Loan Commitment Letter between Atlantic Coastal Acquisition Management LLC and Atlantic Coastal Acquisition Corp.
Atlantic Coastal Acquisition Management LLC, through its CEO Shahraab Ahmad, commits to provide up to $1,315,000 in loans to Atlantic Coastal Acquisition Corp. upon request, through September 30, 2022. The loans are non-interest bearing, unsecured, and will be repaid only if the Company completes a business combination. If no business combination occurs, the loans will be forgiven unless the Company has funds outside its trust account. This agreement outlines the terms and conditions for the loan commitment between the parties.
Exhibit 10.1
August 9, 2021
RE: Atlantic Coastal Acquisition Management LLC Loan Commitment
To Whom It May Concern:
This letter is to confirm the undersigned’s commitment that, through 9/30/2022, if funds are needed by Atlantic Coastal Acquisition Corp. (the “Company”) and upon request by the Company, the undersigned will provide loans of up to an aggregate of $ 1,315,000 to the Company. These loans will be non-interest bearing, unsecured and will be repaid upon the consummation of a business combination. The undersigned understands that if the Company does not consummate a business combination (as described in the Company’s prospectus, dated March 3, 2021), all amounts loaned to the Company hereunder will be forgiven except to the extent that the Company has funds available to it outside of its trust account established in connection with the Company’s initial public offering.
Signed,
/s/ Shahraab Ahmad
Shahraab Ahmad
Chief Executive Officer
Atlantic Coastal Acquisition Management LLC
