Definition of Term Loan PIK Rate


Term Loan PIK Rate means three and one-half of one percent (3.50%) per annum.

Examples of Term Loan PIK Rate in a sentence

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.
In addition, any portion of interest on the outstanding principal amount of the Term Loan Advance accruing at the Term Loan PIK Rate shall be paid-in-kind by being added to the outstanding principal amount of the Term Loan Advance and any such interest so paid-in-kind shall be deemed capitalized on the first (1st) calendar day of each month, and thereafter, the Term Loan Advance shall bear interest at the aggregate rate as provided hereunder.
In addition, any portion of interest on the outstanding principal amount of the 2013 Term Loan Advance accruing at the 2013 Term Loan PIK Rate shall be paid-in-kind by being added to the outstanding principal amount of the 2013 Term Loan Advance and any such interest so paid-in-kind shall be deemed capitalized on the first (1st) calendar day of each month, and thereafter, the 2013 Term Loan Advance shall bear interest at the aggregate rate as provided hereunder.