Common use of Judgments Binding Clause in Contracts

Judgments Binding. If claim is ever made upon any Canadian Lender for repayment or recovery of any amount or amounts received in payment or on account of any of the Canadian Obligations and such Canadian Lender repays all or part of said amount by reason of (a) any judgment, decree or order of any court or administrative body having jurisdiction over such payee or any of its property, or (b) any settlement or compromise of any such claim effected by such Canadian Lender with any such claimant (including any Canadian Revolving Loan Borrower) then and in such event the U.S. Borrower agrees that any such judgment, decree, order, settlement or compromise shall be binding upon the U.S. Borrower, notwithstanding any revocation hereof or the cancellation of any Canadian Revolving Credit Note, or other instrument evidencing any liability of the Canadian Revolving Loan Borrowers, and the U.S. Borrower shall be and remain liable to the Canadian Lenders hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such payee.

Judgments Binding. If claim is ever made upon any Canadian Lender Guaranteed Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Canadian Obligations and such Canadian Lender Guaranteed Party repays all or part of said amount by reason of (a) any judgment, decree or order of any court or administrative body having jurisdiction over such payee or any of its property, or (b) any settlement or compromise of any such claim effected by such Canadian Lender Guaranteed Party with any such claimant (including any the -116- 124 Canadian Revolving Loan Borrower) then and in such event the U.S. US Borrower agrees that any such judgment, decree, order, settlement or compromise shall be binding upon the U.S. US Borrower, notwithstanding any revocation hereof or the cancellation of any Canadian Revolving Credit Note, or other instrument evidencing any liability of the Canadian Revolving Loan BorrowersBorrower, and the U.S. US Borrower shall be and remain liable to the Canadian Lenders Guaranteed Parties hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such payee.. * * *