Common use of Judgments Binding Clause in Contracts

Judgments Binding. If claim is ever made upon any Lender for repayment or recovery of any amount or amounts received in payment or on account of any of the Guaranteed Obligations and such 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 Lender with any such claimant (including any Canadian Revolving Loan Borrower or the U.S. Subsidiary 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 Revolving Note, or other instrument evidencing any liability of the Canadian Revolving Loan Borrowers or the U.S. Subsidiary Borrower, and the U.S. Borrower shall be and remain liable to the 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.