At the signing of this agreement, the Applicant agrees to make an application deposit payable to the Great Lakes Commercial Finance for $2,500. Underwriting of the loan application cannot begin until this deposit is received. The deposit will be held in escrow and will be used to pay any third-party, out-of-pocket expenses incurred by GLCF, including, but not limited to, overnight delivery, postage, filing fees, administrative costs, environmental reports, and certification fees.
Once the loan closes and funds, the unused balance of the Application Deposit will be refunded to the Applicant.
Withdrawal of Application Before SBA Approval:
If the Applicant withdraws its loan application at any time before the SBA issuing the Authorization (approval), GLCF will deduct reasonable and necessary costs incurred in the packaging and processing of the loan application. Such costs will be documented in the file and available to the Applicant. Included in these costs will be any third party, out-of-pocket expenses incurred by EDF including, but not limited to, overnight delivery, postage, filing fees, environmental reports, and certification fees. These costs may include a processing fee based on the number of hours invested in the processing. The remaining Application Deposit balance will be returned to the Applicant.
Withdrawal of Application After SBA Approval:
If the Applicant withdraws its loan application after the SBA issues the SBA Authorization, or if the SBA Authorization is withdrawn, canceled, or terminated for any reason, the Applicant forfeits the entire Application Deposit.