Extract to table

Settlement Amount In full and final resolution of all claims, counterclaims, cross-claims, and any and all other disputes between and among the Parties arising out of or relating to the above-captioned action, the Thalassa Parties shall pay to Northwind a total settlement amount of Seven Million Eight Hundred Fifty Thousand Dollars ($7,850,000

Payment Structure The Settlement Amount shall be paid by the Thalassa Parties to Northwind in three (3) installments, according to the following schedule: (a) Payment 1 — $4,000,000

All payments shall be made by wire transfer of immediately available funds in United States Dollars to the escrow account identified in Section 4 below

A payment shall be deemed made on the date on which the wire transfer is received by the escrow agent and the funds are confirmed as cleared and available

In the event that any payment date falls on a weekend or a day on which banks in the City of New York are not open for general commercial business (a "Non-Business Day"), such payment shall be due on the next succeeding Business Day

The obligation to make payments under this Section 3 shall be the joint and several obligation of TSL and Aegean Fortuna Shipholding, and the failure of one Thalassa Party to make a required payment shall not relieve the other Thalassa Party of its obligation to ensure timely payment of the full amount due