Common use of Refund of Overpayments Clause in Contracts

Refund of Overpayments. With respect to each Letter for which the Issuing Lender has been paid all of its contingent liability pursuant to Section 9.2, 9.7 or 13.1 and provided that all amounts due by the Borrowers to the Agent under Section 9.2, 9.7 or 13.1 have been paid, the Issuing Lender agrees to pay to the Borrowers, upon the earlier of: (a) the date on which either the original counterpart of such Letter is returned to the Issuing Lender for cancellation or the Issuing Lender is released by the beneficiary thereof from any further obligations in respect of such Letter; (b) the expiry of such Letter; and (c) the Issuing Lender is permanently enjoined by a court of competent jurisdiction from honouring such Letter pursuant to a final Order; an amount equal to any excess of the amount received by the Issuing Lender hereunder in respect of its contingent liability under such Letter over the total of amounts applied to reimburse the Issuing Lender for amounts paid by it under or in connection with such Letter (the Issuing Lender having the right to so appropriate such funds).

Appears in 2 contracts

Samples: Credit Agreement (Vitran Corp Inc), Credit Agreement (Vitran Corp Inc)

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Refund of Overpayments. With respect to each Letter for which the Issuing Lender has been paid all of its contingent liability pursuant to Section 9.29.1, 9.7 9.4 or 13.1 and provided that all amounts due by the Borrowers Borrower to the Agent Issuing Lender under Section 9.2Sections 9.1, 9.7 or 9.4 and 13.1 have been paid, the Issuing Lender agrees to pay to the BorrowersBorrower, upon the later of: (a) if the Letter is subject to an Order, the date on which any final and non-appealable order, judgment or other determination has been rendered or issued either permanently enjoining the Issuing Lender from paying under such Letter or terminating any outstanding Order; and (b) the earlier of: (ai) the date on which either the original counterpart of such Letter is returned to the Issuing Lender for cancellation or the Issuing Lender is released by the beneficiary thereof from any further obligations in respect of such Letter; (bii) the expiry of such Letter; and (ciii) (where the Issuing Lender is permanently enjoined by a court of competent jurisdiction from honouring contingent liability under such Letter pursuant to a final Orderis less than the face amount thereof), all amounts possibly payable under such Letter have been paid; an amount equal to any excess of the amount received by the Issuing Lender hereunder in respect of its contingent liability under such Letter over the total of amounts applied to reimburse the Issuing Lender for amounts paid by it under or in connection with such Letter (the Issuing Lender having the right to so appropriate such funds).

Appears in 2 contracts

Samples: Credit Agreement (Allied Nevada Gold Corp.), Credit Agreement (Allied Nevada Gold Corp.)

Refund of Overpayments. With respect to each Letter for which the Issuing Lender has been paid all of its contingent liability pursuant to Section 9.29.02, 9.7 9.09 or 13.1 13.01 and provided that all amounts due by the Borrowers to the Agent under Section 9.29.02, 9.7 9.09 or 13.1 13.01 have been paid, the Issuing Lender agrees to pay to the Borrowers, upon the earlier of: (a) the date on which either the original counterpart of such Letter is returned to the Issuing Lender for cancellation or the Issuing Lender is released by the beneficiary thereof from any further obligations in respect of such Letter; (b) the expiry of such Letter; and (c) the Issuing Lender is permanently enjoined by a court of competent jurisdiction from honouring such Letter pursuant to a final Order; an amount equal to any excess of the amount received by the Issuing Lender hereunder in respect of its contingent liability under such Letter over the total of amounts applied to reimburse the Issuing Lender for amounts paid by it under or in connection with such Letter (the Issuing Lender having the right to so appropriate such funds).

Appears in 1 contract

Samples: Credit Agreement (Vitran Corp Inc)

Refund of Overpayments. With respect to each Letter for which the Issuing Lender has been paid all of its contingent liability pursuant to Section 9.2, 9.7 9.9 or 13.1 13.3 and provided that all amounts due by the Borrowers Borrower to the Administrative Agent under Section 9.2, 9.7 9.9 or 13.1 13.3 have been paid, the Issuing Lender agrees to pay to the BorrowersBorrower, upon the earlier of: (a) the date on which either the original counterpart of such Letter is returned to the Issuing Lender for cancellation or the Issuing Lender is released by the beneficiary thereof from any further obligations in respect of such Letter; (b) the expiry of such Letter; and (c) the Issuing Lender is permanently enjoined by a court of competent jurisdiction from honouring such Letter pursuant to a final Order; an amount equal to any excess of the amount received by the Issuing Lender hereunder in respect of its contingent liability under such Letter over the total of amounts applied to reimburse the Issuing Lender for amounts paid by it under or in connection with such Letter (the Issuing Lender having the right to so appropriate such funds).

Appears in 1 contract

Samples: Credit Agreement (Primero Mining Corp)

Refund of Overpayments. With respect to each Letter for which the Issuing Lender has been paid all of its contingent liability pursuant to Section 9.29.1, 9.7 or 13.1 and provided that all amounts due by the Borrowers Borrower to the Agent Issuing Lender under Section 9.29.1, 9.7 or 13.1 have been paid, the Issuing Lender agrees to pay to the BorrowersBorrower, upon the later of: (a) if the Letter is subject to an Order, the date on which any final and non-appealable order, judgment or other determination has been rendered or issued either permanently enjoining the Issuing Lender from paying under such Letter or terminating any outstanding Order; and (b) the earlier of: (ai) the date on which either the original counterpart of such Letter is returned to the Issuing Lender for cancellation or the Issuing Lender is released by the beneficiary thereof from any further obligations in respect of such Letter; (bii) the expiry of such Letter; and (ciii) (where the Issuing Lender is permanently enjoined by a court of competent jurisdiction from honouring contingent liability under such Letter pursuant to a final Orderis less than the face amount thereof), all amounts possibly payable under such Letter have been paid; an amount equal to any excess of the amount received by the Issuing Lender hereunder in respect of its contingent liability under such Letter over the total of amounts applied to reimburse the Issuing Lender for amounts paid by it under or in connection with such Letter (the Issuing Lender having the right to so appropriate such funds).

Appears in 1 contract

Samples: Credit Agreement (Yamana Gold Inc)

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Refund of Overpayments. With respect to each Letter of Credit for which the Issuing Lender has been paid all of its contingent liability pursuant to Section 9.2Sections 2.5(b), 9.7 2.6(d) or 13.1 10.2 and provided that all amounts due by the Borrowers Borrower to the Agent Lender under Section 9.2Sections 2.5(b), 9.7 2.6(d) or 13.1 10.2 have been paid, the Issuing Lender agrees to pay to the BorrowersBorrower, upon the earlier of: (a) the date on which either the original counterpart of such Letter of Credit is returned to the Issuing Lender for cancellation or the Issuing Lender is released by the beneficiary thereof from any further obligations in respect of such LetterLetter of Credit; (b) the expiry of such LetterLetter of Credit; and (c) the Issuing Lender is permanently enjoined by a court of competent jurisdiction from honouring such Letter pursuant to a final Orderorder of such court; an amount equal to any excess of the amount received by the Issuing Lender hereunder in respect of its contingent liability under such Letter of Credit over the total of amounts applied to reimburse the Issuing Lender for amounts paid by it under or in connection with such Letter of Credit (the Issuing Lender having the right to so appropriate such funds).

Appears in 1 contract

Samples: Loan Agreement (Draxis Health Inc /Cn/)

Refund of Overpayments. With respect to each Letter issued by a particular Issuing Lender for which the such Issuing Lender has been paid all of its contingent liability pursuant to Section 9.29.1, 9.6, 9.7 or 13.1 and provided that all such amounts due by the Borrowers applicable Borrower to the Agent such Issuing Lender under Section 9.29.1, 9.6, 9.7 or 13.1 have been paid, the Issuing Lender agrees to pay to the Borrowersapplicable Borrower, upon the earlier of: (a) the date on which either the original counterpart of such Letter is returned to the such Issuing Lender for cancellation or the such Issuing Lender is released by the beneficiary thereof from any further obligations in respect of such Letter; (b) the expiry of such Letter; and (c) the such Issuing Lender is permanently enjoined by a court of competent jurisdiction from honouring such Letter pursuant to a final Order; an amount equal to any excess of the amount received by the such Issuing Lender hereunder in respect of its contingent liability under such Letter over the total of amounts applied to reimburse the such Issuing Lender for amounts paid by it under or in connection with such Letter (the such Issuing Lender having the right to so appropriate such funds).

Appears in 1 contract

Samples: Credit Agreement (Anixter International Inc)

Refund of Overpayments. With respect to each Letter for which the Issuing Lender has been paid all of its contingent liability pursuant to Section 9.2, 9.7 or 13.1 9.05 and provided that all amounts due by the Borrowers to the Agent Issuing Lender under Section 9.2, 9.7 or 13.1 9.05 have been paid, the Issuing Lender agrees to pay to the Borrowersrelevant Borrower, upon the earlier of: (a) the date on which either the original counterpart of such Letter is returned to the Issuing Lender for cancellation or the Issuing Lender is released by the beneficiary thereof from any further obligations in respect of such Letter; (b) the expiry of such Letter; and (c) the Issuing Lender is permanently enjoined by a court of competent jurisdiction from honouring such Letter pursuant to a final Order; an amount equal to any excess of the amount received by the Issuing Lender hereunder in respect of its contingent liability under such Letter over the total of amounts applied to reimburse the Issuing Lender for amounts paid by it under or in connection with such Letter (the Issuing Lender having the right to so appropriate such funds).

Appears in 1 contract

Samples: Credit Agreement (Breakwater Resources LTD)

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