Common use of Recovery of Erroneous Payments Clause in Contracts

Recovery of Erroneous Payments. Without limitation of any other provision in this Agreement, if at any time Administrative Agent makes a payment hereunder in error to any Lender or any L/C Issuer, whether or not in respect of an Obligation due and owing by Borrower at such time, where such payment is a 0000-0000-0000 v.3 Rescindable Amount, then in any such event, each Lender or L/C Issuer receiving a Rescindable Amount severally agrees to repay to Administrative Agent forthwith on demand the Rescindable Amount received by such Lender or L/C Issuer in immediately available funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation. Each Lender and L/C Issuer irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. Administrative Agent shall inform each Lender and L/C Issuer promptly upon determining that any payment made to such Lender or L/C Issuer comprised, in whole or in part, a Rescindable Amount.

Recovery of Erroneous Payments. Without limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender or any the L/C Issuer, whether or not in respect of an Obligation due and owing by any Borrower at such time, where such payment is a 0000-0000-0000 v.3 Rescindable Amount, then in any such event, each Lender or and the L/C Issuer receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Lender or the L/C Issuer in immediately available funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to the Administrative Agent, 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. Each Lender and the L/C Issuer irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. The Administrative Agent shall inform each Lender and L/C Issuer promptly upon determining that any payment made to such Lender or the L/C Issuer comprised, in whole or in part, a Rescindable Amount.

Recovery of Erroneous Payments. Without limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender or any L/C Issuerand/or Issuing Bank, whether or not in respect of an Obligation due and owing by any Borrower at such time, where such payment is a 0000-0000-0000 v.3 Rescindable Amount, then in any such event, each Lender or L/C Issuer and/or any Issuing Bank receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Lender or L/C Issuer and/or Issuing Bank in immediately available funds Same Day Funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to the Administrative Agent, 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. Each Lender and L/C Issuer Issuing Bank irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. The Administrative Agent shall inform each Lender and L/C Issuer and/or any Issuing Bank promptly upon determining that any payment made to such Lender or L/C Issuer and/or Issuing Bank comprised, in whole or in part, a Rescindable Amount.

Recovery of Erroneous Payments. Without limitation of any other provision in of this Agreement, if if, at any time time, the Administrative Agent makes a payment hereunder in error to any Lender or any L/C IssuerLender, whether or not in respect of an Obligation then due and owing by any Borrower at such time, where such payment (or any portion thereof) is a 0000-0000-0000 v.3 Rescindable Amount, then then, in any such event, each Lender or L/C Issuer receiving a Rescindable Amount (or portion thereof) severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount (or portion thereof) received by such Lender or L/C Issuer Lender, in immediately available funds in the currency so receivedDollars, with interest thereon, for each day from from, and including including, the date on which such Rescindable Amount (or portion thereof) is received by or made available to it to to, but excluding excluding, the date of payment thereof to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensationOvernight Rate. Each Lender and L/C Issuer irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable AmountAmount (or portion thereof) received by it. The Administrative Agent shall inform each Lender and L/C Issuer promptly upon determining that any payment made to such Lender or L/C Issuer comprised, in whole or in part, a Rescindable Amount.

Recovery of Erroneous Payments. Without limitation of any other provision in this Agreementherein, if at any time the Administrative Agent makes a payment hereunder in error to any Lender or any L/C Issuer, whether or not in respect of an Obligation due and owing by Borrower the Borrowers at such time, where such payment is a 0000-0000-0000 v.3 Rescindable Amount, then in any such event, event each Lender or L/C Issuer receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Lender or L/C Issuer in immediately available funds in the currency so received, with interest thereon, thereon for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment repayment to the Administrative Agent, 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. Each Lender and or L/C Issuer irrevocably waives any and all defenses, including any “defense of discharge for value” value (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. The Administrative Agent shall inform each Lender and or L/C Issuer promptly upon determining that any payment made to such Lender or L/C Issuer was comprised, in whole or in part, of a Rescindable Amount.

Recovery of Erroneous Payments. Without limitation of any other provision in of this Agreement, if if, at any time time, the Administrative Agent makes a payment hereunder in error to any Lender or any L/C IssuerLender, whether or not in respect of an Obligation then due and owing by the Borrower at such time, where such payment (or any portion thereof) is a 0000-0000-0000 v.3 Rescindable Amount, then then, in any such event, each Lender or L/C Issuer receiving a Rescindable Amount (or portion thereof) severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount (or portion thereof) received by such Lender or L/C Issuer Lender, in immediately available funds in the currency so receivedDollars, with interest thereon, for each day from from, and including including, the date on which such Rescindable Amount (or portion thereof) is received by or made available to it to to, but excluding excluding, the date of payment thereof to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensationOvernight Rate. Each Lender and L/C Issuer irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable AmountAmount (or portion thereof) received by it. The Administrative Agent shall inform each Lender and L/C Issuer promptly upon determining that any payment made to such Lender or L/C Issuer comprised, in whole or in part, a Rescindable Amount.

Recovery of Erroneous Payments. Without limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender or any L/C IssuerIssuing Lender (each, a “Payment Recipient”), whether or not in respect of an Obligation due and owing by the Borrower at such timetime (any such payment, where such payment is a 0000-0000-0000 v.3 Rescindable Amountan “Erroneous Payment”), then in any such event, each Lender or L/C Issuer Payment Recipient receiving a Rescindable Amount an Erroneous Payment severally agrees to repay to the Administrative Agent forthwith on promptly upon demand the Rescindable Amount Erroneous Payment received by such Lender or L/C Issuer Payment Recipient in immediately available funds (and in the currency so received), with interest thereon, thereon for each day from and including the date such Rescindable Amount Erroneous Payment is received by it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. Each Lender and L/C Issuer Payment Recipient irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable AmountErroneous Payment. The Administrative Agent shall inform each Lender and L/C Issuer Payment Recipient promptly upon determining that any payment made to such Lender or L/C Issuer Payment Recipient comprised, in whole or in part, a Rescindable Amount.233