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 the Administrative Agent makes a payment hereunder in error to any Lender or any Issuing Lender (each, a “Payment Recipient”), whether or not in respect of an Obligation due and owing by the Borrower at such time (any such payment, an “Erroneous Payment”), then in any such event, each Payment Recipient receiving an Erroneous Payment severally agrees to repay to the Administrative Agent promptly upon demand the Erroneous Payment received by such Payment Recipient in immediately available funds (and in the currency so received), with interest thereon for each day from and including the date such 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 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 Erroneous Payment. The Administrative Agent shall inform each Payment Recipient promptly upon determining that any payment made to such Payment Recipient comprised, in

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 Issuing Lender (each, a “Payment Recipient”)L/C Issuer, whether or not in respect of an Obligation due and owing by the Borrower at such time (any time, where such payment, an “Erroneous Payment”)payment is a 0000-0000-0000 v.3 Rescindable Amount, then in any such event, each Payment Recipient Lender or L/C Issuer receiving an Erroneous Payment a Rescindable Amount severally agrees to repay to the Administrative Agent promptly upon forthwith on demand the Erroneous Payment Rescindable Amount received by such Payment Recipient Lender or L/C Issuer in immediately available funds (and in the currency so received), with interest thereon thereon, for each day from and including the date such Erroneous Payment Rescindable Amount 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 Payment Recipient 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 Erroneous PaymentRescindable Amount. The Administrative Agent shall inform each Payment Recipient Lender and L/C Issuer promptly upon determining that any payment made to such Payment Recipient Lender or L/C Issuer comprised, inin 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 Issuing Lender (each, a “Payment Recipient”)to the Borrower, whether or not in respect of an Obligation due and owing by the Borrower at such time (any time, where such payment, an “Erroneous Payment”)payment is a Rescindable Amount, then in any such event, each Payment Recipient Lender and the Borrower receiving an Erroneous Payment a Rescindable Amount severally agrees to repay to the Administrative Agent promptly upon forthwith on demand the Erroneous Payment Rescindable Amount received by such Payment Recipient Lender or the Borrower in immediately available funds (and in the currency so received), with interest thereon thereon, for each day from and including the date such Erroneous Payment Rescindable Amount 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 Payment Recipient Lender and the Borrower 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 Erroneous PaymentRescindable Amount. The Administrative Agent shall inform each Payment Recipient Lender or the Borrower 0000-0000-0000.13 promptly upon determining that any payment made to such Payment Recipient Lender or the Borrower comprised, inin 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 Issuing Lender (each, a “Payment Recipient”)the L/C Issuer, whether or not in respect of an Obligation due and owing by the any Borrower at such time (any time, where such payment, an “Erroneous Payment”)payment is a Rescindable Amount, then in any such event, each Payment Recipient Lender and the L/C Issuer receiving an Erroneous Payment a Rescindable Amount severally agrees to repay to the Administrative Agent promptly upon forthwith on demand the Erroneous Payment Rescindable Amount received by such Payment Recipient Lender or the L/C Issuer in immediately available funds (and in the currency so received), with interest thereon thereon, for each day from and including the date such Erroneous Payment Rescindable Amount 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 Payment Recipient 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 Erroneous PaymentRescindable Amount. The Administrative Agent shall inform each Payment Recipient Lender promptly upon determining that any payment made to such Payment Recipient Lender or the L/C Issuer comprised, inin 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 and/or Issuing Lender (each, a “Payment Recipient”)Bank, whether or not in respect of an Obligation due and owing by the any Borrower at such time (any time, where such payment, an “Erroneous Payment”)payment is a Rescindable Amount, then in any such event, each Payment Recipient Lender and/or any Issuing Bank receiving an Erroneous Payment a Rescindable Amount severally agrees to repay to the Administrative Agent promptly upon forthwith on demand the Erroneous Payment Rescindable Amount received by such Payment Recipient Lender and/or Issuing Bank in immediately available funds (and Same Day Funds in the currency so received), with interest thereon thereon, for each day from and including the date such Erroneous Payment Rescindable Amount 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 Payment Recipient Lender and 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 Erroneous PaymentRescindable Amount. The Administrative Agent shall inform each Payment Recipient Lender and/or any Issuing Bank promptly upon determining that any payment made to such Payment Recipient Lender and/or Issuing Bank comprised, inin 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 Issuing Lender (each, a “Payment Recipient”)L/C Issuer, whether or not in respect of an Obligation due and owing by the any Borrower at such time (any time, where such payment, an “Erroneous Payment”)payment is a Rescindable Amount, then in any such event, each Payment Recipient Lender or each L/C Issuer receiving an Erroneous Payment a Rescindable Amount severally agrees to repay to the Administrative Agent promptly upon forthwith on demand the Erroneous Payment Rescindable Amount received by such Payment Recipient Lender or such L/C Issuer in immediately available funds (and Same Day Funds in the currency so received), with interest thereon thereon, for each day from and including the date such Erroneous Payment Rescindable Amount 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 Payment Recipient Lender and each 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 Erroneous PaymentRescindable Amount. The Administrative Agent shall inform each Payment Recipient Lender and each L/C Issuer promptly upon determining that any payment made to such Payment Recipient Lender or such L/C Issuer comprised, inin 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 Issuing Lender (each, a “Payment Recipient”)Lender, whether or not in respect of an Obligation then due and owing by the any Borrower at such time time, where such payment (or any such paymentportion thereof) is a Rescindable Amount, an “Erroneous Payment”)then, then in any such event, each Payment Recipient Lender receiving an Erroneous Payment a Rescindable Amount (or portion thereof) severally agrees to repay to the Administrative Agent promptly upon forthwith on demand the Erroneous Payment Rescindable Amount (or portion thereof) received by such Payment Recipient Lender, in immediately available funds (and in the currency so received)Dollars, with interest thereon thereon, for each day from from, and including including, the date on which such Erroneous Payment 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 Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensationOvernight Rate. Each Payment Recipient Lender 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 Erroneous PaymentRescindable Amount (or portion thereof) received by it. The Administrative Agent shall inform each Payment Recipient Lender promptly upon determining that any payment made to such Payment Recipient Lender comprised, inin whole or in part, a Rescindable Amount.