Legal analysis: M&A loan refers to the loan issued by the institution to the acquirer to pay the M&A transaction price. Among them, M&A refers to the trading behavior of domestic M&A enterprises to merge or actually control the established and going-concern target enterprises by transferring existing shares, subscribing for new shares or acquiring assets, and taking on debts.

1. Existing equity transfer means that the acquirer obtains the actual control right of the target enterprise that has been established and continues to operate by transferring the equity of existing shareholders.

2. Subscribing for new equity means that the acquirer obtains the actual control right of the target enterprise by participating in the capital increase and share expansion of the target enterprise that has been established and continues to operate.

3. Asset acquisition refers to the acquisition of all or most of the substantive assets or core assets owned by the target enterprise by the acquirer through asset acquisition.

4. Undertaking debts means that the acquirer obtains the actual control right of the target enterprise by undertaking all or most of the debts of the target enterprise that has been established and continues to operate.

Legal basis: Civil Code of People's Republic of China (PRC).

Article 667 A loan contract is a contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.

Article 668 A loan contract shall be in written form, unless otherwise agreed between natural persons.

The contents of a loan contract generally include terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.

Article 669 When concluding a loan contract, the borrower shall, at the request of the lender, provide the true information about the business activities and financial status related to the loan.