Common use of Currency Conversion After Maturity Clause in Contracts

Currency Conversion After Maturity. At any time following the occurrence of an Event of Default and the acceleration of the maturity of the Obligations owed to the Lenders hereunder, the Lenders shall be entitled to convert, with two (2) Business Days’ prior notice to the Borrower, any and all or any part of the then unpaid and outstanding Advances denominated in a Foreign Currency into Advances denominated in Dollars. Any such conversion shall be calculated so that the principal amount of the resulting Advances shall be the Dollar Amount of the principal amount of the Advance being converted on the date of conversion. Any accrued and unpaid interest denominated in such Foreign Currency at the time of any such conversion shall be similarly converted to Dollars, and such converted Advances and accrued and unpaid interest thereon shall thereafter bear interest in accordance with the terms hereof.

Appears in 9 contracts

Samples: 5 Year Credit Agreement (NOV Inc.), 5 Year Credit Agreement (National Oilwell Varco Inc), Credit Agreement (National Oilwell Varco Inc)

AutoNDA by SimpleDocs

Currency Conversion After Maturity. At any time following the occurrence and during the continuance of an Event of Default and the acceleration of the maturity of the Obligations owed to the Lenders hereunder, the Lenders shall be entitled to convert, with two (2) Business Days’ prior notice to the applicable Borrower, any and all or any part of the then unpaid and outstanding Advances denominated in a Foreign Currency into Advances denominated in Dollars. Any such conversion shall be calculated so that the principal amount of the resulting Advances shall be the Dollar Amount Equivalent of the principal amount of the Advance being converted on the date of conversion. Any accrued and unpaid interest denominated in such Foreign Currency at the time of any such conversion shall be similarly converted to Dollars, and such converted Advances and accrued and unpaid interest thereon shall thereafter bear interest in accordance with the terms hereof.

Appears in 4 contracts

Samples: Credit Agreement (NCS Multistage Holdings, Inc.), Credit Agreement (NCS Multistage Holdings, Inc.), Credit Agreement (NCS Multistage Holdings, Inc.)

Currency Conversion After Maturity. At any time following the occurrence of an Event of Default and the acceleration of the maturity of the Obligations owed to the Lenders hereunder, the Lenders shall be entitled to convert, with two (2) Business Days' prior notice to the applicable Borrower, any and all or any part of the then unpaid and outstanding Advances Loans denominated in a Foreign Currency currency other than Dollars into Advances Loans denominated in Dollars. Any such conversion shall be calculated so that the principal amount of the resulting Advances Loans shall be the Dollar Amount Equivalent of the principal amount of the Advance Loan being converted on the date of conversion. Any accrued and unpaid interest denominated in such Foreign Currency currency other than Dollars at the time of any such conversion shall be similarly converted to Dollars, and such converted Advances Loans and accrued and unpaid interest thereon shall thereafter bear interest in accordance with the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Weatherford International Inc /New/)

AutoNDA by SimpleDocs

Currency Conversion After Maturity. At any time following the occurrence of an Event of Default and the acceleration of the maturity of the Obligations owed to the Lenders hereunder, the Lenders shall be entitled to convert, with two (2) Business Days’ prior notice to the Borrower, any and all or any part of the then unpaid and outstanding Advances Obligations denominated in a Foreign Currency into Advances Obligations denominated in Dollars. Any such conversion shall be calculated so that the principal amount of the resulting Advances Obligations shall be the Dollar Amount Equivalent of the principal amount of the Advance Obligations being converted on the date of conversion. Any accrued and unpaid interest denominated in such Foreign Currency at the time of any such conversion shall be similarly converted to Dollars, and such converted Advances Obligations and accrued and unpaid interest thereon shall thereafter bear interest in accordance with the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Patterson Uti Energy Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!