Common use of Refunding of Payments Clause in Contracts

Refunding of Payments. The Facility Agent shall not be obliged to make available to any person any sum which it is expecting to receive for the account of that person until it has been able to establish that it has received that sum. However, it may do so if it wishes. If and to the extent that it does so but it transpires that it had not then received the sum which it paid out: (a) the person to whom the Facility Agent made that sum available shall on request refund it to the Facility Agent; and (b) the person by whom that sum should have been made available or, if that person fails to do so the person to whom that sum should have been made available, shall on request pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding or other cost, loss, expense or liability sustained or incurred by it as a result of paying out that sum before receiving it.

Refunding of Payments. The Facility Agent shall not be obliged to make available to any person any sum which it is expecting to receive for the account of that person until it has been able to establish that it has received that sum. However, it may do so if it wishes. If and to the extent that it does so but it transpires that it had not then received the sum which it paid out:out:- (a) the person to whom the Facility Agent made that sum available shall on request refund it to the Facility Agent; and (b) the person by whom that sum should have been made available or, if that person fails to do so the person to whom that sum should have been made available, shall on request pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding or other cost, loss, expense or liability sustained or incurred by it as a result of paying out that sum before receiving it.

Refunding of Payments. The Facility Agent may but shall not be obliged to make available to any person any sum amount which it is expecting to receive for the account of that person until before it has been able to establish that it has received that sum. However, it may do so if it wishesamount. If and to the extent that it the Facility Agent does so but it transpires proves to be the case that it had the Facility Agent has not then actually received the sum which it paid outthat amount: (a) the person to whom the Facility Agent made that sum amount (or the proceeds of any related exchange contract) available shall on request refund it to the Facility Agent; and (b) the person by whom that sum amount should have been made available or, if that person fails to do so the person to whom that sum amount should have been made available, shall on request pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding or other cost, loss, expense or liability sustained or incurred by it as a result of paying out that sum before receiving it.

Refunding of Payments. The Facility Agent shall not be obliged to make available to any person any sum which it is expecting to receive for the account of that person until it has been able to establish that it has received that sum. However, it may do so if it wishes. If and to the extent that it does so but it transpires that it the Facility Agent had not then received the sum which it paid out: (a) the person to whom the Facility Agent made that sum available shall on request refund it to the Facility Agent; and (b) the person by whom that sum should have been made available or, if that person fails to do so the person to whom that sum should have been made available, shall on request pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding or other cost, loss, expense or liability sustained or incurred by it as a result of paying out that sum before receiving it.