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

  • For purposes of determining the applicable interpolated swap rate, the designated maturity will be deemed to equal the average life of the Partial PIK Security, as determined by the Collateral Manager at the time of the acquisition thereof.

  • A Collateral Obligation (other than a Partial PIK Security) which by its terms permits the deferral or capitalization of payment of accrued, unpaid interest.

  • For purposes of the Minimum Floating Spread Test and the Minimum Weighted Average Coupon Test, the per annum fixed rate or floating rate, as applicable, of a Partial PIK Security will be deemed to equal the rate at which interest was required to be paid incash on the most recently scheduled payment date on the outstanding balance of such securityobligation.

  • For purposes of the Minimum Floating Spread Test and the Minimum Weighted Average Coupon Test, the per annum fixed rate or floating rate, as applicable, of a Partial PIK Security will be deemed to equal the rate at which interest was required to be paid in cash on the most recently scheduled payment date on the outstanding balance of such security.

  • Opposed: None.Motion carried.Competitive Grants Program (2012) – The FY 2012 Grant Agreement for $121,781.00 has arrived.

Related to Partial PIK 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;