Common use of Application of credit balances Clause in Contracts

Application of credit balances. Upon the occurrence and during the continuance of an Event of Default, each Creditor Party may, with notice to the Borrowers: (a) apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of either Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrowers to that Creditor Party under any of the Finance Documents; and (b) for that purpose: (i) break, or alter the maturity of, all or any part of a deposit of either Borrower; (ii) convert or translate all or any part of a deposit or other credit balance into Dollars; and (iii) enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

Application of credit balances. Upon the occurrence and during the continuance of Each Creditor Party may with prior notice (other than at any time following an Event of DefaultDefault which is continuing, each Creditor Party may, with in which case no prior notice to the Borrowers:shall be required): (a) apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of either the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrowers Borrower to that Creditor Party under any of the Finance Documents; and (b) for that purpose: (i) break, or alter the maturity of, all or any part of a deposit of either the Borrower; (ii) convert or translate all or any part of a deposit or other credit balance into Dollars; and (iii) enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

Application of credit balances. Upon the occurrence and during the continuance of an Event of Default, each Creditor Party may, with notice to the Borrowers: (a) apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of either Borrower the Borrowers at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrowers to that Creditor Party under any of the Finance Documents; and (b) for that purpose: (i) break, or alter the maturity of, all or any part of a deposit of either Borrowerthe Borrowers; (ii) convert or translate all or any part of a deposit or other credit balance into Dollars; and (iii) enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

Application of credit balances. Upon the occurrence and during the continuance of If an Event of DefaultDefault is continuing, each Creditor Party may, with may without prior notice to the BorrowersBorrowers but with prior notice to the Agent: (a) apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of either a Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrowers that Borrower to that Creditor Party under any of the Finance Documents; and (b) for that purpose: (i) break, or alter the maturity of, all or any part of a deposit of either that Borrower; (ii) convert or translate all or any part of a deposit or other credit balance into Dollars; and (iii) enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

Application of credit balances. Upon Each Creditor Party may, following the occurrence and during the continuance of an Event of DefaultDefault which is continuing, each Creditor Party may, with notice to the Borrowerswithout prior notice: (a) apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of either any Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrowers (or any of them) to that Creditor Party under any of the Finance Documents; and (b) for that purpose: (i) break, or alter the maturity of, all or any part of a deposit of either a Borrower; (ii) convert or translate all or any part of a deposit or other credit balance into Dollars; and (iii) enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

Application of credit balances. Upon the occurrence and during the continuance of an Event of Default, each Creditor Party may, with notice to the Borrowersmay without prior notice: (a) apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of either Borrower the Borrowers or any of them at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrowers or any of them to that Creditor Party under any of the Finance Documents; and (b) for that purpose: (i) break, or alter the maturity of, all or any part of a deposit of either Borrowerthe Borrowers or any of them; (ii) convert or translate all or any part of a deposit or other credit balance into Dollars; and (iii) enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

Application of credit balances. Upon the occurrence and during the continuance of an Event of Default, each Creditor Party may, with notice to the BorrowersBorrower: (a) apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of either the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrowers Borrower to that Creditor Party under any of the Finance Documents; and (b) for that purpose: (i) break, or alter the maturity of, all or any part of a deposit of either the Borrower; (ii) convert or translate all or any part of a deposit or other credit balance into Dollars; and (iii) enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.