Common use of SETTLEMENT OF THE INITIAL COMPENSATION Clause in Contracts

SETTLEMENT OF THE INITIAL COMPENSATION. 3.1 The Company shall, subject to the conditions in Clause 1.4 having been met, pay Magni the Initial Fee by way of four tranches, each equal to the benefit of the Address Commission received by those of the Company’s subsidiaries which are parties to the Initial Contracts on their settlement of the last instalment due thereunder. The Parties agree that such payment shall be made by the Company in cash no later than 5 business days after the date of delivery (and payment of the last instalment as aforesaid) of each of the first four of the vessels to a bank account nominated by Xxxxx for this purpose.