PIK Option. All accrued interest payable on any interest payment date specified in Section 2.5(b) may, at the election of the Borrower, be (i) added to the outstanding principal amount of the Revolving Loan on which such interest accrued, (ii) converted into a Term Loan (which shall be deemed borrowed on such interest payment date) with a principal amount equal to the amount of such accrued interest, or (iii) paid in cash.
Appears in 2 contracts
Sources: Subordinated Credit Agreement (Rouse Properties, Inc.), Subordinated Credit Agreement (Rouse Properties, Inc.)