Common use of Issuance of PIK Notes Clause in Contracts

Issuance of PIK Notes. (a) Until the first Interest Payment Date that occurs 91 days after the Senior Credit Facility Termination Date, the Company shall issue PIK Notes under this Indenture in lieu of the payment of interest in cash on the Notes, which PIK Notes shall have identical terms as the Notes in respect of which such PIK Notes are being issued; provided, however, that: (i) the aggregate principal amount of PIK Notes issued with respect to any interest payment may not exceed the aggregate amount of interest then due and payable; and (ii) the Company may not pay interest in cash on Notes while any First Priority Secured Obligations remain outstanding. (b) With respect to any PIK Notes, the Company shall deliver to the Trustee: (i) no later than the Record Date for the relevant Interest Payment Date (which Interest Payment Date shall be prior to the Maturity Date for the Notes), a written notice setting forth the amount of interest to be paid by issuing PIK Notes; and (ii) no later than one Business Day prior to the relevant Interest Payment Date, Authentication Order with respect to such PIK Notes and deliver such PIK Notes if the Notes are in certificated form. (c) Any PIK Notes shall, after being executed and authenticated pursuant to Section 2.02, be (i) delivered by the Trustee to the Holders as of the relevant Record Date at such Holders’ registered address if the Notes are then held in the form of certificated Notes or (ii) deposited with or on behalf of the Depository for the benefit of the Beneficial Owners of the Notes as of the relevant Record Date if the Notes are held in global form.

Issuance of PIK Notes. (a) Until the first Interest Payment Date that occurs 91 days after the Senior Credit Facility Termination Date, the The Company shall be entitled to issue PIK Notes under this Indenture in lieu of the payment of interest in cash on the NotesIndenture, which PIK Notes shall have identical terms as the Notes in respect of which such PIK Notes are being issuedissued in lieu of the payment of interest in cash on any Note (including a PIK Note); provided, however, that: (i) provided that the aggregate principal amount of PIK Notes issued with respect thereof shall be equal to any interest payment may not exceed the aggregate amount of such interest then due and payable; and (ii) rounded to the Company may not pay interest in cash on Notes while any First Priority Secured Obligations remain outstandingnearest whole cent). (b) With respect to any PIK Notes, the Company shall deliver to the Trustee: (i) no later than the Record Date for the relevant Interest Payment Date (which Interest Payment Date shall be prior to the Maturity Date for the NotesDate), a written notice setting forth the amount extent to which such interest payment will be made in the form of interest to be paid by issuing a PIK NotesNote; and (ii) no later than one Business Day prior to the relevant Interest Payment Dateinterest payment date, Authentication Order with respect an order to such PIK Notes authenticate and deliver such PIK Notes if the Notes are in certificated formNotes. (c) Any PIK Notes shall, after being executed and authenticated pursuant to Section 2.02, be (i) delivered by the Trustee to the Holders as of the relevant Record Date at such Holders’ ' registered address if the Notes are then held in the form of certificated Notes or (ii) deposited with or on behalf of the Depository for the benefit of the Beneficial Owners beneficial owners of the Notes as of the relevant Record Date if the Notes are held in global form.. ARTICLE THREE