Common use of Settlement Payment Clause in Contracts

Settlement Payment. Southfield Corporation, on behalf of itself, Xxxxxx and all other Releasees, shall pay or cause to be paid the Settlement Amount in settlement of the Action. The Settlement Amount shall initially be paid on the Execution Date to Xxxxx Fargo Bank, N.A., as escrow agent (the "Escrow Agent"), to be held in an interest-bearing escrow account in accordance with the terms and conditions of an escrow agreement in the form and substance of Exhibit "E" attached hereto (the " Escrow Account"). Within three (3) business days after the Court's entry of the Preliminary Approval Order, Class Counsel shall deliver to the Escrow Agent and Southfield Corporation a certified copy of the Preliminary Approval Order and wire transfer instructions for payment of funds to the Settlement Fund Account. Within five (5) business days after a copy of the Preliminary Approval Order is delivered to the Escrow Agent, the Escrow Agent shall remit the sum of the $19,000,000 by wire-transfer from the Escrow Account into the Settlement Fund account at the financial institution designated in the Preliminary Approval Order in accordance with instructions from Class Counsel, to be administered in accordance with the provisions of Section F of this Agreement. All interest earned on the Settlement Amount while on deposit in the Escrow Account shall be remitted to Southfield Corporation by wire transfer to an account designated by Southfield Corporation. In the event the Court declines to enter the Preliminary Approval Order, the Escrow Agent shall, within five (5) business days after receiving notification of the Court's decision not to enter the Preliminary Approval Order, remit the entire Settlement Amount, together with all interest earned thereon while held in the Escrow Account, to Southfield Corporation by wire transfer to an account designated by Southfield Corporation.

Settlement Payment. Southfield Corporation3.1 Within seven (7) days of the Effective Date, on behalf of itself, Xxxxxx and all other Releasees, BSC shall pay or cause to be paid to Medinol the Settlement Amount in settlement amount of the Action. The Settlement Amount shall initially be paid on the Execution Date to Xxxxx Fargo Bank, N.A., as escrow agent seven hundred and fifty million dollars (the "Escrow Agent"), to be held in an interest-bearing escrow account in accordance with the terms and conditions of an escrow agreement in the form and substance of Exhibit "E" attached hereto (the " Escrow Account"). Within three (3$750,000,000) business days after the Court's entry of the Preliminary Approval Order, Class Counsel shall deliver to the Escrow Agent and Southfield Corporation a certified copy of the Preliminary Approval Order and wire transfer instructions for payment of funds to the Settlement Fund Account. Within five (5) business days after a copy of the Preliminary Approval Order is delivered to the Escrow Agent, the Escrow Agent shall remit the sum of the $19,000,000 by wire-transfer from the Escrow Account into the Settlement Fund account at the financial institution designated in the Preliminary Approval Order in accordance with instructions from Class Counsel, to be administered in accordance with the provisions of Section F of this Agreement. All interest earned on the Settlement Amount while on deposit in the Escrow Account shall be remitted to Southfield Corporation by wire transfer to an account designated directed by Southfield CorporationMedinol (the “Settlement Payment”) for the settlement of the U.S. Action. In The Settlement Payment represents remuneration for lost commercial profits claimed by Medinol under Section 3.02(a) of the event Supply Agreement relating to the Court declines alleged breaches of the Supply Agreement. 3.2 Effective upon Medinol’s receipt of the full amount of the Settlement Payment into the account specified by Medinol and the surrender and forfeiture of the BSC Equity Stake pursuant to enter Section 2.1, (a) the Preliminary Approval Orderreleases pursuant to Article 9 of this Agreement shall take effect, (b) the BSC-Medinol Agreements shall be canceled and terminated, to the extent not previously canceled and terminated, and (c) the Actions shall be dismissed with prejudice pursuant to Section 8.1. 3.3 The Parties agree that, upon Medinol’s receipt of the Settlement Payment, the Escrow Agent shall, within five (5) business days after receiving notification BSC Companies have satisfied any monetary obligations arising out of the Court's decision Supply Agreement and each of the other BSC-Medinol Agreements up to the Effective Date and that the Settlement Payment is in full and complete satisfaction of all monetary and other claims made or which could have been made by the Medinol Parties against the BSC Companies and its officers, directors and Affiliates prior to and through the Effective Date, stemming from the Supply Agreement and each of the other BSC-Medinol Agreements or the Express/Taxus Express Stents. 3.4 The Parties agree that, effective upon Medinol’s receipt of the Settlement Payment, Medinol and its officers, directors and Affiliates have no remaining monetary or other obligations to the BSC Companies arising out of the BSC-Medinol Agreements, except as contemplated in Article 4 of this Agreement. 3.5 The Parties agree that the Settlement Payment made pursuant to this Article does not to enter the Preliminary Approval Order, remit the entire Settlement Amount, together with all interest earned thereon while held cover any future infringement claims that may be made by Medinol. Such potential future claims are addressed in the Escrow Account, to Southfield Corporation by wire transfer to an account designated by Southfield CorporationArticle 5.