No Prepayments. This Note may not be prepaid, whether in whole or in part, without the prior written consent of the Holder. Any payment made pursuant to this Section 3.4 shall be applied first, to accrued and unpaid Cash Interest, second, to accrued and unpaid PIK Interest (whether such PIK Interest has been capitalized or not), and third, to outstanding principal. Notwithstanding the foregoing, the Borrower may at any time pay all or any part of the PIK Interest in cash, in its sole discretion.
Appears in 3 contracts
Sources: Convertible Secured Promissory Note, Subordination Agreement (Skullcandy, Inc.), Subordination Agreement (Skullcandy, Inc.)