Common use of Payment to Lender Clause in Contracts

Payment to Lender. In consideration for entering into this Agreement, M▇▇▇▇▇ agrees to pay Lender Eleven Million Dollars ($11,000,000) (the “Settlement Amount”) within twenty-four (24) hours of the dismissal of the Lawsuit and removal of the Receiver. Payment of the Settlement Amount shall be made via wire transfer in United States dollars. By the end of the day on May 29, 2025, the funds for the Settlement Amount will be delivered from M▇▇▇▇▇’▇ third-party funders to the trust account for its counsel, Dykema, and shall be held there until distributed to Lender. In the event, the Court does not enter an Order dismissing this Lawsuit and removing the Receiver, this Agreement shall be rendered void, and D▇▇▇▇▇ will return the funds to the third­ party funders, less any amounts due to the Receiver pursuant to Paragraph 3, which will be paid from D▇▇▇▇▇ to the Receiver. Payment of the Settlement Amount shall be deemed to be reimbursement of L▇▇▇▇▇’s principal amounts due and owing under the Note and the Second Note, which were secured by property valued in excess of the Settlement Amount. Payment of the Settlement Amount shall also be deemed a purchase of shares under the Common Stock Purchase Agreement between M▇▇▇▇▇ and the Borrower, dated July 26, 2024.