Backstop Escrow Account Sample Clauses

Backstop Escrow Account. Delivery of the Rights Offering Common Stock, Backstop Shares, and any Rights Offering New Second Lien Loans and Backstop New Second Lien Loans will be made by the Company to the respective Investors on the Closing Date in the Rights Offering against payment of the aggregate purchase price for, or funding in respect of, the (x) Rights Offering Common Stock and Rights Offering New Second Lien Loans and (y) Backstop Shares and Backstop New Second Lien Loans, if any, by wire transfer of immediately available funds from the Rights Offering Escrow Account and the escrow account to which such Investor shall deliver and pay its Investor Percentage of the aggregate purchase price for the Unsubscribed Shares and funding for the Unsubscribed New Second Lien Loans (the “Backstop Escrow Account”) in accordance with Section 2(k), respectively. The Backstop Escrow Account shall be established with an escrow agent satisfactory to the Requisite Investors and the Company pursuant to an escrow agreement in form and substance reasonably satisfactory to the Requisite Investors and the Company, which escrow agent may be the same escrow agent serving as escrow agent for the Rights Offering Escrow Account, and the Backstop Escrow Account need not be separate from the Rights Offering Escrow Account.

Backstop Escrow Account. The Backstop Escrow Account shall be established with the Escrow Agent pursuant to a Backstop Escrow Agreement (the “Backstop Escrow Agreement”) in form and substance reasonably satisfactory to the Backstop Participants and the Company. The funds held in the Backstop Escrow Account shall be released, and each Backstop Participant shall receive from the Backstop Escrow Account the cash amount actually funded to the Backstop Escrow Account by such Backstop Participant, along with any interest earned on such funds net of any unpaid or unreimbursed fees or charges incurred by the Company under the Backstop Escrow Agreement, promptly following the earlier to occur of (i) the termination of this Agreement as to such Backstop Participant in accordance with its terms except with respect to a Defaulting Backstop Participant, and (ii) the Outside Date if, by such date, the Closing Date has not occurred, provided that in each case such funds shall be paid out within one (1) Business Day of the termination of this Agreement, and otherwise pursuant to the terms of the Backstop Escrow Agreement. In connection with obtaining “first day” relief, the Company shall obtain an order of the Bankruptcy Court, in form and substance reasonably satisfactory to the Parties, confirming all funds held in the Backstop Escrow Account do not constitute property of the Debtors’ estates pending release to the Company in accordance with this Agreement, and such amounts shall be irrevocably released to any persons funding such amounts into the escrow account as and when required pursuant to the terms hereof and of the Rights Offering Documents.