Common use of Currency Conversion After Acceleration Clause in Contracts

Currency Conversion After Acceleration. At any time following the occurrence of an Event of Default and the Obligations becoming due and payable, each Lender shall be entitled to convert, with two Business Days’ prior notice to the Borrowers, its unpaid and outstanding US Dollar Advances, or any of them, to Prime Rate Advances. Any such conversion shall be calculated so that the resulting Prime Rate Advances shall be the Equivalent Amount in Canadian Dollars on the date of conversion of the amount of US Dollars so converted. Any accrued and unpaid interest denominated in US Dollars at the time of any such conversion shall be similarly converted to Canadian Dollars, and such Prime Rate Advances and accrued and unpaid interest thereon shall thereafter bear interest in accordance with Article 3.

Currency Conversion After Acceleration. At any time following the occurrence of an Event of Default and the Obligations becoming due and payableacceleration of the Obligations, each Lender shall be entitled to convert, with two Business Days’ prior notice to the BorrowersBorrower, its unpaid and outstanding US Canadian Dollar AdvancesAdvances under the Credit Facilities, or any either of them, to Prime Base Rate Advances. Any such conversion shall be calculated so that the resulting Prime Base Rate Advances shall be the Equivalent Amount in Canadian US Dollars on the date of conversion of the amount of US Canadian Dollars so converted. Any accrued and unpaid interest denominated in US Canadian Dollars at the time of any such conversion shall be similarly converted to Canadian US Dollars, and such Prime Base Rate Advances and accrued and unpaid interest thereon shall thereafter bear interest in accordance with Article 3.