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This salawat is found in Part 4 of Dala'il Al Khayrat.
اللَّهُمَّ صَلِّ عَلَى سَيِّدِنَا مُحَمَّدٍ حآءِ الرَّحْمَةِ. وَمِيْمَيِ الْمُلْكِ. وَدَالِ الدَّوَامِ. السَيِّدِ الْكَامِلِ. الْفَاتِحِ الْخَاتِمِ. عَدَدَ مَا في عِلْمِكَ كَائِنٌ أَو قَدْ كَانَ. كُلَّمَا ذَكَرَكَ وَذَكَرَهُ الذَّاكِرُونَ وَكُلَّمَا غَفَلَ عَنْ ذِكْرِكَ وَذِكْرِهِ الْغَافِلُونَ. صَلَاةً دَائِمَةً بِدَوَامِكَ. بَاقِيَةً بِبَقَائِكَ. لَا مُنْتَهَى لَهَا دُونَ عِلْمِكَ. إِنَّكَ عَلَى كُلِّ شَيءٍ قَدِيْرٌ
O Allah, bless Sayyidina Muhammad the Ha'(ه) of Mercy, the two Meems (م) of the Kingdom and the Dal (د) of perpetuity, the perfect master, the opener, the seal, in quantity as great as that which is in your knowledge, of what is or what was, whenever those who remember, remember You and remember him; and whenever those who neglect to remember You and neglect to remember him, with a constant prayer, lasting as long as You, remaining as long as You remain, without end, as only You know, for You have power over all things.
Imam Al Jazuli isolated the letters of the name Muhammad (Meem-Ha'-Dal) and then compiled a salawat specifically mentioning each letter. He mentions the Ha' of Mercy, the two Meems of the Kingdom and the Dal of perpetuity. The two Meems refer to the two Kindgoms - of this world and the hereafter.
The meaning of the name Muhammad is Praised One. However, the salawat uses the order Ha'-Meem-Dal, which spells hamd, meaning praise. There is a beauty in this - both formations point towards praise.