Common use of Reinstatement; Certain Payments Clause in Contracts

Reinstatement; Certain Payments. If claim is ever made upon the Bank for repayment or recovery of any amount or amounts received by the Bank in payment or on account of any of the Obligations under this Agreement, the Bank shall give prompt notice of such claim to the Co-Borrowers, and if the Bank repays all or part of said amount by reason of (i) any judgment, decree or order of any court or administrative body having jurisdiction over the Bank or any of its property, or (ii) any settlement or compromise of any such claim effected by the Bank with any such claimant, then and in such event each Co-Borrower agrees that any such judgment, decree, order, settlement or compromise shall be binding upon such Co-Borrower notwithstanding the cancellation of any Note or other instrument evidencing the Obligations under this Agreement or the termination of this Agreement, and the Co-Borrower shall be and remain liable to the Bank hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by the Bank.

Reinstatement; Certain Payments. If claim is ever made upon the Bank for repayment or recovery of any amount or amounts received by the Bank in payment or on account of any of the Obligations under this Agreement, the Bank shall give prompt notice of such claim to the Co-Borrowers, and if the Bank repays all or part of said amount by reason of (ia) any judgment, decree or order of any court or administrative body having jurisdiction over the Bank or any of its property, or (iib) any settlement or compromise of any such claim effected by the Bank with any such claimant, then and in such event each Co-Borrower agrees the Borrowers agree that any such judgment, decree, order, settlement or compromise shall be binding upon such Co-Borrower Borrowers notwithstanding the cancellation of any Note the Notes or other instrument instrument(s) evidencing the Obligations under this Agreement or the termination of this Agreement, and the Co-Borrower Borrowers shall be and remain liable to the Bank hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by the Bank.

Reinstatement; Certain Payments. If claim is ever made upon the Bank for repayment or recovery of any amount or amounts received by the Bank in payment or on account of any of the Obligations under this Agreement, the Bank shall give prompt notice of such claim to the Co-Borrowerseach Borrower, and if the Bank repays all or part of said amount by reason of (i) any judgment, decree or order of any court or administrative body having jurisdiction over the Bank or any of its property, or (ii) any settlement or compromise of any such claim effected by the Bank with any such claimant, then and in such event each Co-Borrower agrees that any such judgment, decree, order, settlement or compromise shall be binding upon such Co-Borrower notwithstanding the cancellation of any the Note or other instrument evidencing the Obligations under this Agreement or the termination of this Agreement, and the Co-each Borrower shall be and remain jointly and severally liable to the Bank hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by the Bank.

Reinstatement; Certain Payments. If claim is ever made upon the Bank for repayment or recovery of any amount or amounts received by the Bank in payment or on account of any of the Obligations under this Agreement, the Bank shall give prompt notice of such claim to the Co-Borrowers, and if the Bank repays all or part of said amount by reason of (ia) any judgment, decree or order of any court or administrative body having jurisdiction over the Bank or any of its property, or (iib) any settlement or compromise of any such claim effected by the Bank with any such claimant, then and in such event each Co-Borrower agrees the Borrowers agree that any such judgment, decree, order, settlement or compromise shall be binding upon such Co-Borrower Borrowers notwithstanding the cancellation of any the Term Note or other instrument evidencing the Obligations under this Agreement or the termination of this Agreement, and the Co-Borrower Borrowers shall be and remain liable to the Bank hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by the Bank.