PIK Payments definition

PIK Payments means payments of interest as required by the Subordinated Documents (as in effect on the date hereof or amended in accordance with the terms hereof) that are in the form of Equity Interests or additional Subordinated Notes (or the increase of the principal amount of the Subordinated Notes), and the accrual or capitalization of interest otherwise prohibited by the terms of this Agreement, in each case, in lieu of cash payments and that are in all respects subordinate and junior in right of payment to the Senior Indebtedness to at least the same extent as the Subordinated Indebtedness as set forth in this Agreement.
Sample 1Sample 2Sample 3
PIK Payments means, collectively, any payments of interest made on account of the Subordinated Indebtedness as payments in kind (including by capitalizing interest as principal or issuing one or more new promissory notes in the form of the Subordinated Notes).
Sample 1Sample 2Sample 3
PIK Payments means payments (other than in connection with an Insolvency Proceeding) in the form of additional Junior Notes (or an increase in the principal amount of existing Junior Debt) (a) in lieu of regularly scheduled cash payments of interest or (b) in respect of any increase in the rate of interest payable in kind to the extent such increase is permitted hereunder, in each instance in (a) and (b), that are subordinate and junior in right of payment to the Senior Debt to at least the same extent as the Junior Debt. For the avoidance of doubt, all PIK Payments shall constitute Junior Debt hereunder.
Sample 1Sample 2

Examples of PIK Payments in a sentence

  • The Company will make PIK Payments on Global Notes held by the Depositary or its nominee, to the Depositary or its nominee, as the case may be, as the registered holder of such Global Note.

  • Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, redemptions and PIK Payments.

  • PIK Payments on the Notes will be made in denominations of $1.00 and any integral multiple of $1.00 in excess thereof.

  • PIK Payments will be made in minimum denominations of $1.00 and any integral multiple in excess of $1.00 thereof.

  • The Notes shall be initially issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof; provided, however, that payments of PIK Interest shall be made in denominations of $1.00 and integral multiples of $1.00 rounded up to the nearest whole dollar and thus Notes increased by PIK Payments may be in integral multiples other than $1,000.

  • Ms. Heaphy replied that in its due diligence Callan reviews manager reports to assess the quality of the investments and ascertain they are good investments for the Board.

  • The Commission will be part of the board only as an observer in order to esnure the proper deployement of the services.

  • PIK Payments will be made in denominations of $1.00 and integral multiples thereof.

  • The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof and PIK Payments in accordance with the terms of the Notes.

  • Each Global Note shall represent such principal amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be increased or reduced to reflect PIK Payments, repurchases, cancellations, conversions, transfers or exchanges permitted hereby.


More Definitions of PIK Payments

PIK Payments means payments in kind and not in cash on account of the Subordinated Debt (whether by way of capitalization of interest, fees, expenses or other amounts or the issuance of additional Subordinated Debt as payment thereof).
Sample 1Sample 2
PIK Payments means any payment in respect of the Seller Preferred Stock that is paid-in-kind.
Sample 1
PIK Payments means increases in the principal amount of the New Notes and the issuance of additional certificated New Notes to existing holders of certificated New Notes, in each case to the extent required or permitted under the New Notes Indenture, at the Company’s election on one or more of the first three interest payment dates for the New Notes following the initial issuance of the New Notes upon closing of the New Notes Exchange Offer. Section 1.2
Sample 1
PIK Payments shall have the meaning ascribed to it in Section 2.6 hereof.
Sample 1

Related to PIK Payments

  • PIK Payment has the meaning specified in Section 2.06.

  • PIK Amount means, as of any date of determination, the amount of all interest accrued with respect to the Loans that has been paid in kind by being added to the balance thereof in accordance with Section 2.04(b).

  • PIK Interest has the meaning specified in Section 2.05(a).

  • PIK Notes means additional Notes issued under this Indenture on the same terms and conditions as the Notes issued on the Closing Date in connection with the payment of PIK Interest.

  • PIK Interest Amount means, in respect of any Interest Payment Date, the amount of interest accrued during an Interest Period calculated based on the PIK Interest Rate applicable during such Interest Period.

  • Booking Fee is the fee an Agency charges for scheduling Sign Language Interpreters.

  • Prepayment Fee is, with respect to any Term Loan subject to prepayment prior to the Maturity Date, whether by mandatory or voluntary prepayment, acceleration or otherwise, an additional fee payable to the Lenders in amount equal to:

  • Arrears of Interest means as at any date and in relation to any Mortgage Loan, interest (other than Capitalised Interest or Accrued Interest) on such Mortgage Loan which is currently due and payable on such date;

  • Additional Payments means the amounts required to be paid by the Company pursuant to the provisions of Section 4.2 hereof.

  • PIK Interest Rate means (a) in respect of any Interest Period, the Additional Tax Payer Protection Rate plus (b) in respect of any Interest Period ending on or prior to the first anniversary of the date hereof, the Adjusted LIBO Rate plus the Applicable Rate.

  • Cash Interest shall have the meaning assigned to such term in Section 2.06.

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

  • Change of Control Payments means the aggregate amount of all change of control or bonus payments that are payable by the Company and its Subsidiaries to any Person solely as a result of the consummation of the Closing, together with any employer-paid portion of any employment and payroll taxes related thereto; provided, however, that in no event shall any (a) retention payments made pursuant to any Employment Agreement or (b) any severance payments made to employees who are terminated on or after the Closing Date be considered Change of Control Payments.

  • Principal Payments means all payments of principal made pursuant to the terms of the Note.

  • Joining Fee means the one-off fee charged by the trustee/sponsor of a scheme and payable by the employers and/or members upon joining the scheme.

  • Deferred Payments means any severance pay or benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries), that in each case, when considered together, are considered deferred compensation under Section 409A.

  • Interest Subsidy Payments means payments, designated as such, consisting of interest subsidies by the Department in respect of the Trust Student Loans to the Eligible Lender Trustee on behalf of the Trust in accordance with the Higher Education Act.

  • Ticking Fee has the meaning specified in Section 2.09(b).