PIK Date definition
Examples of PIK Date in a sentence
All Commitment Fees accrued from the last Commitment Fee PIK Date on that portion of the Commitment that is being reduced until the effective date of any termination shall be paid to the Lenders in cash on the effective date of such termination.
The Commitment Fee shall be paid in-kind on each Commitment Fee PIK Date and on each such date, the accrued Commitment Fee shall be capitalized and added to the principal amount of the Loans outstanding.
On the PIK Date CML shall (a) immediately commence the sale of S&H, and (b) consummate and complete the sale of S&H within 120 days of the PIK Date for Net Cash Proceeds from such sale sufficient to cause all the Loans, PIK Notes, and all other Obligations to be paid in full and all Letters of Credit to be cash collateralized on terms satisfactory to the Lenders.
Where M▇▇▇▇▇ chooses to exercise a M▇▇▇▇▇ ▇▇▇ and Call, it shall deliver written notice thereof to both the Holder and the Borrower at least seven (7) days prior to the applicable PIK Date.
On the applicable PIK Date M▇▇▇▇▇ covenants to allot, issue and register in the name of the Holder, the number of M Shares set out in its notice to the Holder and the Borrower.
The unpaid principal amount of the Loans shall bear interest from the Closing Date and each relevant PIK Date, as applicable, at the Base Interest Rate (as adjusted from time to time pursuant to ection 2 .
Prior to the Maturity Date, all accrued interest shall be payable-in-kind in arrears on the first day of each calendar month occurring prior to the Maturity Date (each, a “PIK Date”), shall be compounded on each such PIK Date by being added to the principal of the Loan (all such payable-in-kind interest, “PIK Interest”), and shall thereafter accrue interest at the Interest Rate.
Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, all interest must be paid in cash, irrespective of any election at any time by the Borrower to pay such interest in the form of PIK Interest if (x) any Event of Default has occurred and is continuing on any Payment Date, or (y) the Payment Date on which the Borrower elects to pay PIK Interest occurs after the Final PIK Date.
All amounts of accrued PIK Interest as of each PIK Date shall be considered principal on the Loan until paid.
Notwithstanding the Accrual Interest due and owing on each applicable payment date after the PIK Date, the Borrower shall only be required to pay to the Lenders the interest accrued on the relevant Advances of the Revolving Credit, the Amortizing Loans, the CAPEX Loan, and the Swing Line Loan at the Applicable Interest Rate selected by the relevant Borrower (the “Pay Rate Interest”).