Common use of Financing Commitment Clause in Contracts

Financing Commitment. No later than June 23, 1997, Buyer shall have obtained, and delivered to Seller a true and correct copy of, a commitment (in form and substance satisfactory to Seller in its reasonable judgment) of a reputable financial institution to provide to Buyer the funds necessary (at any time to and including December 19, 1997) which together with Buyer's then existing resources enable it to satisfy all of Buyer's obligations under this Agreement and with respect to the transactions contemplated by this Agreement, including its obligation to purchase the Assets and to pay the Purchase Price, with funding subject only to (a) the satisfaction of the conditions to Closing set forth in Article VIII, (b) there having occurred no Material Adverse Change in the Financial Markets after the date of such commitment and (c) there having occurred no material adverse change in the financial condition of Buyer after the date of such commitment (the "Commitment"). Without limiting the foregoing, the Commitment shall not be subject to any condition with respect to equity funding (except a condition, if any, which such financial institution has confirmed, in writing to Seller, has been satisfied prior to the Initial Termination Date).