Participation Payments in Dollars. Upon, and after, the occurrence of a Sharing Event (a) no further Extensions of Credit shall be made, (b) all amounts from time to time accruing with respect to, and all amounts from time to time payable on account of, Loans denominated in Foreign Currencies (including, without limitation, any interest and other amounts which were accrued but unpaid on the date of such Sharing Event) shall be payable in Dollars (taking the Dollar Equivalent of such amounts on the date payment is made with respect thereto) and shall be distributed by the Administrative Agent for the account of the Lenders which made such Loans or are participating therein and (c) all Revolving Commitments shall be automatically terminated. Notwithstanding anything to the contrary contained above, the failure of any Lender to purchase its participating interests as required above in any Extensions of Credit upon the occurrence of a Sharing Event shall not relieve any other Lender of its obligation hereunder to purchase its participating interests in a timely manner, but no Lender shall be responsible for the failure of any other Lender to purchase the participating interest to be purchased by such other Lender on any date.
Participation Payments in Dollars. Upon, and after, the occurrence of a Sharing Event (a) no further Credit Extensions shall be made, (b) all Foreign Currency Loans then outstanding shall be redenominated into Dollars (based on the Dollar Amount of such Foreign Currency Loans on the date of such Sharing Event); (c) all amounts from time to time accruing with respect to, and all amounts from time to time payable on account of, all Loans (including, without limitation, any interest and other amounts which were accrued but unpaid on the date of such Sharing Event) shall be thereafter be paid in Dollars based on the amounts then outstanding in Dollars and shall be distributed by the Administrative Agent for the account of the Lenders which made such Loans or are participating therein and (d) all Commitments shall be automatically terminated; provided that in each case the each Borrower shall be liable for any currency exchange loss related to such payments and shall promptly pay the Lenders upon receipt of notice thereof the amount of any such loss. Notwithstanding anything to the contrary contained above, the failure of any Lender to purchase its participating interests as required above in any Extensions of Credit upon the occurrence of a Sharing Event shall not relieve any other Lender of its obligation hereunder to purchase its participating interests in a timely manner, but no Lender shall be responsible for the failure of any other Lender to purchase the participating interest to be purchased by such other Lender on any date.
Participation Payments in Dollars. Upon, and after, the occurrence of a Sharing Event (a) no further Extensions of Credit shall be made, (b) all Revolving Commitments shall be automatically terminated and (c) all outstanding LIBOR Rate Loans shall be converted to Alternate Base Rate Loans and the Applicable Borrower shall be responsible for all funding losses and expenses associated therewith in accordance with the terms of Section 2.17. Notwithstanding anything to the contrary contained above, the failure of any Lender to purchase its participating interests as required above in any Extensions of Credit upon the occurrence of a Sharing Event shall not relieve any other Lender of its obligation hereunder to purchase its participating interests in a timely manner, but no Lender shall be responsible for the failure of any other Lender to purchase the participating interest to be purchased by such other Lender on any date.
