Common use of Payments in Error Clause in Contracts

Payments in Error. (a) If the Administrative Agent notifies a Lender, the L/C Issuer or a Secured Party, or any Person who has received funds on behalf of a Lender, the L/C Issuer or a Secured Party such Lender or the L/C Issuer (any such Lender, the L/C Issuer, such Secured Party or other recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, L/C Issuer, Secured Party or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender, the L/C Issuer or such Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (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 Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

Payments in Error. (a) If the Administrative Agent (x) notifies a Lender, the L/C Issuer or a Secured Party, Lender or any other Person who has received funds on behalf of a Lender, the L/C Issuer or a Secured Party Lender (any such Lender or the L/C Issuer (any such Lender, the L/C Issuer, such Secured Party or other recipient, and each of their respective successors and assigns, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not such error or mistake is known to such Lender, L/C Issuer, Secured Party or other Payment Recipient on its behalfRecipient) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and (y) demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient pending its return or repayment as contemplated below in this Section 8.08 and held in trust for the benefit of the Administrative Agent, and such Lender, the L/C Issuer or such Secured Party Payment Recipient shall (or, with respect to or shall cause any other Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient behalf to) promptly, but in no event later than two Business Days thereafterthereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. To the extent necessary for the purposes of calculating the amount due from the Payment Recipient pursuant to the preceding sentence, the Administrative Agent will convert Euros on a notional basis into the Equivalent amount of Dollars and provide the Payment Recipient with written notification of such conversion. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

Payments in Error. (a) If the Administrative AdministrativeApplicable Agent notifies a Lender, the L/C Issuer or a Secured Party, Lender Party or any Person who has received funds on behalf of a Lender, the L/C Issuer or a Secured Lender Party such Lender or the L/C Issuer (any such Lender, the L/C Issuer, such Secured Lender Party or other recipient, a “Payment Recipient”) that the Administrative AdministrativeApplicable Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative AdministrativeApplicable Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, L/C Issuer, Secured Party or other Payment Recipient on its behalfRecipient) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative AdministrativeApplicable Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative AdministrativeApplicable Agent, and such Lender, the L/C Issuer or such Secured Lender Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the Administrative AdministrativeApplicable Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (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 Payment Recipient to the date such amount is repaid to the Administrative AdministrativeApplicable Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative AdministrativeApplicable Agent in accordance with banking industry rules on interbank compensation from time to time in effect; provided, however, that in the case of amounts due with respect to the GBP RC Tranche, a rate to be reasonably determined by the Administrative Agent shall apply. A notice of the Administrative AdministrativeApplicable Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.