Sufficient Funds Clause Samples
The Sufficient Funds clause ensures that a party, typically the buyer or obligor, has adequate financial resources available to fulfill its payment obligations under the agreement. In practice, this clause may require the party to provide evidence of available funds, such as bank statements or financing commitments, before certain transactions or milestones occur. Its core function is to provide assurance to the other party that financial commitments can be met, thereby reducing the risk of default due to lack of funds.
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Sufficient Funds. (a) Parent has delivered to the Company an accurate and complete copy of a commitment letter, together with all schedules and exhibits thereto, dated November 7, 2013 (the “Commitment Letter”), between Parent and Jefferies Finance LLC (“Jefferies”), pursuant to which Jefferies has agreed, subject to the terms and conditions set forth therein (the “Financing Conditions”), to provide the debt financing set forth therein (the “Financing Commitment”) for the purpose of financing the Transactions, the repayment or refinancing of certain of the Company’s and the Company Subsidiary’s existing indebtedness and related fees and expenses.
(b) The Financing Commitment is in full force and effect as of the date hereof and is a legal, valid and binding obligation of Parent and Jefferies, enforceable against Parent and Jefferies in accordance with its terms and conditions, subject to the Bankruptcy and Equity Exception. As of the date hereof, the Financing Commitment has not been amended, supplemented or modified in any respect, and none of the commitments contained therein has been withdrawn, terminated, repudiated or rescinded in any respect. Parent has paid any and all commitment fees or other fees in connection with the Financing Commitment that are payable on or prior to the date hereof. There are no conditions precedent or other contingencies related to the funding of the full amount of the Financing Commitment at the Closing, other than the Financing Conditions. As of the date hereof, Parent has no reason to believe that it or Merger Sub will be unable to satisfy on a timely basis any term or condition set forth in the Financing Commitment that is required to be satisfied by it on or prior to the Closing.
(c) At the Acceptance Time and the Effective Time, Parent will have available, and will make available to Merger Sub (through Intermediary), all of the funds necessary as of such time to consummate the Transactions, including Parent’s, Intermediary’s and Merger Sub’s payment obligations under Article 4 and to pay all related fees and expenses. Parent and Merger Sub acknowledge that their obligations under this Agreement are not contingent or conditioned in any manner on obtaining any funds or financing.
Sufficient Funds. Sufficient funds are available to the Borrower, in addition to the proceeds of the Note, to pay all costs of construction of the Improvements in the manner required hereby.
Sufficient Funds. With respect to the Additional Loans, the amount on deposit in the Supplemental Purchase Account shall be greater than or equal to the related Additional Loans Purchase Price.
Sufficient Funds. Borrower holds sufficient funds and/or binding commitments for sufficient funds to complete the acquisition of the Property and the rehabilitation of the Development in accordance with the terms of this Agreement.
Sufficient Funds. At the Closing, Parent will have available sufficient funds to pay the Merger Consideration in accordance with and subject to the terms and conditions of this Agreement.
Sufficient Funds. Such Purchaser will have available to it at the Closing sufficient funds to enable such Purchaser to pay in full at the Closing the entire amount of such Purchaser’s Funding Obligation in immediately available cash funds.
Sufficient Funds. Purchaser shall have on the Closing Date sufficient funds on hand to pay in full the Purchase Price.
Sufficient Funds. Buyer has sufficient funds to pay in full the Purchase Price and to enable it to consummate the transactions contemplated by this Agreement.
Sufficient Funds. The Purchaser will have at the Closing funds sufficient to perform its obligations under this Agreement and to consummate the Contemplated Transactions.
Sufficient Funds. Parent and Purchaser will have all of the funds available as and when needed that are necessary to consummate the Transactions and to perform their respective obligations under this Agreement.