Partial PIK Security definition

Partial PIK Security means any Underlying Asset on which the interest, in accordance with its related Underlying Instrument, is (i) partly paid in Cash and (ii) partly deferred or capitalized; provided that any Underlying Asset that pays interest partly in kind and partly in cash at a rate equal to or greater than the Base Rate plus 2.50% (or the fixed rate equivalent) will not be considered to be a Partial PIK Security.
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Partial PIK Security. Any Collateral Debt Obligation that provides for periodic payments of interest thereon in cash no less frequently than semi-annually and permits a portion of such periodic payments of interest to be deferred and capitalized as additional principal thereof; provided, that for purposes of determining compliance with the Interest Coverage Tests, Weighted Average Coupon Test and Weighted Average Spread Test, only the portion of interest payable in cash and that cannot be deferred shall be included in the calculation of the Interest Coverage Tests, Weighted Average Coupon Test and Weighted Average Spread Test.
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Partial PIK Security means any Underlying Asset on which the interest, in accordance with its related Underlying Instrument, is (i) required to be partly paid in Cash and
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Examples of Partial PIK Security in a sentence

  • Except as otherwise provided herein, Defaulted Securities, PIK Securities and any Partial PIK Security to the extent of any non-cash interest will not be included in the calculation of the Collateral Quality Test (other than the S&P CDO Monitor Test).

Related to Partial PIK Security

  • Partial Payment means a payment that is insufficient to discharge all amounts then due and payable under the Finance Documents.

  • System Security means the secure state of the Grid achieved when the System Operator acts in accordance with its principal performance obligations in relation to common quality and dispatch that are set out in Part 7 of the Code;

  • newly rateable property means any rateable property on which property rates were not levied before the end of the financial year preceding the date on which this Act took effect, excluding –

  • Global Bearer Security means the ETP Securities in bearer form represented by a global security.

  • Bid Security means the bid security provided by the Contractor to the Authority in accordance with the Request for Proposal, and which is to remain in force until substituted by the Performance Security;

  • Physical Security has the meaning specified in Section 303.

  • PIK Payment has the meaning specified in Section 2.06.

  • Initial Principal Amount means, with respect to any Series or Class (or Subclass) of Notes, the aggregate initial principal amount of such Series or Class (or Subclass) of Notes specified in the applicable Series Supplement.

  • Restricted Global Security As defined in Section 3.01(c).

  • Registered Global Security means a Security evidencing all or a part of a series of Registered Securities, issued to the Depositary for such series in accordance with Section 2.02, and bearing the legend prescribed in Section 2.02.

  • Initial Prepayment shall have the meaning set forth in Section 7.2 of this Agreement.

  • Senior Security or “Senior Securities” means any Security or Securities designated pursuant to Section 301 as a Senior Security.