(a) Subject to the provisions of Section 2.04(b) , each Loan shall bear interest on the outstanding principal amount thereof for each Interest Period in an amount equal to the LIBO Rate plus the sum of: (i) 9.00% per annum payable in cash (“ Cash Interest ”) and (ii) (x) 10.00% per annum and (y) during the PIK Increase Period, 15% per annum, in each case of clauses (ii)(x) and (ii)(y) in an amount payable-in-kind (“ PIK Interest ”).