APPLICATION DEPOSIT. In consideration of BSF’s providing the above-described financing services, the Applicant agrees to make a deposit in the amount of $500.00 at the time SBA issues the Authorization (loan approval). This deposit shall be deemed earned and will be collected by BSF when SBA issues the Authorization. At SBA 504 loan funding, this deposit will be credited against the borrower’s out of pocket closing costs (see Part III below). If the loan is cancelled for any reason after the Authorization is issued, this deposit shall be retained by BSF. This fee is not part of applicant’s equity contribution.
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