Common use of Payment of the Settlement Amount Clause in Contracts

Payment of the Settlement Amount. A. Within fifteen (15) Business Days of the Execution Date, Lloyd's Underwriters agree to pay the Settlement Amount into the Escrow Account by wire transfer as follows: ABA No. 053000219 D/5000000016439 CT/BRANCH 2800 Bank Name: WACHOVIA BANK, NATIONAL ASSOCIATION CHARLOTTE, NC Account No. 2572008482 Acct Name: Congo/Lloyds Esc ▇▇▇▇. Rick Barnes Thereafter, within five (5) Business Days of the Trigge▇ ▇▇▇▇, ▇▇▇ Parties shall direct the Escrow Agent to release the Settlement Amount in full, along with any and all interest or investment income accrued thereon (less (a) any expenses that the Escrow Agent incurs; (b) any reserves required under the Approval Order to be held for the payment of taxes, indemnities, or otherwise; and (c) losses incurred under any investment of the Settlement Amount permissible under the terms of the Approval Order and the Escrow Agreement) to the Plan Trust or as otherwise directed by the Court. Subject to the provisions of Paragraph 2.D below, upon the release of the Settlement Amount pursuant to this Paragraph 2.A, legal and equitable title to the Settlement Amount shall pass irrevocably to the Plan Trust or to such other Entity as is directed by the Court. B. Time is of the Essence. Time is of the essence with respect to the payment of the Settlement Amount.

Payment of the Settlement Amount. A. Within fifteen (15) Business Days of the Execution Date, Lloyd's Underwriters agree to pay the Settlement Amount into the Escrow Account by wire transfer as follows: ABA No. 053000219 D/5000000016439 CT/BRANCH 2800 Bank Name: WACHOVIA BANK, NATIONAL ASSOCIATION CHARLOTTE, NC Account No. 2572008482 Acct Name: Congo/Lloyds Esc ▇▇▇▇. Rick Barnes Thereafter, within five (5) Business Days of the Trigge▇ Trigger ▇▇▇▇, ▇▇▇ Parties shall direct the Escrow Agent to release the Settlement Amount in full, along with any and all interest or investment income accrued thereon (less (a) any expenses that the Escrow Agent incurs; (b) any reserves required under the Approval Order to be held for the payment of taxes, indemnities, or otherwise; and (c) losses incurred under any investment of the Settlement Amount permissible under the terms of the Approval Order and the Escrow Agreement) to the Plan Trust or as otherwise directed by the Court. Subject to the provisions of Paragraph 2.D below, upon the release of the Settlement Amount pursuant to this Paragraph 2.A, legal and equitable title to the Settlement Amount shall pass irrevocably to the Plan Trust or to such other Entity as is directed by the Court. B. Time is of the Essence. Time is of the essence with respect to the payment of the Settlement Amount.