Bridge Loan Commitment Fee Sample Clauses
The Bridge Loan Commitment Fee clause defines the fee that a borrower must pay to a lender in exchange for the lender's commitment to provide a bridge loan. Typically, this fee is calculated as a percentage of the total loan amount and is either paid upfront or at the time the loan is drawn. The clause ensures that the lender is compensated for reserving funds and taking on the risk of making the bridge loan available, even if the borrower ultimately decides not to proceed with the loan.
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Bridge Loan Commitment Fee. A fully earned, non-refundable commitment fee of Twenty Thousand Dollars ($20,000) is earned as of Effective Date and shall be payable as follows: (i) Ten Thousand Dollars ($10,000) has been previously delivered to Bank contemporaneously with the execution of the term sheet and (ii) Ten Thousand Dollars ($10,000) is payable on the Effective Date. In addition, a fully earned, non-refundable commitment fee of Ten Thousand Dollars ($10,000) is payable on the Funding Date of the Second Bridge Loan Advance; and