Definition of Term Loan PIK Interest Rate


Term Loan PIK Interest Rate means, for any day, two percent (2.00%).

Examples of Term Loan PIK Interest Rate in a sentence

Upon the occurrence and during the continuance of an Event of Default and subject to Section 2.3, all accrued interest, including accrued interest calculated at the Term Loan PIK Interest Rate, shall be payable on demand in cash.
Borrower will pay accrued interest on the Term Loan on each Interest Payment Date, of which accrued interest calculated at the Term Loan Cash Interest Rate shall be paid in cash on the applicable Interest Payment Date and accrued interest calculated at the Term Loan PIK Interest Rate shall be added to the outstanding principal amount of the Term Loan on the applicable Interest Payment Date and such accrued interest shall thereafter be principal under the Term Loan.
In addition to the interest accrued pursuant to Section 2.2(c)(i), the principal balance of each Term Loan Advance shall bear interest thereon from such Advance Date at the Term Loan PIK Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed.
All interest accrued at the Term Loan PIK Interest Rate pursuant to this Section 2.2(c) shall be repaid in full on the Term Loan Maturity Date or when declared due and payable by Lender pursuant to Section 10.1 upon the occurrence and during the continuance of an Event of Default.
Interest at the Term Loan PIK Interest Rate shall be due on any monthly interest payment date and shall be paid by adding such Term Loan PIK Interest Rate interest to the principal balance of the Term Loan Advances outstanding on such date.