The Commitment Fee and the Deposit Fee shall be non-refundable. Commitment letters are formal and legally binding documents that are issued by a lender to a loan applicant. The text of the commitment lender contains an offer to extend a loan to the applicant. The text of the commitment lender contains an offer to extend a loan to the applicant. The letter's content states that the lender is going to extend a loan to the applicant and what the precise terms and conditions of the loan are including the rate of interest. Commitment Fee: A fee of $100,000 shall be earned by PNC Bank upon your acceptance of a commitment letter and shall be due and payable to PNC Bank upon (i) the closing of the Credit Facility or (ii) the failure of the parties to reach a definitive agreement and close the Credit Facility. A commitment letter is a formal, legal and binding document that is issued to a loan applicant by a lender.
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