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pay in kind |
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0 million 11 3/4% senior pay in kind notes due 2012 and the indenture governing such notes. A liquidity facility has been included to cover the delays in interest payments from collateral debt securities that can pay in kind for the class A-1, A-2, and B notes. The deterioration in excess spread has caused the class C to begin to pay in kind (PIK) as there is not enough cash to meet current coupon accruals. |
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