Common use of Closing Date Flow of Funds Clause in Contracts

Closing Date Flow of Funds. Contemporaneously with Closing: (a) The Closing Payment shall be disbursed at the Closing as follows: (i) First, to repay the amount of any Credit Document Indebtedness of the Company Group (including any Post-Effective Time Credit Document Indebtedness) outstanding as of the Closing Date, to the applicable holders of such Credit Document Indebtedness; (ii) Second, to the extent any Hedge Losses amounts are owed by the Company Group at Closing in connection with any Company Hedge liquidations, to the Persons owed any amounts in connection therewith; (iii) Third, to the extent any Transaction Costs are due and payable or outstanding as of Closing, to the Persons owed any such Transaction Costs; (iv) Fourth, to the extent the Defect Escrow Amount is a positive number at Closing, to the Escrow Agent via wire transfer of immediately available funds to the account or accounts designated in the Escrow Agreement; and (v) Fifth, the remainder to the Person(s) and account(s) designated by Sellers’ Representative in the Preliminary Settlement Statement. (b) Sellers shall cause the Company Group to make the Closing Distribution to the Person(s) and account(s) designated by Sellers’ Representative in the Preliminary Settlement Statement.