A few excerpts from the KOTA agreement that lead me to believe that if the contract were to be cancelled they would have already done so. At this point with PHIL, who really knows though...
4.11 Financial Ability. Within fifteen (15) days after the Effective Date, PHIL will obtain written binding commitments (the “Funding Commitments”) from third party financing sources to provide PHIL with the amounts of financing sufficient to fund the total amount of the Purchase Price at Closing and to otherwise perform its obligations with respect to the transactions contemplated by this Agreement (the “Financing”). The Funding Commitments will be in full force and effect as of the Closing Date. PHIL shall promptly provide true and correct copies of the Funding Commitments to KCCO immediately once available. There will be no conditions precedent related to the close of the Financing and the funding of the full amounts contemplated by the Funding Commitments on the Closing Date other than as agreed to by KCCO and the Founding Members in their sole discretion.
9.1 Termination. This Agreement may be terminated prior to the Closing:
(a) by the mutual written consent of PHIL and KCCO;
(b) by KCCO, if PHIL does not pay the full amount of the Purchase Price to KCCO within thirty (30) calendar days after the Effective Date;
(c) by KCCO, if Closing does not occur within forty-five (45) days from the Effective Date;
(d) by KCCO, if PHIL shall have materially breached any representation or warranty or shall have failed to comply with any covenant or agreement applicable to PHIL that would cause any of the conditions set forth in Section 8.2 not to be satisfied; provided, however, that KCCO is not then in material breach of this Agreement; or
(e) by PHIL, if KCCO shall have materially breached any representation or warranty or shall have failed to comply with any covenant or agreement applicable to KCCO that would cause any of the conditions set forth in Section 8.1 not to be satisfied; provided, however, that PHIL is not then in material breach of this Agreement.
