Closing

Closing the actual financing is often anti-climactic as the long, hard work of negotiation and documentation constitutes the bulk of the time spent on a loan.

Typical Steps in Closing A Loan

Compliance with the agreement
Representations and Warranties are true at closing
All consents are obtained
All appropriate corporate actions are taken
Opinions of counsel are delivered
No material adverse changes in the business condition have occurred
Consummation of the transaction through execution and delivery of documentation and transfer of funds
Execution:

Acts – shareholders, governmental (e.g. filing of security interests on various assets)
Simultaneous execution and closing
Prepare details of a fund flow at close

Please Note: CLOSINGS ARE OFTEN ANTI-CLIMACTIC BUT ALL PARTIES SHOULD STAND BY FOR LAST MINUTE DETAILS

Borrower: Beware of significant changes or additions in proposed loan structure after the Letter of Intent that are not supported by new information or analysis during due diligence

PQ can provide a list of preferred third-party advisors for Step 14 including Lawyers, Accountants and more.

Phase 4 Step 13: Closing

Closing