Example ContractsClausesTerm Loan Pik Interest Rate
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PIK Interest. Borrower shall incur additional interest in arrears on the unpaid principal amount of each Loan from the date of such Loan until such Loan is paid in full at a per annum rate of interest equal to 5.5%, which amount (the “PIK Interest”) shall be added to increase the outstanding principal balance of such Loan on each Payment Date (and thereafter interest shall accrue thereon) and which amount shall be payable when the principal amount of the Loan is payable or in accordance with the terms of [Section 2.02(b)(ii)]. Notwithstanding the foregoing, Borrower, at its election and on each Payment Date, may elect to pay the PIK Interest (or any part thereof) that has not already been added to the outstanding principal balance of the Loan pursuant to this [Section 2.02(a)(ii)] as Cash Interest pursuant to the terms of [Section 2.02(b)(i)].

PIK Interest. On the Maturity Date, Borrower shall make a payment to each Lender of PIK Interest accrued and not added to principal through and including the Maturity Date.

INTEREST; INTEREST RATE. Interest on the Principal outstanding from time to time shall commence accruing on the Issuance Date (as set forth above) and shall be payable in cash on the last business day of each calendar quarter until the Maturity Date, unless paid earlier in connection with the repayment of Note pursuant to [Section 1] hereof or conversion of the Note pursuant to [Section 3] hereof, with such first payment due on []. The Holder has the option to defer quarterly interest payments (simple interest). Deferred interest payments will be paid within thirty (30) days of written request by the Holder. Any deferred and unpaid interest will be paid at the maturity date of the Note. No additional interest will be accrued on the deferred interest payments (simple interest).

Interest Rate. The interest rate 6%.

Interest Rate. Interest on the Outstanding Principal Balance of the Loan shall accrue from the Closing Date at the Interest Rate until repaid in accordance with the applicable terms and conditions hereof.

Interest Rate. All Base Rate Loans shall accrue interest at the Base Rate. All LIBOR Loans shall accrue interest at a rate per annum equal to the LIBOR Daily Floating Rate plus the Applicable Percentage for LIBOR Loans. All Eurodollar Loans shall accrue interest at the Adjusted Eurodollar Rate. All Competitive Bid Loans shall bear interest at a rate per annum equal to the sum of # the Eurodollar Rate determined for the Interest Period (determined as if the related Competitive Bid Loan were a Revolving Loan which is a Eurodollar Loan) plus # the Competitive Bid Margin quoted by the making such Competitive Bid Loan in accordance with [Section 2.2].

Commencing on the date hereof, the unpaid principal balance of this Deed of Trust Note (as the same may be amended, restated or supplemented from time to time, the “Note”) outstanding from time to time shall bear interest at the fixed interest rate of four and one-eighth percent (4.125%) per annum. Interest shall be calculated using a 360-day year, based upon the actual number of days for which the calculation is being made.

Interest Rate. Interest shall accrue on the Principal Indebtedness at a rate of four and seven hundredths percent (4.07%) per annum (the “Interest Rate”) commencing on the date of this Note. Interest shall be calculated and applied on the basis of a 360-day year consisting of twelve 30-day months, except that interest for any partial Interest Accrual Period (as defined below) shall be calculated and applied on the basis of a 360-day year and the actual number of days in such partial Interest Accrual Period (as hereinafter defined).

Term Loan Conditions. With respect to any request for a Credit Extension under the Term Loan Commitments,

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The Borrower acknowledges and agrees that the Term Loan Lenders made term loans to the Borrower in the original principal amount of (the “Initial Term Loans”) on the Closing Date, and each Term Loan Lender’s Initial Term Loan Commitment was concurrently reduced to . Each Term Loan Lender and the Borrower further acknowledges and agrees that, as of the Second Amendment Effective Date, the Initial Term Loans have been paid in full by the Borrower.

Term Loan Commitments. Subject only to the conditions set forth in [Section 4.01], each with an Initial Term Loan Commitment severally agrees to make to the on the Closing Date a term loan denominated in Dollars equal to such ’s Initial Term Loan Commitment (the “Initial Term Loans”; provided that any Delayed Draw Term Loans that are funded hereunder shall also be deemed to constitute Initial Term Loans following such funding). Initial Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. At any time and from time to time during the Delayed Draw Commitment Period, subject to the terms and conditions set forth in [Section 4.03] hereof, each with a Delayed Draw Commitment severally agrees to make to the on the applicable Delayed Draw Closing Date a Term Loan denominated in Dollars in an aggregate amount requested by the but not exceeding such ’s unfunded Delayed Draw Commitment as of such date immediately prior to giving effect to such Borrowing (the “Delayed Draw Term Loans”); provided that the aggregate principal amount of all such Borrowings of Delayed Draw Term Loans shall not exceed the aggregate amount of the Delayed Draw Commitments as of the Closing Date. Amounts borrowed under this [Section 2.01(a)] and repaid or prepaid may not be reborrowed. Initial Term Loans and Delayed Draw Term Loans may be Base Rate Loans (in the case of Term Loans denominated in Dollars) or Eurocurrency Rate Loans, as further provided herein; provided that Delayed Draw Term Loans will initially be of the same Type and will have the same Interest Period as the Term Loans outstanding immediately prior to the Borrowing of such Delayed Draw Term Loans. To the extent practicable, the Initial Term Loans and Delayed Draw Term Loans will be treated as the same Class (i.e., “fungible”) and will have the same CUSIP.

Term Loan Commitments. Subject to the terms and conditions hereof, and relying upon the representations and warranties herein set forth, each Lender severally agrees to make a term loan under its Term Loan Commitment (each such loan, a “Term Loan”) to the Borrower on the Closing Date in a single advance in an aggregate amount not to exceed ; provided that the aggregate amount of Term Loans from each Lender shall not exceed such Lender’s Term Loan Commitment. Each request by the Borrower for a Term Loan shall be deemed to be a representation by the Borrower that it shall be in compliance with [Section 4.1] immediately after giving effect to the requested Term Loans. The Term Loan Commitments are not revolving commitments, and the Borrower shall not have the right to repay and reborrow any Term Loan under this [Section 2.1].

Partial PIK Portfolio Investment” means a Senior Secured Loan or a Second Lien Loan whose Underlying Definitive Documents permit the “payment in kind” of interest, but require that interest at a rate at least equal to the sum of # the reference rate applicable to such Senior Secured Loan or Second Lien Loan plus # the greater of # 2.00% and # 50% of the margin applicable to such Senior Secured Loan or Second Lien Loan (without giving effect to any increase or step-up in margin resulting from the payment of interest in kind), is paid in cash on at least a semi-annual basis.

Notwithstanding the requirements in this Agreement that interest shall be paid in cash, solely to the extent that the Borrower has delivered written notice to the Administrative Agent (such election, a “PIK Toggle Election”) not more than ten (10) Business Days prior to, but not less than three (3) Business Days prior to the first Interest Payment Date for which the Borrower wishes to make a PIK Toggle Election, the Borrower shall be permitted to pay up to 400 basis points (such percentage, the “applicable PIK’d Amount”) of the interest owing on such Interest Payment Date pursuant to [[clauses (a) and (b) of this Section 2.06]6]] (the “Specified Contractual Interest Rate”) in-kind by adding the amount of such interest to the outstanding principal amount of the outstanding Term Loans on such interest payment date (whereupon from and after any such date such capitalized amounts shall also accrue interest pursuant to the foregoing provisions of this [Section 2.06] (including this [clause (f)])). If, after making a PIK Toggle Election, the Borrower has delivered written notice to the Administrative Agent not more than ten (10) Business Days prior to, but not less than three (3) Business Days prior to the next Interest Payment Date that it has elected to pay 100% of the interest owing on such Interest Payment Date pursuant to [[clauses (a) and (b) of this Section 2.06]6]] in cash, then the Borrower shall not be permitted to make a future PIK Toggle Election without the consent of the Required Term Loan .

Applicable Margin” shall mean a percentage per annum equal to, in the case of Term Loans # maintained as ABR Loans, 8.00%, and # maintained as Benchmark Rate Loans, 9.00%; provided that with respect to any applicable interest period for which the Borrower has made a PIK Toggle Election, the Applicable Margin in the case of Term Loans # maintained as ABR Loans, shall be 8.50%, and # maintained as Benchmark Rate Loans, shall be 9.50%. The Applicable Margin in respect of any Incremental New Term Loans, Extended Term Loans, Extended Revolving Loans, Refinancing Term Loans or Refinancing Revolving Loans shall be the applicable percentages per annum set forth in the applicable Incremental Loan Amendment, Extension Offer or Refinancing Amendment, respectively.

Term Loan – Payment of Principal and Interest. The unpaid principal amount of the Term Loans shall, subject to the following sentence and [Section 2.7(g)], bear interest at the applicable Interest Rate. If at any time such rate of interest would exceed the Maximum Rate but for the provisions thereof limiting interest to the Maximum Rate, then any subsequent reduction shall not reduce the rate of interest on the Term Loans below the Maximum Rate until the aggregate amount of interest accrued on the Term Loans equals the aggregate amount of interest which would have accrued on the Term Loans if the interest rate had not been limited by the Maximum Rate. All accrued but unpaid interest on the principal balance of the Term Loans shall be payable on each Payment Date and on the Maturity Date, provided that interest accruing at the Default Interest Rate pursuant to [Section 2.7(g)] shall be payable on

Term A-2 Facility. Subject to the provisions of subsection # below: # each Daily SOFR Rate Loan under the Term A-2 Facility shall bear interest on the outstanding principal amount thereof at a rate per annum equal to Daily Simple SOFR plus the Applicable Rate for SOFR Loans for the Term A-2 Facility; # each Term SOFR Rate Loan under the Term A-2 Facility for an Interest Period shall bear interest on the outstanding principal amount thereof at a rate per annum equal to Term SOFR for such Interest Period plus the Applicable Rate for SOFR Loans for the Term A-2 Facility; and # each Base Rate Loan under the Term A-2 Facility shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Base Rate for such Interest Period plus the Applicable Rate for Base Rate Loans for the Term A-2 Facility.

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Documentation and Interest Rate. Each loan must be evidenced by a promissory note prepared in a form approved by the Committee and shall bear a reasonable rate of interest equal to the Wall Street Journal Prime Rate plus 1% or such other commercially reasonable interest rate as determined by the Committee from time to time; provided however, that the applicable interest rate shall not exceed 6% during any period that the Participant receiving the loan is on military leave, in accordance with the Servicemembers Civil Relief Act. Interest paid by a Participant on a loan made under this [Section 4.8] shall be credited to the Participant’s Account as of the accounting date that ends the accounting period of the Plan during which such interest payment is made.

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