evidence: In recent years and during times of strong market conditions, it has been relatively straightforward for borrowers to then finalize the permanent financing transaction either before drawing the bridge or immediately after and quickly refinance bridge loans. However, recent changes and ongoing volatility in credit markets have delayed the permanent financing and put a damper on the ability to refinance the bridge facilities during the initial one year term. In such market conditions, banks need to consider whether to wait and stay in the bridge loan, or potentially price the high yield bond above the Cap (discussed below) and/or price with significant original issue discount, which would mean the banks might ultimately lose expected fees or more from the transaction. [...] The securities demand provisions in the bridge fee letter give the banks the right to demand that the borrower issue a high yield bond to refinance the unpaid bridge loan. Once the borrower and the banks satisfy the conditions of such demand, the banks in theory gain full control of the timing and structure of the long-term financing.