Issuance of PIK Interest. Interest on the Notes will be payable in cash (the “Cash Interest”); provided, however, that for the first four (4) interest periods after the Issue Date, the Issuer will have the option, in its sole discretion (a “PIK Election”), to pay such interest on the Notes, in an amount up to 4.50% per annum as specified by the Issuer for each interest period (the “PIK Interest”), by increasing the principal amount of the outstanding Notes in a principal amount equal to the PIK Interest (rounded up to the nearest $1.00) (the “PIK Principal Increase”) or if, and in the limited circumstances where, the Notes are no longer held in global form, by issuing additional Notes under this Indenture in a principal amount equal to the PIK Interest (rounded up to the nearest $1.00), having the same terms and conditions as the Notes (the “PIK Notes”). For any interest period for which the Issuer makes a PIK Election, the Issuer will pay a combination of (x) PIK Interest for such period and (y) Cash Interest at a rate equal to 13.50% per annum, minus the PIK Interest for such period. For all interest payment periods after the first four (4) interest payment periods after the Issue Date, interest will be payable solely in cash. In the event that the Issuer determines to make a PIK Election for any applicable interest period, then, the Issuer shall deliver a written notice (a “PIK Notice”) to the Trustee (x) if for the first interest period after the Issue Date, prior to the fifth Business Day immediately prior to the Interest Payment Date for such interest period or (y) if for any subsequent interest period, prior to the first day of the respective interest payment period, which notice shall state the total amount of interest to be paid on the Interest Payment Date in respect of such interest period, the amount of such interest to be paid as PIK Interest and the amount of Cash Interest. The Trustee, on behalf of the Issuer, shall deliver a corresponding notice prepared by and provided by the Issuer to the Holders. For the avoidance of doubt, interest on the Notes in respect of any interest period for which a PIK Notice is not delivered in accordance with this Section 2.20 must be paid entirely in cash. Any PIK Interest on the Notes, if elected to be paid, will be payable (x) with respect to the Notes represented by one or more Global Notes registered in the name of, or held by, DTC or its nominee on the relevant record date, by increasing the principal amount of the outstanding Gl...
Issuance of PIK Interest. Any PIK Interest (including Partial PIK Interest) on the Notes will be payable to Holders and (a) with respect to the Notes represented by one or more Global Notes registered in the name of, or held by, DTC or its nominee on the relevant Record Date, by increasing the principal amount of the outstanding Global Notes by an amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole dollar) and (b) with respect to Notes represented by certificated Notes, by issuing PIK Notes in certificated form in an aggregate principal amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole dollar). The Trustee will, at the written request of the Company and upon receipt of executed PIK Notes from the Company, authenticate and deliver such PIK Notes in certificated form for original issuance to the Holders on the relevant Record Date, as shown by the records of the register of Holders. In the event the Company is entitled to and elects to pay Partial PIK Interest for any Interest Period, each Holder will be entitled to receive Cash Interest in respect of the applicable percentage of the principal amount of the Notes held by such Holder on the relevant Record Date and PIK Interest in respect of the remaining percentage of the principal amount of the Notes held by such Holder on the relevant Record Date. Following an increase in the principal amount of the outstanding Global Notes as a result of a PIK Payment, the Global Notes will bear interest on such increased principal amount from and after the date of such PIK Payment. Any PIK Notes issued in certificated form will be distributed to Holders, dated as of the applicable Interest Payment Date and will bear interest on the principal amount of such PIK Note from and after the date of such PIK Payment. Any PIK Notes issued in certificated form will be dated as of the applicable Interest Payment Date and will bear interest from and after such date.
Issuance of PIK Interest. (a) Any PIK Interest on the Notes with respect to Notes represented by one or more Global Notes registered in the name of, or held by, the Depositary or its nominee on the relevant Record Date, is payable by increasing the principal amount of the outstanding Global Note by an amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole dollar) as provided in an Officers’ Certificate delivered to the Trustee at least three (3) Business Days prior to the first day of such Interest Payment Date. On the applicable Interest Payment Date, the Trustee shall record such increase on the schedule to the Global Note and the Registrar shall record such increase in the Registrar’s books and record. Following an increase in the principal amount of the outstanding Global Notes as a result of a PIK Payment, the Notes will bear interest on such increased principal amount from and after the date of such PIK Payment.
Issuance of PIK Interest. Any PIK Interest (if any) on the Notes is payable (1) with respect to Notes represented by one or more Global Notes registered in the name of, or held by, DTC or the Common Depositary or their respective nominees on the relevant Record Date, by increasing the principal amount of the outstanding Global Note by an amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole euro or dollar, as applicable) in accordance with Applicable Procedures and (2) with respect to the Notes represented by certificated notes, by issuing Additional Notes in certificated form in an aggregate principal amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up to the nearest whole euro or dollar, as applicable), and the Trustee will, at the written order of the Issuer, authenticate and deliver such Additional Notes in certificated form for original issuance to the Holders on the relevant Record Date, as shown by the records of the register of the Holders. On the applicable Interest Payment Date, the Trustee shall record such increase on the schedule to the Global Note and the Registrar shall record such increase in the Registrar’s books and record. Following an increase in the principal amount of the outstanding Global Notes as a result of a PIK Payment, the Notes will bear interest on such increased principal amount from and after the date of such payment.
