PIK Security means any debt security (other than any Mezzanine Obligation which by its terms provides for the deferral of interest) which, by its terms, may pay interest thereon other than on a current basis.
PIK Security means a security (excluding a Partial PIK Security or an Underlying Asset excluded from the definition of Partial PIK Security by the proviso thereof) that permits deferral and/or capitalization of any interest or other periodic distribution otherwise due.
PIK Security means any debt security (other than a Deferring Mezzanine Obligation) the terms of which permit the deferral of the payment of interest thereon, including without limitation by way of capitalising interest thereon.
Examples of PIK Security in a sentence
On any Interest Payment Date on which the Company makes a PIK Payment by issuing an additional Security (a “PIK Security”), the principal amount of any such PIK Security issued to any Holder, for the relevant interest period as of the relevant record date for such Interest Payment Date, shall be rounded up to the nearest whole dollar.
More Definitions of PIK Security
PIK Security means a Fund Investment which provides for the accretion or accrual of interest payable in additional principal at a rate greater than the stated current cash interest rate.
PIK Security means any Collateral Debt Obligation which is a security, the terms of which permit the deferral of the payment of interest in cash thereon through additions to the principal amount thereof for a specified period in the future or for the remainder of its life or by capitalising interest due on such security as principal. For the avoidance of doubt, a Mezzanine Loan shall not be considered to be a PIK Security.
PIK Security means a CDO that by its terms provides for the ultimate payment of rated interest payments, but permits certain of such payments to be deferred or capitalised as additional principal thereof or provides for the issue of securities that are identical (other than as to the date of issuance and any matters consequential thereon) in place of payments of interest in cash;
PIK Security means any Collateral Debt Security which is a loan or security, the terms of which permit the deferral of the payment of interest thereon, including without limitation by way of capitalising interest thereon, provided that, for the avoidance of doubt, Mezzanine Loans will not be considered to be PIK Securities.
PIK Security means a debt security or a loan that is permitted under its terms in certain (but not all) circumstances to make all interest payments due thereon, which are otherwise payable in cash, on a deferred basis “in kind”;
PIK Security means a debt security whose Underlying Instruments permit the deferral of the payment of interest in cash thereon, including, without limitation, by providing for the payment 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 in the future or for the remainder of its life or by capitalising interest due on such debt security as principal.
PIK Security means any Collateral Debt Security that, pursuant to the terms of the related Underlying Instruments, permits the payment of interest thereon to be deferred and capitalized as additional principal thereof or that issues identical securities in place of payments of interest in Cash, either (a) without the consent of the holder or holders of such Collateral Debt Security or (b) at the option of holders of securities secured by the same collateral pool but on a senior basis following a default or event of default with respect to such senior securities.