Where a settlement agreement defines a term by reference to a sentence containing multiple elements (timing, capacity, source, amount), the defined term does not necessarily incorporate all elements of the defining sentence. The grammatical structure and commercial purpose of the agreement must be considered. A reference to a particular mechanism for effecting a settlement (such as a grant of probate of a particular will) may be a condition precedent to the timing of performance rather than to the operation of release clauses, particularly where the overarching purpose is to resolve all disputes.
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