PIK Spread definition

PIK Spread means the difference between the interest accrued and the interest previously paid under the Existing Credit Facility.
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PIK Spread has the meaning ascribed thereto in the definition of “Applicable Rate”.
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Examples of PIK Spread in a sentence

  • GE Capital hereby agrees to waive the PIK Spread provided that: (I) a Terminating Event does not occur hereunder, (II) the Debtor accepts GE Capital’s proposal for the DIP Credit Facility as provided in Section 7(c)(iii) hereof, and (III) GE Capital provides the Replacement Facility (as defined in the Waiver Agreement).

  • The PIK Spread shall become due and payable at the expiration or termination of the Forbearance Period.

  • Lenders shall waive the Pre-Payment Fee on the same terms and conditions that it has agreed to waive the PIK Spread as provided in Section 1(c).

  • With respect to the calculation of interest on the Closing Date Term Loan, interest attributable to the PIK Spread shall be compounded monthly on the last Business Day of each month and paid in kind by adding such portion to the outstanding principal amount of the Closing Date Term Loan (such portion of the interest payable with respect to the Closing Date Term Loan, the “PIK Interest Amount”).

  • GE Capital hereby acknowledges and agrees that the pre-payment fee and the PIK Spread that are due and payable pursuant to the Existing Credit Facility have been conditionally waived pursuant to sections 1(c) and 3(c) of the Forbearance Agreement, and the conditions of such waiver are incorporated herein by reference.