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 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.

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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.

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.

Examples of PIK Obligations in a sentence

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.
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.
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.
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).
Prepayments made pursuant to this clause (c)(iii) shall be applied (A) first, to outstanding Term Advances (and accrued Current Pay Interest related thereto), (B) second, to outstanding PIK Obligations (and accrued Current Pay Interest related thereto), (C) third, to accrued PIK Interest on all Advances and (C) fourth, to Revolving Advances (and accrued Current Pay Interest related thereto) and, thereafter, to the cash collateralization of outstanding Letter of Credit Exposure.
Subject to extension pursuant to the terms and conditions set forth in clauses (c) and (d) of this Section 2.05 and subject to the provisions otherwise set forth in this Section 2.05, the Borrower shall, on March 9, 2010 (the “Initial Maturity Date”), cause the Obligations (including, without limitation, all outstanding Term Advances, Revolving Advances, PIK Obligations and all fees, costs and expenses due and owing under the Credit Documents) to be Fully Satisfied.
The Lenders shall not be required to fund any portion of the PIK Accrual Advances (as such PIK Accrual Advances represent accrued and unpaid obligations of the Borrower hereunder) and shall not have any continuing commitments with respect to such PIK Accrual Advances or the PIK Obligations.

More Definitions of PIK Obligations

PIK Obligations means a Partial PIK Obligation or an PIK Toggle Obligation",

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.