PIK Obligations definition

PIK Obligations means any loan that, pursuant to the terms of the related Underlying Instruments, permits the payment of interest thereon to be deferred or deferred and capitalized as additional principal thereof or that issues identical securities in place of payments of interest in cash; provided, however, that any such loan that has a cash coupon of at least LIBOR + 2.00% (in case of floating rate Loans) or 5.0% (in case of Fixed Rate Loans) shall not constitute a PIK Obligation for purposes of this Agreement.
Sample 1
PIK Obligations means the sum of the unpaid PIK Accrual Advances from time to time existing hereunder pursuant to Section 2.01(c), as the same may be from time to time repaid in accordance with the terms hereof.
Sample 1
PIK Obligations means a Partial PIK Obligation or an PIK Toggle Obligation", and each reference to "Eligible PIK Obligation" that appears in the Conditions shall be deemed to be replaced by a reference to "PIK Obligation". The definition "Irish Stock Exchange" shall be deleted in its entirety and replaced with the following: "Euronext Dublin" means The Irish Stock Exchange plc trading as Euronext Dublin.",and each reference to "Irish Stock Exchange" that appears in the Conditions shall be deemed to be replaced by a reference to "Euronext Dublin".
Sample 1

Examples of PIK Obligations in a sentence

  • Collateral Debt Obligations (excluding PIK Obligations and Partial PIK Obligations) the terms of which provide for payments of interest in Cash annually or less frequently than annually.

  • As of any date of determination, the sum of the products obtained by multiplying (i) for each floating rate Delayed Drawdown Debt Obligation and Revolving Collateral Debt Obligation (other than Defaulted Obligations, PIK Obligations and Partial PIK Obligations), the commitment fee then in effect as of such date and (ii) the undrawn commitments of each such Delayed Drawdown Debt Obligation and Revolving Collateral Debt Obligation as of such date.

  • Collateral Debt Obligations (excluding PIK Obligations and Partial PIK Obligations) the terms of which provide for payments of interest less frequently than quarterly and in no event less frequently than semi-annually.

  • All such interest, whether accrued with respect to the Revolving Advances, the Term Advances or the PIK Obligations, shall be added to the PIK Obligations in accordance with Section 2.01(c) hereof and be payable as of the Maturity Date together with all other PIK Obligations in accordance with Section 2.05 hereof.

  • Accrued PIK Interest with respect to the prepaid amount shall be added to the then-outstanding PIK Obligations.

  • The Portfolio of Collateral Debt Obligations which will secure the Notes will be predominantly comprised of Secured Senior Loans, Secured Senior Bonds, Corporate Rescue Loans, Unsecured Senior Obligations, Mezzanine Obligations, Second Lien Loans, High Yield Bonds, PIK Obligations and Bridge Loans lent to or issued by a variety of Obligors with a principal place of business in a Non-Emerging Market Country which are primarily rated below investment grade.

  • The repayment of PIK Accrual Advances added to the PIK Obligations from time to time shall be absolute obligations of the Borrower hereunder and the Borrower shall be responsible for the repayment of all PIK Obligations in accordance with the terms hereof.

  • The Lenders’ respective shares of the PIK Obligations from time to time outstanding shall be equal to that portion of the interest constituting the PIK Accrual Advances from time to time added to the PIK Obligations that is allocable to the outstanding Advances of such Lender (whether related to the Revolving Advances, Term Advances or prior PIK Accrual Advances of or allocable to such Lender).

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  • All such interest accrued pursuant to this item (B) shall be periodically added to the PIK Obligations in accordance with Section 2.01(c) hereof and be payable as of the Maturity Date together with all other PIK Obligations in accordance with Section 2.05 hereof.


More Definitions of PIK Obligations

PIK Obligations means the aggregate amount of the Monthly PIK Amount plus all interest that has accrued on such amount and is outstanding at any time.
Sample 1
PIK Obligations means an obligation that pursuant to its terms may defer all cash payments of interest due thereon, including, without limitation, by the issuance of additional debt obligations identical thereto or through additions to the principal amount thereof and “PIK Obligation” means any of the PIK Fixed Obligations and PIK Floater Obligations.
Sample 1

Related to PIK Obligations

  • Loan Obligations means (a) the due and punctual payment by the Borrower of (i) the unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans made to the Borrower under this Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under this Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and obligations to provide Cash Collateral and (iii) all other monetary obligations of the Borrower owed under or pursuant to this Agreement and each other Loan Document, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), and (b) the due and punctual payment of all obligations of each other Loan Party under or pursuant to each of the Loan Documents.

  • Bank Obligations means all indebtedness, obligations and liabilities, whether now or hereafter arising, of the Borrowers to the Agent or any Bank pursuant to any of the Loan Documents.

  • DIP Obligations means “DIP Obligations” as defined in the DIP Order.

  • U.S. Obligations means non-redeemable securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner that are direct obligations of the United States of America for the payment of which its full faith and credit is pledged.

  • Sukuk Obligation means any undertaking or other obligation to pay any money given in connection with any issue of trust certificates or other securities intended to be issued in compliance with the principles of Shari’a, whether or not in return for consideration of any kind;

  • Loan Document Obligations means (a) the due and punctual payment by the Borrower of (i) the principal of and interest at the applicable rate or rates provided in the Credit Agreement (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under the Credit Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon and obligations to provide cash collateral, and (iii) all other monetary obligations of the Borrower under or pursuant to the Credit Agreement and each of the other Loan Documents, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual payment and performance of all other obligations of the Borrower under or pursuant to each of the Loan Documents and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to this Agreement and each of the other Loan Documents (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding).

  • Junior Obligations means the Junior Obligations of the Guarantor and the Junior Obligations of the Issuer;

  • Notes Obligations means Obligations in respect of the Notes, the Guarantees and this Indenture.

  • Term Obligations shall have the meaning assigned that term in the Intercreditor Agreement.

  • Domestic Obligations means all Obligations owing by the Domestic Loan Parties (other than in respect of Guarantees of Foreign Obligations pursuant to Article IV).

  • Term Loan Obligations means the “Obligations” as defined in the Term Loan Credit Agreement.

  • L/C Obligations means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

  • First Lien Indebtedness means Consolidated Total Indebtedness that is secured by a Lien on the Collateral, except by a Lien that is junior to the Liens on the Collateral securing the First Lien Obligations.

  • First Lien Obligations means the Obligations and the Permitted Other Indebtedness Obligations that are secured by Liens on the Collateral that rank on an equal priority basis (but without regard to the control of remedies) with Liens on the Collateral securing the Obligations.

  • Senior Obligations is defined in Section 5.1 of this Agreement.

  • Credit Document Obligations shall have the meaning provided in the definition of "Obligations" in this Article IX.

  • Senior Secured Obligations means (a) with respect to the Revolving Facility Obligations (to the extent such Obligations are secured by the Noteholder First Lien Collateral), the Noteholder Obligations, and (b) with respect to Noteholder Obligations (to the extent such Obligations are secured by the Revolving Facility First Lien Collateral), the Revolving Facility Obligations.

  • Second Lien Indebtedness means the Indebtedness of the Loan Parties owing to the Second Lien Agent and the Second Lien Lenders under the Second Lien Credit Agreement, which Indebtedness is on terms and conditions reasonably acceptable to the Collateral Agent.

  • Permitted Obligations mean (i) nonspeculative Hedging Obligations of any Person and its Subsidiaries arising in the ordinary course of business and in accordance with such Person’s established risk management policies that are designed to protect such Person against, among other things, fluctuations in interest rates or currency exchange rates and which in the case of agreements relating to interest rates shall have a notional amount no greater than the payments due with respect to the applicable obligations being hedged and (ii) Commodity Trading Obligations. For the avoidance of doubt, such transactions shall be considered nonspeculative if undertaken in conformance with FE’s Corporate Risk Management Policy then in effect, as approved by FE’s Audit Committee, together with the Approved Business Unit Risk Management Policies referenced thereunder.

  • Second Lien Obligations means the “Obligations” as defined in the Second Lien Credit Agreement.

  • Note Obligations means the Notes, the Guarantees and all other obligations of any obligor under this Indenture, the Notes, the Guarantees and the Security Documents.

  • Junior Priority Obligations means the Initial Junior Priority Obligations and any Additional Obligations constituting Junior Priority Debt.

  • Refunded Obligations means, collectively, the Refunded Notes, if any, and the Refunded Bonds, if any, refunded by each Series.

  • Original Obligations means the “Obligations” as defined in the Original Credit Agreement.

  • Junior Obligation means the Shares, and any other class of the Issuer’s share capital and any instrument or other obligation (including without limitation any preference shares) issued or guaranteed by the Issuer that ranks or is expressed to rank junior to the Capital Securities by operation of law or contract.

  • Additional Obligations as defined in the Base Intercreditor Agreement.