PIK Bonds definition

PIK Bonds means the PIK bonds to be issued by the Issuer (including any bonds issued by a Subsequent PIK Bond Issue) and held by one or a group of investors to be applied pro rata towards the same purposes (and at the same time(s)) as the Initial Bond Issue, to be secured on a second lien basis (ranking in respect of Enforcement Proceeds behind any obligations arising under the SSRCF Finance Documents, any Permitted Hedging Obligations, the Finance Documents and any New Debt (as set out in the Intercreditor Agreement).

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PIK Bonds means the Bonds to be issued subsequently on each Interest Payment Date as settlement for Interest Payments.

PIK Bonds means the Company’s Senior Secured Floating Rate Bonds due 2012, issued pursuant to Section 2.02(c)(ii).

Examples of PIK Bonds in a sentence

Payments of interest in the form of PIK Bonds in respect of this Bond issued in the form of a definitive Bond shall be made through the issuance of definitive PIK Bonds by the Trustee to the Holder on the applicable Record Date at its address appearing on the Register maintained with respect to this Bond.
Notwithstanding the foregoing, the consent of the Majority Lenders to the repayment of the High Yield Notes Debt or the Subordinated Shareholder PIK Bonds will not be required where that repayment is made from the proceeds of either (i) the listing of Holdco on a recognized Stock Exchange or (ii) an increase in the share capital of Holdco.
The Lender agrees, concurrently with the issuance of the notes and the Subordinated Shareholder PIK Bonds, to make the Advance to the Borrower on the date hereof.
Upon the delivery of the Officers’ Certificate specified in clause (x) of Section 2.13, the Company may so issue, and if so issued, the Trustee shall authenticate, as necessary, such PIK Bonds without the consent of any Holder, in which case the aggregate principal amount of the Original Bonds would be increased in the amount of such PIK Bonds.
The Bonds and the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A hereto (with such appropriate insertions or variations, in the case of any PIK Bonds, as are required or permitted by the Trustee).
Payments of interest in the form of PIK Bonds in respect of this Bond issued in the form of a Global Bond shall be effected by the Trustee’s notation of an increase in the principal amount of this Bond as set forth above and through the book-entry procedures of DTC.
To the extent that the principal amount of any PIK Bonds to be issued would not be in an integral multiple of $1.00, the principal amount of such PIK Bonds shall be increased to the next highest integral multiple of $1.00 if the excess over the closes integral multiple of $1.00 is $0.50 or more, but any such excess of less than $0.50 shall be extinguished.
The Company shall pay principal and interest in such coin or currency of the United States (except for the issuance of PIK Bonds as payment of interest) that at the time of payment is immediately available legal tender for payment of public and private debts (“U.S. Legal Tender”).
The Company will pay interest quarterly in arrears on each Interest Payment Date, commencing February 1, 2008; provided, however that if a Shortfall exists on any Interest Payment Date (other than an Interest Payment Date that is also a Redemption Date) between and including November 16, 2007 and November 16, 2010, such Shortfall shall be payable through the issuance of PIK Bonds in a principal amount equal to such Shortfall pursuant to Section 2.02(c)(ii) of the Indenture.

More Definitions of PIK Bonds

PIK Bonds means additional Bonds issued by the issuer for payment in kind of interest accrued on the Bonds.

PIK Bonds means bonds issued pursuant to any option the Company may have as a term of any series of bonds to satisfy the obligation of the Company to pay interest on such series of bonds on any or all specified interest payment dates. Any PIK Bonds shall have the same terms, including rate of interest and maturity, as those of the series of bonds in respect of which such PIK Bonds are issued, unless the supplemental indenture providing for the issuance of such PIK Bonds provides otherwise. The term “prior lien” as used herein shall not include the lien of the 1944 Mortgage.

PIK Bonds means Super Senior Secured Bonds issued as settlement for interest, as defined in the Super Senior Secured Bond Term Sheet Clause 7.

PIK Bonds means any Bonds issued pursuant to Clause 8(c) after the First Issue Date on one or more occasions.