Crossword Genius

Calmed down and paid up (7)

Ross

I believe the answer is:

settled

I'm a little stuck... Click here to teach me more about this clue!

'paid up' is the definition.
'settled' can be an answer for 'paid' (thesaurus). I'm not certain of the 'up' bit.

'calmed down' is the wordplay.
I cannot quite understand how this works, but
'down' could be 'set' (similar in meaning) and 'set' is located in the answer.
This explanation may well be incorrect...

'and' acts as a link.

Can you help me to learn more?

(Other definitions for settled that I've seen before include "Colonised; decided" , "no longer an issue" , "Resolved; calm" , "Sank or came to rest" , "Took up residence" .)

I've seen this clue in the Evening Standard.
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