PIK Notes definition

PIK Notes shall have the meaning specified in Section 2.03(d)(ii).

PIK Notes has the meaning set forth in Section 2.07.

Examples of PIK Notes in a sentence

In connection with the payment of PIK Interest, the Issuer Trust may, without the consent of the holders (and notwithstanding any restrictions or limitations set forth in Section 4.09, Section 4.12 or Article 9 hereof), increase the outstanding principal amount of the Notes or issue PIK Notes (in each case, a “PIK Payment”).
Interest on the Notes shall accrue at the rate equal to the sum of (a) 11.000% per annum payable in cash (the “Base Interest”), and (b) from the Closing Date until September 12, 2027, 2.000% per annum payable in kind (the “PIK Interest”) at a total rate of 13.000% by capitalizing such PIK Interest and increasing the principal amount of the outstanding Notes in an amount equal to such PIK Interest or by issuing PIK Notes.
On any Payment Date on which the Issuer pays PIK Interest by issuing certificated PIK Notes, the principal amount of any such PIK Notes issued to any holder, for the relevant interest period as of the relevant Record Date for such Payment Date, shall be rounded up to the nearest $1.00.

PIK Notes means the $20 million 14.75% Senior Subordinated PIK Notes due July 1, 2015, issued by TOUSA and guaranteed by certain subsidiaries of TOUSA, pursuant to the indenture dated July 31, 2007.

PIK Notes means any Notes issued pursuant to a PIK Payment.

PIK Notes has the meaning specified in Section 2.08. “PIK Option” has the meaning specified in Section 2.06.

PIK Notes means Additional Notes issued under this Indenture in connection with a PIK Payment, with the same terms as the Initial Notes, except that interest on any PIK Notes shall accrue from their date of issuance.