Common use of Settlement Among Lenders Clause in Contracts

Settlement Among Lenders. Upon the making of each payment by a Lender to NationsBank pursuant to Section 2.19.5 above in respect of any Letter of Credit, such Lender shall, automatically and without any further action on the part of the Agent, NationsBank or such Lender, acquire (i) a participation in any amount equal to such payment in the Reimbursement Obligation owing to NationsBank by the Borrower under this Agreement and under the Letter of Credit Documents relating to such Letter of Credit and (ii) a participation in a percentage equal to such Lender's Pro Rata Share in any interest or other amounts payable by the Borrower under such Letter of Credit Documents and the other Loan Documents in respect of such Reimbursement Obligation. Upon receipt by NationsBank from or for the account of the Borrower of any payment in respect of any Reimbursement Obligation or any such interest or other amount (including by way of set-off or application of proceeds of any collateral security) NationsBank shall promptly pay to the Agent for the account of each Lender who shall have previously assumed a participation in such payment under clause (ii) above, such Lender's Pro Rata Share of such payment, each such payment by NationsBank to be made in the same money and funds in which received by NationsBank. In the event any payment received by NationsBank and so paid to the Lenders is rescinded or must otherwise be returned by NationsBank, each Lender shall, upon the request of NationsBank (through the Agent), repay to NationsBank (through the Agent) the amount of such payment paid to such Lender, with interest at the rate specified in Section 2.19.10.

Settlement Among Lenders. Upon the making of each payment by a Lender to NationsBank pursuant to Section 2.19.5 2.16.5 above in respect of any Letter of Credit, such Lender shall, automatically and without any further action on the part of the Agent, NationsBank or such Lender, acquire (i) a participation in any amount equal to such payment in the Reimbursement Obligation owing to NationsBank by the Borrower under this Agreement and under the Letter of Credit Documents relating to such Letter of Credit and (ii) a participation in a percentage equal to such Lender's Pro Rata Share in any interest or other amounts payable by the Borrower under such Letter of Credit Documents and the other Loan Documents in respect of such Reimbursement Obligation. Upon receipt by NationsBank from or for the account of the Borrower of any payment in respect of any Reimbursement Obligation or any such interest or other amount (including by way of set-off or application of proceeds of any collateral security) NationsBank shall promptly pay to the Agent for the account of each Lender who shall have previously assumed a participation in such payment under clause (ii) above, such Lender's Pro Rata Share of such payment, each such payment by NationsBank to be made in the same money and funds in which received by NationsBank. In the event any payment received by NationsBank and so paid to the Lenders is rescinded or must otherwise be returned by NationsBank, each Lender shall, upon the request of NationsBank (through the Agent), repay to NationsBank (through the Agent) the amount of such payment paid to such Lender, with interest at the rate specified in Section 2.19.102.16.10.