Common use of Payment of Settlement Amount Clause in Contracts

Payment of Settlement Amount. At the Closing, the Joint Venture and the L'Auberge Joint Venturer shall pay, or cause to be paid, to the EW Venturer and to Manager an amount (the "Settlement Amount") which shall be equal to the excess of $500,000 over the aggregate of the Settlement Amounts payable to the EW Venturer and Manager so denominated in the Other Agreements; provided, however, that the total amount payable to EWM under all of the Agreements shall be $500,000. The payment of the Settlement Amount shall be made by confirmed wired funds or cashier's check to EWM, as collection agent for the EW Venturer and Manager. The EW Venturer and Manager, by their execution of this Agreement, hereby appoint EWM to act as their agent for purposes of collecting and distributing the Settlement Amount, and EWM, by its execution of this Agreement, hereby accepts such appointment.