Common use of Recovery of Returned Payment Clause in Contracts

Recovery of Returned Payment. If Collateral Agent determines at any time that any amount received by Collateral Agent under this Agreement must be returned to Borrowers or paid to any other Person pursuant to any requirement of law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement, Collateral Agent will not be required to distribute any portion thereof to any Lender. In addition, each Lender will repay to Collateral Agent on demand any portion of such amount that Collateral Agent has distributed to such Lender, together with interest at such rate, if any, as Collateral Agent is required to pay to Borrowers or such other Person, without set-off, counterclaim or deduction of any kind.