Common use of PIK Interest Clause in Contracts

PIK Interest. (a) The Issuer promises to pay interest on the Notes on any interest payment date entirely by (i) paying cash (“Cash Interest”) on such interest payment date or (ii) PIK Interest on such interest payment date. In order to elect to pay Cash Interest on any interest payment date, the Issuer must deliver a written notice of its election to the Trustee no later than 10 days prior to such interest payment date (the “Cash Election Deadline”) specifying that it is electing to pay Cash Interest on such interest payment date (and if the Issuer does not deliver such notice on or prior to the Cash Election Deadline, then such interest payment shall be made by PIK Interest on such interest payment date). Notwithstanding the foregoing, the Issuer shall be deemed to have elected to make an interest payment by PIK Interest with respect to the entire principal amount of the Notes for all interest payment dates occurring prior to November 15, 2015. (b) In connection with any payment of PIK Interest, the Issuer may direct the Paying Agent in writing to make appropriate amendments to the schedule of principal amounts of the relevant Global Notes outstanding. (c) Payment shall be made in such form and terms as specified in this Section 2.17 and the Issuer shall and the Paying Agent may take additional steps as is necessary to effect such payment.