A fee required by the lessor, at the time a proposal or commitment is accepted by the lessee, to lock in a specific lease rate and/or other lease term. A commitment letter is a document prepared by the lessor that details its commitment, including rate and term, to provide lease financing to the lessee. This document precedes final documentation and may or may not be subject to other conditions, such as lessor credit approval, guarantors, collateral, etc.
