Common use of Judgment Reduction Clause in Contracts

Judgment Reduction. 10.1 In the event that another insurer of Congoleum brings a claim for contribution, subrogation, indemnification, reimbursement or other similar claim against Federal in connection with Claims released in this Amended and Restated Agreement, and such insurer obtains a final binding arbitration award or final judgment against or a settlement with Federal (with the consent of Congoleum prior to the effective date of the Plan or with the consent of the Plan Trust following said effective date, which consent in either case shall not be unreasonably withheld), Congoleum or the Plan Trust (as the case may be) shall voluntarily reduce the amount of any final binding arbitration award, final judgment or settlement payment that it has obtained or may obtain from such other insurer by the amount of such other insurer’s final binding arbitration award or final judgment awarded against or settlement with Federal in connection with such contribution, subrogation, indemnification or other similar claim, and shall direct that Federal shall not be subject to liability for such judgment, arbitration award or settlement. 10.2 Any reduction in judgment, arbitration award or settlement will be accomplished by subtracting from the judgment, arbitration award or settlement against the other insurer the share of the judgment, arbitration award or settlement attributable to Federal.