. If the Borrower does not elect to pay any such PIK Interest Amount in cash as set forth in this clause, such PIK Interest Amount shall be paid by increasing the principal amount of the Loan by an amount equal to such PIK Interest Amount as of the applicable Interest Payment Date.
Appears in 6 contracts
Samples: Loan and Guarantee Agreement (Sun Country Airlines Holdings, Inc.), Loan and Guarantee Agreement (Mesa Air Group Inc), Loan and Guarantee Agreement
Payment of Interest in Kind. By written notice to the Administrative Agent at least thirty (30) days prior to each Interest Payment Date, the Borrower may elect to pay all of the PIK Interest Amount in respect of such Interest Payment Date in cash on such Interest Payment Date. If the Borrower does not elect to pay any such PIK Interest Amount in cash as set forth in this clause, such PIK Interest Amount shall be paid by increasing the principal amount of the Loan by an amount equal to such PIK Interest Amount as of the applicable Interest Payment Date.Date.β
Appears in 3 contracts
Samples: Loan and Guarantee Agreement, Loan and Guarantee Agreement, Loan and Guarantee Agreement
