Definition of Buyer PIK Note


Buyer PIK Note shall mean a note issued by Guarantor in substantially the form attached hereto as Exhibit A.
Sample 1

Examples of Buyer PIK Note in a sentence

The Payors obligations in respect of the Buyer PIK Note shall be subordinated in right of payment to the obligations in respect of the Payors 10.00% Senior Notes due 2017 issued pursuant to the Indenture, to any other notes issued pursuant to such Indenture, to any senior unsecured fixed rate bridge loans (including senior unsecured notes issued in lieu or in exchange thereof) incurred by the Payor and to any of the Payors senior secured indebtedness, including any senior secured notes.
If any Buyer Indemnitee actually realizes a net Tax Benefit after an indemnification payment is made to it but prior to the Survival Date, such Buyer Indemnitee shall increase the outstanding principal amount of the Buyer PIK Note by an amount equal to such net Tax Benefit (including net of costs to the Buyer to obtain such Tax Benefit).