Applicable PIK Rate

Applicable PIK Rate. Means, as of any date of determination, a percentage equal to (a) during the period of time from and after the Effective Date up to May 1, 2003, 1.25% and (b) thereafter, 3.00%; provided, that if at any time during the period from May 1, 2003 to December 31, 2003, the Borrower shall have made payments in respect of the outstanding principal amount of the Working Capital Term Loan or the Term Loan (or any combination thereof) in an aggregate amount set forth below, the Applicable PIK Rate... otherwise applicable pursuant to clause (b) above shall thereafter be reduced by the number of percentage points opposite such amount: Aggregate Payments Percentage Point Reduction In excess of $15,000,000 but less than or equal to $30,000,000 0.875 percentage points In excess of $30,000,000 An additional 0.875 percentage points View More