PIK Option Sample Clauses

PIK Option. The Issuer’s ability to make PIK Payments in respect of the Notes in lieu of paying interest in cash as set forth above (the “PIK Option”) may be exercised solely with respect to any Interest Period during the PIK Option Period, in up to the proportion of the total amount of interest due in such period as set forth in the table below: PIK Option Period Maximum Portion of Interest as PIK PIK Premium From (and including) the Issue Date through (and including) the second-year anniversary of the Issue Date 100.0% 50% of Cash Interest Rate From (but excluding) the second-year anniversary of the Issue Date through (and including) the third-year anniversary of the Issue Date 92.5% 50% of Cash Interest Rate From (but excluding) the third-year anniversary of the Issue Date through (and including) the fourth-year anniversary of the Issue Date 65.0% 50% of Cash Interest Rate PIK Option Period Maximum Portion of Interest as PIK PIK Premium From (but excluding) the fourth-year anniversary of the Issue Date through (and including) the fifth-year anniversary of the Issue Date 30.0% 75% of Cash Interest Rate In the event that the Issuer shall determine to pay PIK Interest with respect to any Interest Period, the Issuer shall deliver a notice (a “PIK Notice”) to the Trustee no later than the 15th calendar day immediately prior to the first day of such Interest Period, which notice shall state the total amount of cash interest to be paid on the Interest Payment Date in respect of such Interest Period and the amount of such interest to be paid as PIK Interest in accordance with the terms of the Notes, provided, however that with respect and for purposes of the first Interest Period, the Issuer shall deliver a PIK Notice to the Trustee within 15 Business Days after the Issue Date. The Trustee, on behalf of the Issuer, shall promptly upon receipt of the PIK Notice, and in no event later than the 10th calendar day immediately prior to the first day of such Interest Period, deliver a corresponding notice to the Holders. Interest on the Notes in respect of any Interest Period for which a PIK Notice is not delivered in accordance with the first sentence of this paragraph must be paid entirely in cash.
Sample 1Sample 2Sample 3See All (13)
AutoNDA by SimpleDocs
PIK Option. All accrued interest payable on any interest payment date specified in Section 2.5(b) may, at the election of the Borrower, be (i) added to the outstanding principal amount of the Revolving Loan on which such interest accrued, (ii) converted into a Term Loan (which shall be deemed borrowed on such interest payment date) with a principal amount equal to the amount of such accrued interest, or (iii) paid in cash.
Sample 1Sample 2
PIK Option. (a) At any time prior to the second anniversary of the Closing Date, the Borrower may, upon giving 10 Business Days’ notice in writing to the Lender as specified below and provided no Default or Event of Default is then existing, elect to defer the PIK Portion of the interest on the Loan (a “PIK Election”), in which case interest will thereafter until the PIK Election is terminated accrue on the Loan at the rate specified in clause (ii) of “Applicable Rate”.
Sample 1
PIK Option. On each Interest Payment Date occurring after March 31, 2009, the Borrowers shall pay the total amount of interest due on such Interest Payment Date in cash, provided, that the Borrowers shall have the option (the “PIK Option”) to pay the interest due on and with respect to such Interest Payment Date by automatically having the Outstanding Principal Amount increase on such Interest Payment Date by an amount equal to the interest due for such Interest Payment Date. In the event Borrowers so elect to exercise the PIK Option, Borrowers shall provide written notice to the Agent at least three (3) Business Day prior to the relevant Interest Payment Date of (i) their election to exercise the PIK Option and (ii) the aggregate Outstanding Principal Amount after giving effect to the Principal Increase. In the event an Interest Payment Date falls on the same date as the Stated Termination Date, the entire amount of interest due on such date shall be paid in cash.
Sample 1

Related to PIK Option

  • Stock Option The Corporation hereby grants to the Optionee the option (the "Stock Option") to purchase that number of shares of Class A Common Stock of the Corporation, par value $.01 per share, set forth on Schedule A. The Corporation will issue these shares as fully paid and nonassessable shares upon the Optionee's exercise of the Stock Option. The Optionee may exercise the Stock Option in accordance with this Agreement any time prior to the tenth anniversary of the date of grant of the Stock Option evidenced by this Agreement, unless earlier terminated according to the terms of this Agreement. Schedule A sets forth the date or dates after which the Optionee may exercise all or part of the Stock Option, subject to the provisions of the Plan.

  • Our Option If we give you written notice within 30 days after we receive your signed, sworn proof of loss, we may repair or replace any part of the damaged property with material or property of like kind and quality.

  • Stock Option Grant Subject to the provisions set forth herein and the terms and conditions of the Plan, and in consideration of the agreements of the Participant herein provided, the Company hereby grants to the Participant an Option to purchase from the Company the number of shares of Common Stock, at the exercise price per share, and on the schedule, set forth above.

  • Stock Option Grants Executive will receive an annual grant of stock options during the term of this Agreement in a manner and under terms that are consistent with grants made to other executives of the Company.

  • Stock Option Award Within the 60-day period following the Start Date, Executive will receive an award of stock options to purchase Common Stock (the “Options”). The terms and conditions of the Options will be governed by Parent’s 2010 Equity Incentive Plan and the Stock Option Agreement in substantially the form attached hereto as Exhibit A. The number of shares covered by such Options shall equal 50,000. The Options shall have a per share exercise price equal to the fair market value per share of such Option on the date of grant, as determined by the Board.

  • Stock Options With respect to the stock options (the “Stock Options”) granted pursuant to the stock-based compensation plans of the Company and its subsidiaries (the “Company Stock Plans”), (i) each Stock Option intended to qualify as an “incentive stock option” under Section 422 of the Code so qualifies, (ii) each grant of a Stock Option was duly authorized no later than the date on which the grant of such Stock Option was by its terms to be effective (the “Grant Date”) by all necessary corporate action, including, as applicable, approval by the board of directors of the Company (or a duly constituted and authorized committee thereof) and any required stockholder approval by the necessary number of votes or written consents, and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto, (iii) each such grant was made in accordance with the terms of the Company Stock Plans, the Exchange Act and all other applicable laws and regulatory rules or requirements, including the rules of the New York Stock Exchange and any other exchange on which Company securities are traded, and (iv) each such grant was properly accounted for in accordance with GAAP in the financial statements (including the related notes) of the Company and disclosed in the Company’s filings with the Commission in accordance with the Exchange Act and all other applicable laws. The Company has not knowingly granted, and there is no and has been no policy or practice of the Company of granting, Stock Options prior to, or otherwise coordinating the grant of Stock Options with, the release or other public announcement of material information regarding the Company or its subsidiaries or their results of operations or prospects.

  • Top-Up Option (a) The Company hereby grants to the Purchaser an irrevocable option (the “Top-Up Option”) to purchase, at a price per share equal to the Offer Price, a number of Common Shares (the “Top-Up Option Shares”) that, when added to the number of Common Shares owned by Parent or the Purchaser or any direct or indirect wholly owned Subsidiary of Parent or the Purchaser at the time of exercise of the Top-Up Option, constitutes one Common Share more than 90% of the number of Common Shares that will be outstanding immediately after the issuance of the Top-Up Option Shares. The Top-Up Option may be exercised by the Purchaser, in whole, at any time on or after the date on which the Purchaser accepts for payment and pays for all Common Shares validly tendered and not validly withdrawn pursuant to the Offer (the “Acceptance Date”) and on or prior to the fifth Business Day after the later of the Acceptance Date and the expiration of any subsequent offering period under Rule 14d-11 under the Exchange Act; provided, however, that the obligation of the Company to deliver Top-Up Option Shares upon the exercise of the Top-Up Option is subject to the conditions that (i) the number of Top-Up Option Shares to be issued by the Company shall in no event exceed 19.90% of the number of outstanding Common Shares or the voting power of the Company, in each case, as of immediately prior to the issuance of the Top-Up Option Shares, (ii) no provision of any applicable Law and no judgment, injunction, order or decree shall prohibit the exercise of the Top-Up Option or the delivery of the Top-Up Option Shares in respect of such exercise, (iii) the issuance of Top-Up Option Shares pursuant to the Top-Up Option would not require approval of the Company’s shareholders under applicable Law or regulation (including the NYSE rules and regulations), (iv) upon exercise of the Top-Up Option, the number of Common Shares owned by Parent or the Purchaser or any direct or indirect wholly owned Subsidiary of Parent or the Purchaser constitutes one Share more than 90% of the number of Common Shares that will be outstanding immediately after the issuance of the Top-Up Option Shares and (v) the Purchaser has accepted for payment and paid for all Common Shares validly tendered in the Offer and not validly withdrawn. The parties shall cooperate to ensure that the issuance of the Top-Up Option Shares is accomplished consistent with all applicable legal requirements of all Governmental Entities, including compliance with an applicable exemption from registration of the Top-Up Option Shares under the Securities Act.

  • Nonstatutory Stock Option The Optionee may incur regular federal income tax liability upon exercise of a NSO. The Optionee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Exercised Shares on the date of exercise over their aggregate Exercise Price. If the Optionee is an Employee or a former Employee, the Company will be required to withhold from his or her compensation or collect from Optionee and pay to the applicable taxing authorities an amount in cash equal to a percentage of this compensation income at the time of exercise, and may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise.

  • Nonqualified Stock Option The Option is a nonqualified stock option and is not, and shall not be, an incentive stock option within the meaning of Section 422 of the Code.

  • Exercisability of Option Unless otherwise provided in this Agreement or the Plan, this Option shall entitle the Participant to purchase, in whole at any time or in part from time to time, to the extent the Option is vested in accordance with the vesting schedule herein, the Shares subject to this Option, and each such right of purchase shall be cumulative and shall continue, unless sooner exercised or terminated as herein provided, during the remaining Option Period.

Time is Money Join Law Insider Premium to draft better contracts faster.