PIK Loan definition

PIK Loan means a Loan to an Obligor, which provides for a portion of the interest that accrues thereon to be added to the principal amount of such Loan for some period of the time prior to such Loan requiring the cash payment of interest on a monthly or quarterly basis.

PIK Loan means a Collateral Loan (other than a Partial PIK Loan) that permits the Obligor thereon to defer or capitalize any portion of the accrued interest thereon.

PIK Loan has the meaning set forth in Section 3.02(d).

Examples of PIK Loan in a sentence

The principal amount of each PIK Loan shall accrue interest in accordance with the provisions of this Agreement applicable to the Loans.
Except in the case of any PIK Loan, such Borrowing Date shall occur during the Commitment Period.
The Lender may endorse thereon the date such additional PIK Loan is made and the principal amount of such additional PIK Loan when made.
Except in the case of any PIK Loan, Administrative Agent shall have received a Notice of Borrowing as and when required pursuant to Section 2.02.
Except in the case of any PIK Loan, Capital Royalty Partners II L.P. shall have received a Notice of Borrowing as and when required pursuant to Section 2.02.

PIK Loan. A loan that by its terms permits the deferral or capitalization of payment of all accrued and unpaid interest.

PIK Loan means a Loan that permits the Obligor thereon to defer or capitalize any portion of the accrued interest thereon.

PIK Loan means any loan that by its terms permits the deferral or capitalization of payment of accrued and unpaid interest, excluding any loan that provides for periodic payments of interest thereon in cash no less frequently than semi-annually and the portion of interest required to be paid in cash under the terms of the applicable Related Contract results in such loan having an effective rate of current interest paid in cash on such day of not less than (a) in the case of a Fixed Rate Obligation, 4.0% per annum or (b) otherwise, 3.0% per annum over the applicable index rate. For the avoidance of doubt, if the Obligor under a loan described in the exclusion above fails to make a required cash interest payment thereunder and such failure continues longer than the grace period set forth for such payment in clause (a) of the definition of “Defaulted Loan”, such loan shall be considered a Defaulted Loan.

PIK Loan means any loan that by its terms permits the deferral or capitalization of payment of accrued and unpaid interest for more than the shorter of (a) four consecutive payment periods or (b) one year, excluding any loan that provides for periodic payments of interest thereon in cash no less frequently than semi-annually and the portion of interest required to be paid in cash under the terms of the applicable Related Contract results in such loan having an effective rate of current interest paid in cash on such day of not less than (a) in the case of a Fixed Rate Obligation, 2.0% per annum or (b) otherwise, 1.0% per annum over the applicable index rate. For the avoidance of doubt, if the Obligor under a loan described in the exclusion above fails to make a required cash interest payment thereunder and such failure continues longer than the grace period set forth for such payment in clause (a) of the definition of “Defaulted Loan”, such loan shall be considered a Defaulted Loan.

PIK Loan means a Collateral Obligation that permits deferral and/or capitalization of any interest or other periodic distribution otherwise due; provided that so long as the amount of interest due in cash on each payment date is not reduced below 6.00% (if interest is charged at a fixed rate), or LIBOR + 3.00% (if interest is charged at a floating rate), such Collateral Obligation will not be considered a PIK Loan for purposes of this Agreement.

PIK Loan. A Loan that by its terms permits the deferral or capitalization of payment of accrued and unpaid interest. For the avoidance of doubt, Partial PIK Loans and Permitted Partial PIK Loans shall constitute “PIK Loans” hereunder.

PIK Loan means a Collateral Loan that as of the date of determination, by its terms, permits more than 50% of the payment of a fixed or floating rate of interest through the issuance of additional debt securities identical to such debt security or through additions to the principal amount thereof for a specified period of time.