{"component": "clause", "props": {"groups": [{"samples": [{"hash": "5n55MmIGTHb", "uri": "/contracts/5n55MmIGTHb#sufficient-financing", "label": "Stock Purchase Agreement (Gibraltar Steel Corp)", "score": 21.0, "published": true}], "snippet": "Purchaser has, and will have prior to the Closing, sufficient cash, available lines of credit or other sources of immediately available funds to enable it to make payment of the Final Purchase Price and any other amounts to be paid by it hereunder.", "size": 1, "snippet_links": [{"key": "prior-to-the-closing", "type": "clause", "offset": [29, 49]}, {"key": "sufficient-cash", "type": "clause", "offset": [51, 66]}, {"key": "lines-of-credit", "type": "definition", "offset": [78, 93]}, {"key": "other-sources", "type": "definition", "offset": [97, 110]}, {"key": "immediately-available-funds", "type": "clause", "offset": [114, 141]}, {"key": "final-purchase-price", "type": "definition", "offset": [178, 198]}, {"key": "amounts-to-be-paid", "type": "clause", "offset": [213, 231]}], "hash": "969d0ff633915b599d29c5b1960078b1", "id": 5}, {"samples": [{"hash": "I3u75ofZxA", "uri": "/contracts/I3u75ofZxA#sufficient-financing", "label": "Combination Agreement (Biotie Therapies Corp.)", "score": 27.0479123888, "published": true}], "snippet": "The Offeror, following the closing of the Equity Sale, will have and will maintain through the Closing sufficient finances available (including finances available under any Replacement Financing) to complete the Tender Offer, and will finance the Tender Offer through cash on its balance sheet and proceeds of the Equity Sale and any Replacement Financing, and no other third party financing is required by the Offeror to complete the Tender Offer and subsequent acquisition (including compulsory redemption) of any remaining Shares and Outstanding Equity Instruments. Concurrently with the Offeror\u2019s entry into this Agreement, the Offeror has entered into a purchase agreement (the \u201cEquity Purchase Agreement\u201d) with \u2587.\u2587. \u2587\u2587\u2587\u2587\u2587\u2587 Securities LLC (the \u201cPurchaser\u201d) pursuant to which the Purchaser has committed to purchase $75,000,000 of shares of common stock, par value $0.001, of the Offeror (the \u201cEquity Sale\u201d). The Offeror has delivered to the Company a true and complete copy of the form of Equity Purchase Agreement and will promptly deliver to the Company a true and complete copy of the executed Equity Purchase Agreement. There are no side letters (other than engagement or related letters (none of which contain terms that would reasonably be expected to adversely affect the amount or closing of the Equity Sale)) related to the Equity Sale. As of its signing on the date hereof, (i) the Equity Purchase Agreement is a valid and binding obligation of the Offeror and, to the knowledge of the Offeror, the Purchaser, and (ii) no event has occurred which would constitute a default (or an event which with notice or lapse of time or both would constitute a default), or the failure of any condition, on the part of the Offeror or, to the knowledge of the Offeror, the Purchaser under the Equity Purchase Agreement. There are no conditions precedent to the closing of the Equity Sale and receipt by the Offeror of the net proceeds of the Equity Sale other than the conditions precedent set forth in the Equity Purchase Agreement, and the Offeror has no reason to believe that it will not be able to satisfy any closingcondition in the Equity Purchase Agreement or that the full amount of net proceeds of the Equity Sale will not be paid to the Offeror on or before January 26, 2016. The Offeror acknowledges and agrees that notwithstanding anything to the contrary in this Agreement, the closing of the Equity Sale or any Replacement Financing shall not be a condition to the obligation of the Offeror to consummate the Tender Offer and the other transactions contemplated hereby.", "size": 3, "snippet_links": [{"key": "following-the-closing", "type": "clause", "offset": [13, 34]}, {"key": "equity-sale", "type": "clause", "offset": [42, 53]}, {"key": "available-under", "type": "clause", "offset": [153, 168]}, {"key": "replacement-financing", "type": "definition", "offset": [173, 194]}, {"key": "the-tender-offer", "type": "clause", "offset": [208, 224]}, {"key": "balance-sheet", "type": "definition", "offset": [280, 293]}, {"key": "third-party-financing", "type": "clause", "offset": [370, 391]}, {"key": "required-by", "type": "definition", "offset": [395, 406]}, {"key": "subsequent-acquisition", "type": "definition", "offset": [452, 474]}, {"key": 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"snippet": "Ex-Im Bank shall have received evidence satisfactory to it that the financing committed to be provided to the Borrower pursuant to the Financing Documents, together with the amounts of Corporate Cash Balance and all amounts of committed and available long-term credit facilities under the Other Phase II Credit Facilities, is sufficient to enable the Borrower to pay all Project Costs set forth in the Ramp and Capital Costs Budget and otherwise to achieve the Phase II Completion Date.", "size": 1, "snippet_links": [{"key": "to-the-borrower", "type": "clause", "offset": [103, 118]}, {"key": "the-financing-documents", "type": "clause", "offset": [131, 154]}, {"key": "cash-balance", "type": "clause", "offset": [195, 207]}, {"key": "term-credit-facilities", "type": "clause", "offset": [256, 278]}, {"key": "to-pay", "type": "clause", "offset": [360, 366]}, {"key": "project-costs", "type": "clause", "offset": [371, 384]}, {"key": "capital-costs", "type": "definition", "offset": 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"Cl0SV2oVc35sYXdpbnNpZGVyY29udHJhY3RzcjkLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ih1zdWZmaWNpZW50LWZpbmFuY2luZyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"children": [["other-action", "Other Action"], ["maintain-organization", "Maintain Organization"], ["availability-of-personnel", "Availability of Personnel"], ["consents", "Consents"], ["no-material-contracts", "No Material Contracts"]], "size": 18, "parents": [["representations-and-warranties-of-buyer", "REPRESENTATIONS AND WARRANTIES OF BUYER"], ["representations-and-warranties-of-purchaser", "REPRESENTATIONS AND WARRANTIES OF PURCHASER"], ["representations-and-warranties", "Representations and Warranties"], ["covenants", "Covenants"], ["environmental-matters", "Environmental Matters"]], "title": "Sufficient Financing", "id": "sufficient-financing", "related": [["debt-financing", "Debt Financing", "Debt Financing"], ["project-financing", "Project Financing", "Project Financing"], ["bridge-financing", "Bridge Financing", "Bridge Financing"], ["pre-financing", "Pre-financing", "Pre-financing"], ["purchaser-financing", "Purchaser Financing", "Purchaser Financing"]], "related_snippets": [], "updated": "2025-07-07T12:36:13+00:00", "also_ask": ["What objective criteria should define 'sufficient financing' to avoid ambiguity?", "How can parties structure this clause to prevent opportunistic withdrawal or delay?", "What are the most common negotiation pitfalls or leverage points with this clause?", "How do courts typically interpret and enforce 'sufficient financing' provisions?", "How does this clause compare to financing-out or material adverse change clauses in similar deals?"], "drafting_tip": "Specify minimum financing amounts to ensure adequacy, require proof of funds to verify capability, and set deadlines for funding to prevent delays.", "explanation": "The Sufficient Financing clause ensures that a party, typically the buyer in a transaction, has secured adequate funds to fulfill its payment obligations under the agreement. In practice, this clause may require the buyer to provide evidence of financing, such as loan commitments or proof of available funds, by a specified date. Its core function is to protect the seller from the risk of a failed transaction due to the buyer's inability to pay, thereby promoting certainty and reliability in the contractual arrangement."}, "json": true, "cursor": ""}}