Term Loan PIK Amount means, as of any date of determination, the amount of all interest accrued with respect to the Term Loan Advance that is required to be paid in kind by being added to the principal balance thereof in accordance with Section 2.2(a) of this Agreement. The Term Loan PIK Amount shall be reduced by any payments made by Borrower to Agent toward the Term Loan PIK Amount for the prior month only, provided (a) such payment is made with contemporaneous or prior written notice to Agent specifying that such payment is on account of the Term Loan PIK Amount and within two (2) days of the last day of such month, and (b) Borrower has made all other required payments hereunder, including without limitation any principal, and interest otherwise payable hereunder."
Examples of Term Loan PIK Amount in a sentence
As used herein, "Conditions" means that, as of any reference date, the Company, on or prior to such date, (i) shall have repaid in full all outstanding principal, accrued interest (including, without limitation, the Term Loan PIK Amount and the 2013 Term Loan PIK Amount, as such terms are defined in the Loan Agreement) and other obligations under the Loan Agreement (other than inchoate indemnification obligations), and (ii) shall have consummated the IPO (as hereinafter defined).
Agent may debit any of Borrower's deposit accounts, including the Designated Deposit Account, for principal (including the Term Loan PIK Amount) and interest payments or any other amounts Borrower owes Agent or Lenders when due.
Subject to Section 2.2(b), the principal amount outstanding for the Term Loan Advance (including the Term Loan PIK Amount) shall accrue interest at the aggregate of (i) a fixed per annum rate equal to ten and one-half of one percent (10.50%), which interest shall be payable monthly in accordance with Section 2.2(e) below, plus (ii) the Term Loan PIK Rate, compounded monthly, and payable on the Term Loan Maturity Date.
Subject to the terms and conditions of this Agreement, during the Draw Period, upon Borrowers request, Bank shall make advances (each advance plus the Term Loan PIK Amount, a Term B Loan Advance and collectively, the Term B Loan Advances) to Borrower in an aggregate original principal amount not to exceed Forty Million Dollars ($40,000,000.00) minus the Term A Loan Advance Amount.
All accrued but unpaid interest on the Term Loan Advances (including the Term Loan PIK Amount) shall be due and payable on the Term Loan Maturity Date.