PIK Election Sample Clauses
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PIK Election. (a) The Issuer shall have the right to elect, from time to time, in respect of all or any part of the then outstanding Debentures, to satisfy any Interest Obligation on any Interest Payment Date by delivering PIK Debentures in accordance with this Article 5.
(b) A PIK Election shall be made by delivering a PIK Election Notice to the Debenture Trustees not less than 15 Business Days prior to the Interest Payment Date to which the PIK Election relates, subject to complying with applicable securities laws and to obtaining any applicable regulatory approvals, including any approvals required by the TSX or any other exchange on which the Debentures are then listed.
(c) At all times, PIK Interest shall be payable (i) with respect to Debentures represented by a Global Certificate registered in the name of, or held by, the Depository or the Depository Nominee on the relevant record date, by increasing the principal amount of the outstanding Global Certificate by an amount equal to the amount of such PIK Interest, or (ii) with respect to Debentures in certificated form, by indicating payment thereof and an increase in the principal amount of the Debentures in the Register for the Debentures and by issuing PIK Debentures in certificated form in an aggregate principal amount equal to such PIK Interest (rounded down to the nearest whole dollar) and the Debenture Trustees will, at the written request of the Issuer, certify and deliver such PIK Debentures in certificated form for original issuance to the Holders on the relevant record date, as shown by the records of the register of the Holders; provided that a Holder of a Debenture represented by a physical certificate shall be entitled to PIK Interest so long as the increase in the principal amount of the Debentures is recorded in the Register for the Debentures, whether or not PIK Debentures represented by a physical certificate representing such PIK Interest have been issued to such Holder. Following an increase in the principal amount of the Global Certificate as a result of a PIK Payment, the Global Certificate will bear interest on such increased principal amount from and after the date of such PIK Payment as otherwise set forth in Section 2.2. Any PIK Debentures issued in certificated form will be dated as of the applicable Interest Payment Date and will bear interest from and after such date as otherwise set forth in Section 2.2.
(d) PIK Debentures shall be issued on the same terms as the Debentures and shall c...
PIK Election. The Issuer shall have the right to elect, from time to time, in respect of all or any part of the then outstanding Debentures, to satisfy any Interest Obligation on any Interest Payment Date by delivering PIK Debentures. At all times, interest in respect of which a PIK Election is made will be payable (i) with respect to securities represented by a Global Certificate registered in the name of, or held by, the Depository on the relevant record date, by increasing the principal amount of the outstanding Global Certificate by an amount equal to the amount of interest subject to a PIK Election, or (ii) with respect to securities in certificated form, by issuing PIK Debentures in certificated form in an aggregate principal amount equal to the amount of interest subject to the PIK Election (rounded down to the nearest whole dollar) and the Debenture Trustees will, at the written request of the Issuer, certify and deliver such PIK Debentures in certificated form for original issuance to the Holders on the relevant record date, as shown by the records of the register of the Holders. Following an increase in the principal amount of the Global Certificate as a result of a PIK Payment, the Global Certificate will bear interest on such increased principal amount from and after the date of such PIK Payment. Any PIK Debentures issued in certificated form will be dated as of the applicable Interest Payment Date and will bear interest from and after such date. Any certificated PIK Debenture will be issued with the description “PIK” on the face of such security.
PIK Election. ▇▇▇▇▇▇ and ▇▇▇▇▇▇▇▇ hereby agree that the PIK Election Notice that ▇▇▇▇▇▇▇▇ delivered with respect to the calendar quarter beginning on April 1, 2024 and ending on June 30, 2024 shall remain in effect and be effective with respect to the full Loan Amount (as such term is amended by this Amendment) for such period.
PIK Election. Notwithstanding anything to the contrary set forth in this Section 2.6, at the option of the Borrower, in connection with any interest payment due and payable hereunder (the “Specified Interest”), the Borrower may elect (a “PIK Election”) to pay in kind such Specified Interest, in full or in part, by adding the amount of the Specified Interest the Borrower elects to pay in kind (the “PIK Interest”) to the principal amount of the outstanding Loans, which shall thereafter constitute Loans hereunder and accrue interest in accordance with this Section 2.6; provided that, (i) at minimum, the amount of interest hereunder on the Loans accruing at a rate equal to 1% per annum shall be paid in cash on each Interest Payment Date and (ii) the PIK Election may not be made for any interest to be paid on the Maturity Date or on the date of any other repayment or prepayment of any Loan (whether pursuant to a voluntary or mandatory prepayment, acceleration or otherwise). The Borrower shall give the Administrative Agent irrevocable notice of any PIK Election indicating the Type of Loan applicable to such PIK Interest (which notice must be received by the Administrative Agent prior to 11:00 A.M., New York City time, (a) three Business Days prior to the Interest Payment Date, in the case of Eurodollar Loans, or (b) one Business Day prior to the applicable Interest Payment Date, in the case of Base Rate Loans). Upon receipt of any PIK Election from the Borrower, the Administrative Agent shall promptly notify each Lender thereof.
PIK Election. If the Borrower has made a PIK Election in respect of the Initial Term Loans, then on the applicable Interest Payment Date, the Borrower shall (i) pay the accrued but unpaid interest on the Initial Term Loans in cash at a rate per annum equal to Term SOFR (or, in the case of an ABR Loan, ABR) plus 1.00% (the “Partial Cash Interest”) on each such Interest Payment Date and (ii) pay the accrued but unpaid interest attributable to the excess over the Partial Cash Interest by capitalizing and adding such amount to (and thereby increasing) the principal amount of Initial Term Loans outstanding hereunder on each such Interest Payment Date.
PIK Election. (i) For each Interest Period ending on or prior to the date that is 18 months after the Effective Date, the Administrative Borrower may elect (an “Election”) to (i) pay interest on the entire principal amount in cash, (ii) pay interest on the entire principal amount by adding such interest to such principal amount (a “Full PIK Payment”) or (iii) pay interest on 50% of the principal amount in cash and pay interest on the remaining portion of the principal amount by adding such interest to such principal amount (a “Partial PIK Payment”; and, together with a Full PIK Payment, “PIK Payments”); provided that the Applicable Margin otherwise applicable to the Term Loans will be increased by 0.75% per annum solely with respect to such portion that is not paid in cash during such Interest Period. Unless the context otherwise requires, for all purposes hereof, references to “principal amount” of Term Loans refers to the face amount of the Term Loans and not gross proceeds funded and includes any increase in the principal amount of the outstanding Term Loans as a result of a PIK Payment.
(ii) The Administrative Borrower shall make an Election by providing notice to the Administrative Agent at least five Business Days prior to the beginning of such Interest Period (other than for the initial Interest Period, for which the Administrative Borrower shall have made a Full PIK Payment Election and shall have given notice to the Administrative Agent three Business Days prior to the Effective Date). The Administrative Agent shall promptly deliver a corresponding notice to the Lenders. If an Election is not made by the Administrative Borrower in a timely fashion or at all with respect to the method of payment of interest for an Interest Period, interest for such Interest Period shall be payable in cash.
PIK Election. With respect to any Interest Period ending on or before April 16, 2025, and provided that no Event of Default has occurred and is continuing, Borrower may elect to pay all or a portion of the accrued interest due with respect to such Interest Period in-kind (the “PIK Election”), with such accrued interest to be added to the principal amount of the Loan outstanding as of the last day of such Interest Period (and shall thereafter accrue interest at the Interest Rate set forth herein). Borrower shall provide the Agent with at least fifteen (15) days’ written notice or such shorter period of time as the Agent may agree in its sole discretion of its intent to make a PIK Election for the then-current Interest Period. For any Interest Period ending after April 16, 2025, accrued interest shall only be payable in cash and no further PIK Elections may be made by Borrower.
PIK Election. With respect to any payment of interest on the Term Loan (including, without limitation, default interest payable pursuant to Section 2.08(e) below and additional interest pursuant to Section 2.08(f)), the Borrowers may, at their option, elect to pay such interest in whole or in part (i) in cash in same day funds (a “Cash Election”) or (ii) by increasing the outstanding principal amount of the Term Loan by the amount of interest payable (a “PIK Election” and, together with a Cash Election, an “Election”; any payment of interest on the Term Loan made by adding such interest to the principal amount of the Term Loan, a “PIK Payment”). The Borrowers shall make an Election with respect to any payment of interest by providing notice to the Administrative Agent at least five (5) Business Days prior to the date on which such Interest Payment is due and payable (or such later date as to which the Administrative Agent may consent in its sole and absolute discretion). If an Election is not made by the Borrowers in a timely fashion or at all with respect to any payment of interest, such payment shall be payable according to the Election for the previous payment of interest. Notwithstanding the foregoing, on the Termination Date or in the event of any repayment or prepayment of a Term Loan all accrued and unpaid interest on the principal amount of the Term Loan repaid or prepaid shall be paid in cash. Following an increase in the principal amount of the Term Loan as PIK Payment, interest shall be payable on such increased amount of the Term Loan.
PIK Election. (a) Upon delivery [or deemed delivery] of a PIK Election Notice pursuant to Section 2.7(b) below, Lender shall have the right to elect, from time to time, to receive all (but not less than all) of the accrued but unpaid interest on the Term Loan due and payable on the next succeeding Interest Payment Date by capitalizing said accrued and unpaid interest and adding the same to the principal amount of the Term Loan (such capitalized interest, the “PIK Interest”). Notwithstanding such right of election by Lender in the preceding sentence, until the first anniversary of the Closing Date, all interest shall either be capitalized as contemplated by this Section 2.7 or paid in Interest Shares as contemplated by Section 2.8.
(b) A PIK Election shall be made by Lender delivering a notice (a “PIK Election Notice”) to the Borrower Agent not less than two (2) Business Days prior to the Interest Payment Date to which the PIK Election relates; provided however that no such PIK Election Notice shall be required for, but rather shall be deemed to have been delivered in respect of, all interest on the Term Loan accrued during the first twelve (12) months following the Closing Date (unless an Interest Stock Election Notice has been delivered instead for the applicable period).
(c) When elected, PIK Interest shall be evidenced by Lender registering an increase in the principal amount of the Term Loan in the Term Loan Register in an aggregate principal amount equal to such PIK Interest (rounded up to the nearest whole Dollar) payable on the Term Loan on the applicable Interest Payment Date. Lender shall be entitled to PIK Interest payable on the Term Loan, whether or not the increase in the principal amount of the Term Loan has been so recorded in the Term Loan Register, to the extent such amount has not been paid to Lender in cash or in Interest Shares as of any Interest Payment Date. Following an increase in the principal amount of the Term Loan as a result of the capitalization of PIK Interest, the Term Loan will bear interest on such increased principal amount from and after the date of the capitalization of PIK Interest as otherwise set forth in Section 2.3.
(d) Lender, shall have the right, by delivering written notice to the Borrower Agent at any time prior to the Interest Payment Date, to withdraw any PIK Election made after the first anniversary of the Closing DAte, whereupon the Borrowers shall be obliged to pay in cash the interest on the Term Note in respect of wh...