Common use of Proof of Funds Clause in Contracts

Proof of Funds. If requested by Seller, within two (2) business days following the Effective Date, Buyer shall deliver to Seller proof of committed funds available to Buyer sufficient to enable Buyer to consummate the acquisition of the Loans pursuant to this Agreement, which proof shall be in the form of a letter of credit, loan commitment, bank statement, or other form acceptable to Seller in Seller’s sole discretion. If (i) Buyer fails timely to provide such proof of committed funds, or (ii) Seller determines, in Seller’s sole discretion, that the proof of funds provided to Seller by Buyer is unacceptable, then Seller shall have the right, at Seller’s option, to provide written notice to Buyer that this Agreement is terminated. If Seller exercises such termination right, then this Agreement shall be deemed terminated effective as of the date that Seller delivers written notice of termination to Buyer, whereupon (I) the Deposit (if theretofore deposited with the Escrow Holder), less the Registration Deposit, shall be returned to Buyer, and

Proof of Funds. If requested by Seller, within two (2) business days following the Effective Date, Buyer shall deliver to Seller proof of committed funds available to Buyer sufficient to enable Buyer to consummate the acquisition of the Loans pursuant to this Agreement, which proof shall be in the form of a letter of credit, loan commitment, bank statement, or other form acceptable to Seller in Seller’s sole discretion. If (i) Buyer fails timely to provide such proof of committed funds, or (ii) Seller determines, in Seller’s sole discretion, that the proof of funds provided to Seller by Buyer is unacceptable, then Seller shall have the right, at Seller’s option, to provide written notice to Buyer that this Agreement is terminated. If Seller exercises such termination right, then this Agreement shall be deemed terminated effective as of the date that Seller delivers written notice of termination to Buyer, whereupon (I) the Deposit (if theretofore deposited with the Escrow Holder), less the Registration Deposit, shall be returned to Buyer, andand (II) Buyer and Seller shall each be relieved of any further obligations under this Agreement.

Proof of Funds. If requested by Seller, within two (2) business days following the Effective Date, Buyer shall deliver to Seller proof of committed funds available to Buyer sufficient to enable Buyer to consummate the acquisition of the Loans pursuant to this Agreement, which proof shall be in the form of a letter of credit, loan commitment, bank statement, or other form acceptable to Seller in Seller’s sole discretion. If (i) Buyer fails timely to provide such proof of committed funds, or (ii) Seller determines, in Seller’s sole discretion, that the proof of funds provided to Seller by Buyer Xxxxx is unacceptable, then Seller shall have the right, at Seller’s option, to provide written notice to Buyer that this Agreement is terminated. If Seller exercises such termination right, then this Agreement shall be deemed terminated effective as of the date that Seller delivers written notice of termination to Buyer, whereupon (I) the Deposit (if theretofore deposited with the Escrow Holder), less the Registration Deposit, shall be returned to Buyer, andand (II) Buyer and Seller shall each be relieved of any further obligations under this Agreement.