Dismissal of Litigation; Payment of Settlement Amount Sample Clauses

Dismissal of Litigation; Payment of Settlement Amount a) In consideration of Century’s agreement to the release of the funds held in the ML Media Escrow Account (as defined in the Sellers Escrow Agreement (the “Sellers Escrow Agreement”) dated as of October 31, 2005 among ML Media, Century and The Bank of New York, as escrow agent (the “Escrow Agent”)) and payment of the Settlement Amount (as defined below), and the other terms and conditions of this Settlement Agreement, ML Media shall (i) dismiss with prejudice all pending litigation against the Joint Venture, the Estate, the Adelphia Parties, and Arahova including the State Court Action (styled ML Media Partners, L.P. v. Century Communications Corp., et al., Index No. 601298/00) and the Recap Action (styled ML Media Partners, L.P. v. Century/ML Cable Venture, et al., Adv. Pro. No. 02-02544 (REG)), (ii) withdraw with prejudice the ML Proofs of Claim, (iii) authorize the withdrawal with prejudice of the JV Proofs of Claim; and (iv) consent to the release in accordance with Section 1.4 hereof of all amounts held in the Century Escrow Account (as defined in Section 1.4). On the date hereof, ML Media shall execute, or cause the appropriate counsel to execute, stipulations of dismissal with prejudice in respect of each such pending action and the Proofs of Claim, to be held in escrow pending receipt of payment in full of the amounts held in the ML Media Escrow Account and the Settlement Amount.