PIK Loans Sample Clauses

PIK Loans. Subject to the terms hereof, each Lender severally agrees to make, pursuant to Section 2.8(b), on each Interest Compounding Date, a PIK Loan to Company in an amount equal to the Lender’s respective Pro Rata Share of all interest accrued on Loans during the Interest Period ending on such Interest Compounding Date (such loans, “PIK Loans”). An amount borrowed under this Section 2.4 and subsequently repaid or prepaid may not be reborrowed. Subject to Section 2.13(a) and 2.14, all amounts owed hereunder with respect to the Loans shall be paid in full no later than the Maturity Date.
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PIK Loans. Notwithstanding Section 2.2(a) or Section 2.2(c), Borrower may elect, (so long as the Borrower has made such election in the Notice of Borrowing and/or Notice of Conversion/Continuation prior to the commencement of such interest period; provided that in the event no election has been made in the Notice of Borrowing and/or Notice of Conversion/Continuation, then for the avoidance of doubt, such interest shall be payable in accordance with Section 2.2(a)(i)), to pay, (prior to maturity and other than with respect to any payments due at maturity, whether at stated maturity, by acceleration or otherwise) the interest on the outstanding principal amount of the Loans payable pursuant to Section 2.2(a)(i) as follows (and in lieu of interest payable pursuant to Section 2.2(a)(i)):
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PIK Loans. In lieu of paying interest due on the Loans (including all PIK Loans) on each Quarterly Payment Date in full in cash, Company may elect (a "PIK ELECTION") to pay a portion of such interest in cash equal to the Required Cash Interest and to borrow the remaining PIK Interest from the Holders in the form of PIK Loans in principal amount equal to such PIK Interest. As used herein, "REQUIRED CASH INTEREST" means immediately available funds equal to the amount of interest which would be owing on such Quarterly Payment Date if the interest rate on a Holder's Loans since the immediately preceding Quarterly Payment Date (or, for the first Quarterly Payment Date, since the Closing Date) had been a per annum rate equal to nine percent (9%), and "PIK INTEREST" means the remaining then accrued interest not paid by means of the Required Cash Interest. As used herein "PIK LOAN" means an additional loan from a Holder to Company, made without any wire transfer of funds to or from Administrative Agent or Company, that is applied by such Holder on behalf of Company to pay such PIK Interest. In order to make a PIK Election with respect to a Quarterly Payment Date, Company must give advance written notice thereof in the form of Exhibit B-2 to Administrative Agent (who will notify each Holder) and deliver the Required Cash Interest due to each Holder to Administrative Agent on or before such Quarterly Payment Date. Upon delivery of such Required Cash Interest, such PIK Loan shall be deemed made by the Holders and received by Company. Notwithstanding the foregoing provisions of this subsection, however, during the continuance of an Event of Default Company may not make any PIK Election without the consent of Required Holders.
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PIK Loans. The Borrower acknowledges and agrees that, as of the Closing Date and after giving effect to the Reorganization Plan, the Borrower shall be indebted to each PIK Lender and subject to and upon the terms and conditions set forth herein, each such PIK Lender shall be deemed to have made, on and as of the Closing Date, a third lien secured accreting convertible loan to the Borrower (each a "PIK Loan" and collectively the "PIK Loans") in the amounts set forth on Schedule II which PIK Loans shall be equal, in the aggregate, to the Total PIK Loan Amount.
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PIK Loans. (a) Each PIK Loan shall bear interest from and including the Closing Date to but not including the date on which all amounts owing under such PIK Loans have been paid in full (or in the case of interest on any Principal Amount, the date on which such Principal Amount is converted into PSC Common Stock) on the unpaid Principal Amount of, and on all unpaid Accreted Interest Amounts under, such Loans payable in Dollars and calculated (but not compounded) daily at the rate of 10% per annum expressed on the basis of a year of 360 days and the actual number of days elapsed.
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PIK Loans. (i) Except as expressly permitted by this Agreement, under no circumstances may the Borrower voluntarily prepay or redeem any amount owing under the PIK Loans except pursuant to a PIK Loan Redemption Notice and as expressly permitted pursuant to the provisions of this Section 2.02(a).
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Related to PIK Loans

  • Revolving Loans The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Revolving Loans outstanding on such date.

  • Incremental Loans Any Incremental Term Loans or Incremental Revolving Commitments effected through the establishment of one or more new term loans or new revolving credit commitments, as applicable, made on an Incremental Facility Closing Date (other than a Loan Increase) shall be designated a separate Class of Incremental Term Loans or Incremental Revolving Commitments, as applicable, for all purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Term Commitments of any Class are effected (including through any Term Loan Increase), subject to the satisfaction of the terms and conditions in this Section 2.14, (i) each Incremental Term Lender of such Class shall make a Loan to the Borrower (an “Incremental Term Loan”) in an amount equal to its Incremental Term Commitment of such Class and (ii) each Incremental Term Lender of such Class shall become a Lender hereunder with respect to the Incremental Term Commitment of such Class and the Incremental Term Loans of such Class made pursuant thereto. On any Incremental Facility Closing Date on which any Incremental Revolving Commitments of any Class are effected through the establishment of one or more new revolving credit commitments (including through any Revolving Commitment Increase), subject to the satisfaction of the terms and conditions in this Section 2.14, (i) each Incremental Revolving Lender of such Class shall make its Commitment available to the Borrower (when borrowed, an “Incremental Revolving Loan” and collectively with any Incremental Term Loan, an “Incremental Loan”) in an amount equal to its Incremental Revolving Commitment of such Class and (ii) each Incremental Revolving Lender of such Class shall become a Lender hereunder with respect to the Incremental Revolving Commitment of such Class and the Incremental Revolving Loans of such Class made pursuant thereto.

  • Term Loans Subject to the terms and conditions of this Agreement, on the Closing Date, each Lender then party to this Agreement severally (and not jointly) made a term loan to Borrowers (collectively, the “Existing Term Loans”) in an amount equal to $20,000,000. Subject to the terms and conditions of this Agreement and the First Amendment, on the First Amendment Effective Date, each Lender severally (and not jointly) agrees to make an additional term loan to Borrowers (collectively, the “First Amendment Term Loans”) in an amount equal to such Lxxxxx’s Term Loan Commitment, such that after giving effect to the First Amendment on the First Amendment Effective Date, the aggregate principal amount of the Term Loans hereunder shall be $40,000,000. Subject to the terms and conditions of this Agreement and the Second Amendment, on the Second Amendment Effective Date, each Lender severally (and not jointly) agrees to make an additional term loan to Borrowers (collectively, the “Second Amendment Term Loans,” and together with the Existing Term Loan and the First Amendment Term Loans, collectively, the “Term Loans”), in an amount equal to such Lxxxxx’s Term Loan Commitment, such that after giving effect to the Second Amendment on the Second Amendment Effective Date, the aggregate principal amount of the Term Loans hereunder shall be $60,000,000. All Term Loans shall be made in and repayable in Dollars. Amounts repaid in respect of Term Loans may not be reborrowed, and upon each Lender’s making of the Second Amendment Term Loans on the Second Amendment Effective Date, any then outstanding Term Loan Commitment of such Lender shall be terminated (it being understood and agreed that the initial Term Loan Commitments of $20,000,000, under and as defined in this Agreement as in effect on the Closing Date, were reduced to $0 upon the funding of the Existing Term Loans on the Closing Date and the Term Loan Commitments of $20,000,000, under and as defined in this Agreement as in effect on the First Amendment Effective Date, were reduced to $0 upon the funding of the First Amendment Term Loans on the First Amendment Effective Date).

  • Revolving Loan Borrowings (i) Each Borrowing of Revolving Loans shall be made on notice given by a Borrower to the Revolving and LC Administrative Agent not later than 11:00 a.m. (New York time) (A) on the Business Day of the proposed Borrowing, in the case of a Borrowing of Base Rate Loans and (B) three Business Days prior to the date of the proposed Borrowing, in the case of a Borrowing of Eurodollar Rate Loans. Each such notice shall be in substantially the form of Exhibit C-2 (a “Notice of Revolving Borrowing”) (or shall be made by telephone and the same information shall be confirmed promptly thereafter in writing), specifying (1) the date of such proposed Borrowing, (2) the aggregate amount of such proposed Borrowing, (3) whether any portion of the proposed Borrowing will be of Base Rate Loans or Eurodollar Rate Loans, (4) the initial Interest Period or Interest Periods for any such Eurodollar Rate Loans, and (5) remittance instructions. The Revolving Loans shall be made as Base Rate Loans unless, subject to Section 2.17, the Notice of Revolving Borrowing specifies that all or a portion thereof shall be Eurodollar Rate Loans. Each Borrowing of Revolving Loans shall be in an aggregate amount that is an integral multiple of $1,000,000.00 (or $500,000.00 with respect to Swing Loans) and shall be allocated ratably in accordance with each Revolving Lender’s Revolving Commitment.

  • Tranche B Loans Subject to the terms and conditions of this Agreement (including, without limitation, Section 2.13(a) and Article 6), each Tranche B Lender severally agrees to make one or more loans to the Borrower from time to time from and including the New Advance Date to but excluding the Tranche B Commitment Termination Date up to but not exceeding the amount of such Tranche B Lender's Tranche B Commitment as then in effect; provided, however, that the aggregate outstanding principal amount of the Tranche B Loans and the aggregate outstanding principal amount of the Tranche C Loans used to pay Permitted Third-Party Expenses shall not at any time exceed the Permitted Third-Party Expenses Borrowing Base. Notwithstanding anything to the contrary contained in this Agreement, the Borrower, the Administrative Agent and the Lenders agree that, as of the Closing Date, the aggregate outstanding principal amount of the Original Tranche B Loans is $1,040,430.75, which amount shall be deemed outstanding as Tranche B Loans hereunder. (Such loans referred to in this Section 2.1(b) now or hereafter made or deemed made by the Tranche B Lenders to the Borrower, including, without limitation, such loans which remain outstanding after the Tranche B Commitment Termination Date, are hereinafter collectively called the "Tranche B Loans".) The Borrower may not reborrow the Tranche B Loans which have been repaid. The parties hereto hereby agree that, as of the Closing Date, the aggregate outstanding principal amount of the Tranche B Loans is $1,040,430.75.

  • Bridge Loans For purposes of determining the maturity date of any Indebtedness, customary bridge loans that are subject to customary conditions (including no payment or bankruptcy event of default) that would automatically either be extended as, converted into or required to be exchanged for, permanent refinancing shall be deemed to have the maturity date as so extended, converted or exchanged.

  • Term A Loans The Parent Borrower shall repay the Term A Loans in the applicable currency of such Term A Loans in quarterly principal installments as follows:

  • Term B Loans The Borrower shall repay to the Term B Lenders the aggregate principal amount of all Term B Loans outstanding on the last Business Day of the quarter ending on the following dates in the respective amounts set forth opposite such dates (which amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05): Date Amount June 30, 2007 $ 6,875,000 September 30, 2007 $ 6,875,000 December 31, 2007 $ 6,875,000 March 31, 2008 $ 6,875,000 June 30, 2008 $ 6,875,000 September 30, 2008 $ 6,875,000 December 31, 2008 $ 6,875,000 March 31, 2009 $ 6,875,000 June 30, 2009 $ 6,875,000 September 30, 2009 $ 6,875,000 December 31, 2009 $ 6,875,000 March 31, 2010 $ 6,875,000 June 30, 2010 $ 6,875,000 September 30, 2010 $ 6,875,000 December 31, 2010 $ 6,875,000 March 31, 2011 $ 6,875,000 June 30, 2011 $ 6,875,000 September 30, 2011 $ 6,875,000 December 31, 2011 $ 6,875,000 March 31, 2012 $ 6,875,000 June 30, 2012 $ 6,875,000 September 30, 2012 $ 6,875,000 December 31, 2012 $ 6,875,000 March 31, 2013 $ 6,875,000 June 30, 2013 $ 6,875,000 September 30, 2013 $ 6,875,000 December 31, 2013 $ 6,875,000 provided, however, that the final principal repayment installment of the Term B Loans shall be repaid on the Maturity Date for the Term B Facility and in any event shall be in an amount equal to the aggregate principal amount of all Term B Loans outstanding on such date.

  • Tranche A Loans Unless otherwise agreed to by the Administrative Agent in connection with making the initial Loans, to request a Borrowing of Tranche A Loans, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 1:00 p.m., New York City time, three (3) Business Days before the date of the proposed Borrowing and (b) in the case of an ABR Borrowing, not later than 12:00 p.m., New York City time, on the date of the proposed Borrowing; provided, that any such notice of an ABR Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.03(e) may be given not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, courier or telecopy to the Administrative Agent of a written Borrowing Request in a form reasonably acceptable to the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.01(a):

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

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