Common use of Erroneous Payment Clause in Contracts

Erroneous Payment. (a) If the Trustee notifies any Bridge Noteholder or other recipient that the Trustee has determined in its sole discretion that any funds received by such recipient from the Trustee or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such recipient (whether or not known to such recipient) (any such funds whether as a payment, prepayment or repayment of principal, interest, fees or other amounts; a distribution or otherwise; individually and collectively a “Payment” and any such recipient an “Unintended Recipient” and demands the return of such Payment (or a portion thereof), such Unintended Recipient shall promptly, but in no event later than one Business Day thereafter, return to the Trustee the amount of any such Payment (or portion thereof) as to which such a demand was made, in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Unintended Recipient to the date such amount is repaid to the Trustee in same day funds. (b) To the extent permitted by applicable law, each Party shall not assert any right or claim to the Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Trustee for the return of any Payments received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine. (c) A notice of the Trustee to any Unintended Recipient under this Clause 9.12 shall be conclusive, absent manifest error.

Erroneous Payment. (a) If Each Lender hereby agrees that (i) if the Trustee Administrative Agent notifies any Bridge Noteholder or other recipient such Lender that the Trustee Administrative Agent has determined in its sole discretion that any funds received by such recipient Lender from the Trustee Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such recipient Lender (whether or not known to such recipientLender) (any such funds whether as a payment, prepayment or repayment of principal, interest, fees or other amounts; a distribution or otherwise; individually and collectively collectively, a “Erroneous Payment” and any such recipient an “Unintended Recipient” ”) and demands the return of such Erroneous Payment (or a portion thereof) (provided, that, without limiting any other rights or remedies (whether at law or in equity), the Administrative Agent may not make any such demand under this clause (a)(i) with respect to an Erroneous Payment unless such demand is made within 35 days of the date of receipt of such Erroneous Payment by the applicable Lender), such Unintended Recipient Lender shall promptly, but in no event later than one Business Day thereafter, return to the Trustee Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day fundsfunds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Unintended Recipient Lender to the date such amount is repaid to the Trustee Administrative Agent in same day funds. (b) To funds at the extent permitted by applicable law, each Party shall not assert any right or claim to greater of the Payment, Federal Funds Rate and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim a rate determined by the Trustee for the return of any Payments received, including without limitation waiver of any defense based Administrative Agent in accordance with banking industry rules on “discharge for value” or any similar doctrine. (c) A notice of the Trustee interbank compensation from time to any Unintended Recipient under this Clause 9.12 shall be conclusive, absent manifest error.time in effect and