Earlier this week, GameStop made a bold offer to procure eBay for $56 billion.

The video game retailer remarked that it has lined up a $20 billion financing commitment from TD Securities.

A key condition in this financing letter from TD Securities would require the combined entity to maintain an investment-grade credit profile, CNBC’s David Faber reported, citing the public who have seen the document.

GameStop’s mysterious financing letter underpinning its audacious $56 billion bid for eBay is emerging as a central issue in the proposed takeover, as questions mount over whether the deal is actually financeable. This also touches on aspects of portfolio.

The video game retailer mentioned it has lined up a $20 billion financing commitment from TD Securities, part of TD Bank. But a key condition attached to this letter could ultimately generate or break the deal: the combined business would need to maintain an investment-grade credit profile, CNBC’s David Faber reported, citing citizens who have seen the document.

Moody’s Ratings commented Wednesday that the proposed acquisition would be “credit negative” for eBay because of the substantial surge in leverage implied by the deal structure.

The ratings agency estimated leverage for the combined firm could approach nine times debt to earnings before interest, taxes, depreciation and amortization before accounting for any cost-saving synergies.

That level of indebtedness would likely push the combined business below investment grade, potentially undermining a key condition attached to the TD financing package.

The proposed takeover has raised immediate questions about how GameStop could fund a deal of that size. The video game retailer’s economy value of roughly $11 billion is only a fraction of the transaction’s implied value.

CEO Ryan Cohen offered limited clarity on the structure other than saying his corporation Can issue additional stock To get the deal done.

EBay confirmed that it received the offer in a statement Monday, and remarked its board would review it.

The Updated York Times and Semafor reported on the mysterious letter Wednesday.