Commitment Letter from Lender Clause Samples

Commitment Letter from Lender. On or before the 90th day following the Effective Date, the Purchaser shall provide to Seller a copy of a commitment letter from a banking institution for the portion of the purchase price that Purchaser proposes to finance (the “Borrowed Funds”). The commitment letter shall be accompanied by (i) an updated statement of participating member equity funds being held by the Escrow Agent, and (ii) a statement by Purchaser that the commitment letter has been accepted by Purchaser and that the participating member equity funds and the Borrowed Funds available through the loan commitment are sufficient to satisfy the Purchaser’s obligation at Closing.