Common use of Payment Rescission Clause in Contracts

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender or the Administrative Agent the full amount thereof together with any Interest thereon from the date of any such rescission, return or refunding.

Appears in 5 contracts

Samples: Credit and Security Agreement (Martin Marietta Materials Inc), Credit and Security Agreement (Martin Marietta Materials Inc), Credit and Security Agreement (Martin Marietta Materials Inc)

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Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender Purchaser or the Administrative Agent the full amount thereof together with any Interest thereon thereof, plus the Default Fee from the date of any such rescission, return or refunding.

Appears in 4 contracts

Samples: Receivables Purchase Agreement (RPM International Inc/De/), Receivables Purchase Agreement (RPM International Inc/De/), Receivables Purchase Agreement (RPM International Inc/De/)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must is otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender Program Agent (for application to the Person or the Administrative Agent Persons who suffered such rescission, return or refund) the full amount thereof together with any Interest thereon thereof, plus the Default Fee from the date of any such rescission, return or refunding.

Appears in 4 contracts

Samples: Receivables Purchase Agreement (Colorado Interstate Gas Co), Receivables Purchase Agreement (Anr Pipeline Co), Receivables Purchase Agreement (Tennessee Gas Pipeline Co)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, authority or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender or Administrative Agent, for the Administrative Agent account of the full amount thereof Purchasers in accordance with their respective Percentages, together with any Interest the Default Fee thereon from the date of any such rescission, return or refunding.

Appears in 3 contracts

Samples: Receivables Purchase Agreement (Pool Corp), Omnibus Amendment (Pool Corp), Receivables Purchase Agreement (Pool Corp)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender Purchaser or the Administrative Agent the full amount thereof together with any Interest Yield thereon from the date of any such rescission, return or refunding.

Appears in 3 contracts

Samples: Receivables Purchase Agreement (Borgwarner Inc), Receivables Purchase Agreement (Commercial Metals Co), Receivables Purchase Agreement (Borgwarner Inc)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, authority or must otherwise be returned or refunded for any reason. The Borrower shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender or Administrative Agent’s Account, for the Administrative Agent benefit of the Lenders, the full amount thereof together with any Interest thereon from the date of any such rescission, return or refunding.

Appears in 2 contracts

Samples: Credit and Security Agreement (Tempur Sealy International, Inc.), Credit and Security Agreement (Tempur Sealy International, Inc.)

Payment Rescission. No payment of any of the Aggregate Unpaids Revolving Principal shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law Law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender or the Administrative Agent for distribution to the Lenders the full amount thereof together with any Interest thereon from the date of any such rescission, return or refunding.

Appears in 2 contracts

Samples: Credit and Security Agreement (Bausch Health Companies Inc.), Credit and Security Agreement (Bausch Health Companies Inc.)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender Purchaser or the Administrative Agent the full amount thereof together with any Interest Yield thereon from the date of any such rescission, return or refunding.

Appears in 2 contracts

Samples: Receivables Purchase Agreement (Ferro Corp), Receivables Purchase Agreement (Ferro Corp)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender or the Administrative Agent Purchaser the full amount thereof together with any Interest Discount thereon from the date of any such rescission, return or refunding.

Appears in 2 contracts

Samples: Receivables Purchase Agreement (Sensient Technologies Corp), Receivables Purchase Agreement (Sensient Technologies Corp)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender or the Administrative Agent for distribution to the Lenders the full amount thereof together with any Interest thereon from the date of any such rescission, return or refunding.

Appears in 2 contracts

Samples: Credit and Security Agreement (Columbus McKinnon Corp), Credit and Security Agreement (Columbus McKinnon Corp)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender Purchaser, the Liberty Street Administrator or the Administrative Agent Agent, as the case may be, the full amount thereof together with any Interest Yield thereon from the date of any such rescission, return or refunding.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Commercial Metals Co)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, authority or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender or the Administrative Agent Investor Party the full amount thereof together with any Interest Yield thereon from the date of any such rescission, return or refunding.

Appears in 1 contract

Samples: Omnibus Amendment (COMMERCIAL METALS Co)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender Deal Agent (for application to the Person or the Administrative Agent Persons who suffered such rescission, return or refund) the full amount thereof together with any Interest thereon thereof, plus the Default Fee from the date of any such rescission, return or refunding.

Appears in 1 contract

Samples: Receivables Purchase Agreement (PNM Resources Inc)

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Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender or the Administrative Agent the full amount thereof together with any Interest thereon from the date of any such rescission, return or refunding.

Appears in 1 contract

Samples: Credit and Security Agreement (Tempur Sealy International, Inc.)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender or the Administrative Agent Purchaser Party the full amount thereof together with any Interest Yield thereon from the date of any such rescission, return or refunding.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Schneider National, Inc.)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender Person or the Administrative Agent Persons who suffered such rescission, return or refund the full amount thereof together with any Interest thereon thereof, plus the Default Fee from the date of any such rescission, return or refunding.

Appears in 1 contract

Samples: Receivables Purchase Agreement (LKQ Corp)

Payment Rescission. No payment of any of the Aggregate SLOT Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender or the Administrative Agent SLOT Purchaser the full amount thereof together with any Interest thereon thereof, plus the Default Fee from the date of any such rescission, return or refunding.

Appears in 1 contract

Samples: Slot Receivables Purchase Agreement (Tenneco Inc)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender Purchaser, the applicable Administrator or the Administrative Agent Agent, as the case may be,Investor Party the full amount thereof thereof, together with any Interest Yield thereon from the date of any such rescission, return or refunding.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Commercial Metals Co)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable Lender each Purchaser who suffered such rescission, return or the Administrative Agent refund the full amount thereof together with any Interest thereon thereof, plus the Default Fee from the date of any such rescission, return or refunding.

Appears in 1 contract

Samples: Omnibus Amendment (Insight Enterprises Inc)

Payment Rescission. No payment of any of the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Borrower Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to each of the applicable Lender or the Administrative Agent the full amount Purchasers, such Purchaser’s respective Percentage thereof together with any Interest Yield thereon at the applicable Yield Rate from the date of any such rescission, return or refunding.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Kapstone Paper & Packaging Corp)

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