Common use of Failure to Pay in Foreign Currency Clause in Contracts

Failure to Pay in Foreign Currency. If any Guarantor is unable for any reason to effect payment in a Foreign Currency as required by the Credit Agreement or if any Guarantor shall default in a Foreign Currency, the Agent may require such payment to be made in Dollars in the Dollar Equivalent amount of such payment. Upon receipt by any Guarantor of notice of such election from the Agent, the obligations of such Guarantor specified in such notice shall immediately be deemed to be obligations due and owing in Dollars, and shall accrue interest at the Default Rate. In any case in which any Guarantor shall make such payment in Dollars, such Guarantor agrees to hold the Agent and each Bank harmless from any loss incurred by the Agent or such Bank arising from any change in value of Dollars in relation to such Foreign Currency between the date such payment became due and the date of payment thereof.