Funding and Payment of Participations; Conversion to US Dollars. (a) At any time after the occurrence and during the continuance of an Event of Default, the Applicable Lenders having Applicable Fronting Commitments aggregating more than 50% of the Applicable Total Facility Commitment with respect to any specific Facility (the "Required Fronting Lenders") may, by written notice to the Applicable Facility Agent (with a copy to the Company and the Global Agent) not later than 11:00 A.M. (local time of the Principal Office of the Applicable Facility Agent) on the second Business Day preceding the proposed date of funding and payment by each Lender of all Participations purchased in such Facility as provided in Article II, Article III, Article IV, or Article V hereof (the "Facility Participation Payment Date"), request each Lender to fund and pay for its Participation in such Facility and deliver to the Applicable Facility Agent on the Facility Participation Payment Date an aggregate amount of the Applicable Currency equal to such Participation (or the British Pounds Sterling Equivalent Amount or Australian Dollar Equivalent Amount of such Participation, as applicable). At the option of such Required Fronting Lenders, and as set forth in such notice, (i) all outstanding Loans under such Facility immediately shall be converted into Loans denominated in US Dollars in an aggregate principal amount equal to the US Dollar Equivalent Amount of the aggregate principal amount of such Loans based on the Spot Rate of Exchange on such Facility Participation Payment Date, and (ii) each such Participation shall be funded in an aggregate amount of US Dollars equal to the US Dollar Equivalent Amount of such Participation. The Applicable Facility Agent will promptly provide written notice of any such request to the other Facility Agents, who shall promptly provide notice thereof to the Lenders in their respective Facilities.
Funding and Payment of Participations; Conversion to US Dollars. (a) At any time after the occurrence and during the continuation of any Event of Default, upon the request of any Offshore Facility Lender, each of the Lenders shall fund the purchase from such Offshore Facility Lender of its respective Participation in the related Obligation by payment of its Facility Participation Amount to the Agent (for the benefit of the Offshore Facility Lender) at its Principal Office in immediately available funds in the US Dollar Equivalent Amount on such date of the Applicable Currency of the Offshore Facility Loans. The Agent shall provide notice to each Lender by telephone or telefacsimile transmission of the required funding of Participations hereunder and the outstanding principal amount, Applicable Currency and US Dollar Equivalent Amount of each Offshore Facility Loan subject to funding of Participations. If such notice of a demand for payment hereunder is given by the Agent at or before 9:00 A.M. (New York, New York time) on any Business Day, each Lender shall fund the purchase of its Participation as specified above before 11:00 A.M. (New York, New York time) on the same Business Day. If such notice to the Lenders is given by the Agent after 9:00 A.M. (New York, New York time) on any Business Day, each Lender shall fund such purchase before 11:00 A.M. (New York, New York time) on the next following Business Day. Each Business Day established for funding Participation in the previous two sentences is referred to herein as a "Facility Participation Payment Date".
