PIK Security definition

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

• Any certificated PIK Securities will be issued with the description “PIK” on the face of such PIK Security.

• First, our analysis employed the cortical Glasser multimodal parcellation atlas (Glasser et al., 2016) together with subcortical gray matter parcels from the HCP atlas.

• The Issuer will invest in a Portfolio of Collateral Debt Obligations consisting, at the Closing Date, of Senior Loans, Mezzanine Obligations, High Yield Bonds, PIK Securities, Structured Finance Securities and Synthetic Securities under which the Reference Obligation is a Senior Loan, Mezzanine Obligation, PIK Security, Structured Finance Security or High Yield Bond.

• PIK Interest shall be considered paid on such date the Trustee has received (i) a Company Order, pursuant to Section 2.02, to increase the balance of any Global Security to reflect such PIK Interest or (ii) a PIK Security duly executed by the Company together with an Authentication Order, pursuant to Section 2.02, requesting the authentication of such PIK Security by the Trustee.

• For purposes of determining the applicable interpolated swap rate, the designated maturity will be deemed to equal the average life of the Partial PIK Security, as determined by the Collateral Manager at the time of the acquisition thereof.

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 without defaulting 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.