Settlement Payment by SDI Clause Samples
The 'Settlement Payment by SDI' clause defines the obligation of SDI (the specified party) to make a payment as part of settling a dispute, claim, or contractual obligation. Typically, this clause outlines the conditions under which SDI must pay, the amount or method for determining the payment, and the timeline for fulfilling this obligation. For example, it may require SDI to pay a specified sum to another party upon the resolution of a dispute or upon the occurrence of certain events. The core function of this clause is to ensure that financial settlements are clearly structured and enforceable, thereby reducing uncertainty and facilitating the resolution of disputes.
Settlement Payment by SDI. SDI shall pay to the IDI Lenders the sum of Eight Million and 00/100th Dollars ($8,000,000) (the "Settlement Payment") in cash upon execution of this Settlement Agreement and Mutual Release as provided below, which Settlement Payment shall be allocated among the IDI Lenders on a pro rata basis determined in accordance with each IDI Lender's proportionate share of the total Commitments under the IDI Credit Agreement, as more specifically set forth in Schedule 1 attached hereto. SDI shall make the Settlement Payment by wire transfer to each of the IDI Lenders in accordance with the amounts set forth in Schedule 1. The payments set forth in Schedule 1 shall be made to each of the IDI Lenders (other than National City Bank of Indiana) on or before December 31, 2003 and shall be made to National City Bank of Indiana no earlier than January 2, 2004 and no later than January 9, 2004.