Acquisition Loan Agreement Clause Samples
An Acquisition Loan Agreement is a contract that outlines the terms under which a lender provides financing to a borrower specifically for the purpose of acquiring another business, asset, or property. This agreement typically details the loan amount, interest rate, repayment schedule, and any conditions precedent to funding, such as due diligence or regulatory approvals. By clearly defining the rights and obligations of both parties, the Acquisition Loan Agreement ensures that the financing process is transparent and that both lender and borrower understand the terms governing the acquisition, thereby reducing the risk of disputes and facilitating a smoother transaction.
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Acquisition Loan Agreement. As of the Effective Date. Buyer has delivered to Seller and Seller Parties duly executed copies of the commitment letter and related term sheet of Comerica Bank, dated as of June 14, 2017 (the “Commitment Letter”), pursuant to which such Person has agreed, subject to the terms and conditions set forth therein, to enter into the Acquisition Loan Agreement. As of the date hereof, the Commitment Letter is in full force and effect. To the knowledge of Buyer, there are no conditions precedent or other contingencies relating to the funding of the full amount of the proceeds under the contemplated Acquisition Loan Agreement except as stated in the Commitment Letter.