Closing

Definition:

The completion of a deal.

In the context of a securities offering, this occurs when all remaining documents are executed and the securities and funds are exchanged between the parties.

In a Credit Agreement, it is the point at which the borrower has satisfied the conditions contingent (i.e., the Condition Precedent (CP)) on completing the arrangement and the funds can be transferred.

In certain jurisdictions, including the United Kingdom, the word “completion” is often used.

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