commitment letter
Definition
Lender's written undertaking to a borrower that a certain sum at a certain rate of interest will be made available on borrower's demand during a certain period, provided the requirements detailed in the offer are fulfilled. Borrowers use this evidence of commitment to arrange bridge financing, and lenders charge a commitment fee for this service. Also called loan commitment letter.
commitment letter is in the Agreements & Contracts and Banking, Commerce & Finance subjects.
commitment letter appears in the definitions of the following terms: commitment fee, letter of commitment, loan commitment letter, loan commitment and letter of interest (LOI)
This content can be found on the following page:
http://www.businessdictionary.com/definition/commitment-letter.html
email to a friend print this definition cite this definition