Common use of Payment of Monetary Penalty Clause in Contracts

Payment of Monetary Penalty. 7. The Offices and SCB agree that, based on the factors set forth in Title 18, United States Code, Sections 3571(d) and 3572(a), a fine of $480 million is appropriate in this case (the “Total Fine Amount”). The Total Fine Amount represents twice the value of the transactions described in Paragraph 31 of the Supplemental Factual Statement. SCB and the Offices agree that the Total Fine Amount is appropriate given the facts and circumstances of this case, including the nature and seriousness of SCB’s conduct and SCB’s prior history of sanctions violations. Any payments made toward satisfaction of the Total Fine Amount are final and shall not be refunded. Furthermore, nothing in this Agreement shall be deemed an agreement by the Offices that the Total Fine Amount is the maximum fine that may be imposed in any future prosecution, and the Offices are not precluded from arguing in any future prosecution that the Court should impose a higher fine, although the Offices agree that under those circumstances, it will recommend to the Court that any amount paid under this Agreement should be offset against any fine the Court imposes as part of a future judgment relating to the conduct described in the Factual Statements. SCB acknowledges that no tax deduction may be sought in connection with the payment of any part of the Total Fine Amount.