Applicable PIK Rate definition

Applicable PIK Rate means (i) with respect to the period commencing on the Sixth Amendment Date and ending with the last day of the Fiscal Quarter ending March 31, 2016, 7% per annum and (ii) with respect to each subsequent period, 3% per annum.

Applicable PIK Rate means (a) for any period ending on or prior to January 31, 2023, 5%, (b) on and after February 1, 2023 through JanuaryOctober 31, 20242023, 10%, (c) on and after FebruaryNovember 1, 20242023 through July 31April 30, 20242025, 110%, (dc) on and after AugustMay 1, 2024 through January 31, 2025, 8%, (e) on and after February 1, 2025 through January 31, 2026, 9% and (fd) on and after February 1, 2026, 10%. “Application Event” shall mean the (a) occurrence of an Event of Default and (b) the election by the Agent or the Majority Lenders during the continuance of such Event of Default to require that payments and proceeds of Collateral be applied pursuant to Section 9.2(a). “Asset Sale” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction), whether in one transaction or in a series of transactions, of any property (including, without limitation, any Equity Interests, contracts, merchant accounts (or any rights thereto)) by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. For purposes of clarification, "Asset Sale" shall include any disposition of property through a "plan of division" under the Delaware Limited Liability Company Act or any comparable transaction under any similar law. “Assignment Agreement” shall mean an Assignment Agreement substantially in the form of Exhibit B hereto. “Authorized Signer” shall mean each person who has been authorized by the Borrower to execute and deliver any Requests for Loans hereunder pursuant to a written authorization delivered to the Agent and whose signature card or incumbency certificate has been received by the Agent. “Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

Applicable PIK Rate means a percentage per annum equal to (i) in the case of LIBOR Loans, the LIBOR Rate for such Interest Period plus 12.00% and (ii) in the case of Base Rate Loans, the Base Rate plus 11.00%.

Examples of Applicable PIK Rate in a sentence

• In addition, the outstanding principal amount of each Restatement Date Incremental Term Loan shall accrue interest from and after the Restatement Date at a per annum rate equal to the Applicable PIK Rate, which amount shall be paid-in-kind, by being added to the principal balance of the Restatement Date Incremental Term Loans (inclusive of any PIK Amount theretofore so added) on each Payment Date commencing on the first Payment Date following its Funding Date.

• Subject to Section 4.2, Borrower shall pay to Agent for the ratable benefit of the Lenders interest on (i) the Incremental Loans at a rate per annum equal to twelve percent (12%) and (ii) the Existing Term Loans at a rate per annum equal to the Applicable Cash Rate plus the Applicable PIK Rate.

• Interest on the Loans shall accrue monthly and be payable in arrears in cash on each Interest Payment Date; provided that, notwithstanding the foregoing, with respect to interest accruing on the Existing Term Loans, interest accruing at the Applicable PIK Rate shall be paid in kind by having such interest capitalized, compounded and added to the unpaid principal amount of the Existing Term Loans automatically on the applicable Interest Payment Date in lieu of cash payment of such interest.

• The Loans shall bear interest at a per annum rate equal the Applicable PIK Rate which shall accrue and be paid in kind, by being added to the principal balance of the outstanding Loans on the last day of each calendar quarter, beginning on June 30, 2016, or, if such day is not a Business Day, the first Business Day immediately following such last day of the calendar quarter (each such date, an “Interest Payment Date”).

• The headings of the sections of this Note are for convenience only and shall not control or affect the meaning or construction of any provision of this Note.

More Definitions of Applicable PIK Rate

Applicable PIK Rate means, with respect to the Existing Loans:

Applicable PIK Rate means a percentage per annum equal to 3.00%.

Applicable PIK Rate means 1.0% per annum.

Applicable PIK Rate means a percentage per annum equal to 2.00%.

Applicable PIK Rate means 15% per annum.

Applicable PIK Rate means, for any day, 30.00%; provided, however, if the First Lien Loans are repaid in full on or prior to March 30, 2017, then the Applicable PIK Rate shall be deemed to be 20.00% for the period beginning on the date of such repayment and each day thereafter; provided, further, however, if the Maturity Date is extended pursuant to Section 2.06 then the Applicable PIK Rate shall be deemed to be 30.00% as of the date the Maturity Date is so extended and on each day thereafter.

Applicable PIK Rate means, as of any date of determination, a percentage equal to (a) during the period of time from and after the Effective Date up to May 1, 2003, 1.25% and (b) thereafter, 3.00%; provided, that if at any time during the period from May 1, 2003 to December 31, 2003, the US Borrowers shall have made payments in respect of the outstanding principal amount of the Working Capital Term Loan or the US Term Loan (or any combination thereof) in an aggregate amount set forth below, the Applicable PIK Rate otherwise applicable pursuant to clause (b) above shall thereafter be reduced by the number of percentage points opposite such amount: Aggregate Payments Percentage Point Reduction In excess of $15,000,000 but less than or equal to $30,000,000 0.875 percentage points In excess of $30,000,000 An additional 0.875 percentage points”