Client Interface and Syndication Procedures Sample Clauses

Client Interface and Syndication Procedures. (a) OPY Credit Corp. shall be the primary interface with the client to lead, negotiate, price, structure and close the Credit Facilities on the terms specified by the Special Credit Committee. OPY Credit Corp. shall be designated as arranger of Credit Facilities, and may (unless such titles are assigned to other lenders) be designated as syndication agent and documentation agent on Credit Facilities, and the Lender shall be designated as administrative agent and may be designated as a co-arranger or co-agent on Credit Facilities. It is understood that the team that structures, negotiates and closes Client Loans shall cooperate fully with the Lender’s Credit Personnel and that the final structure, terms and designation of titles of each Credit Facility would be acceptable to each of OPY Credit Corp. and the Lender’s Credit Personnel. The Lender’s Credit Personnel would review, monitor and administer the Credit Facilities once made, in their sole discretion. (b) Each Credit Facility shall be documented on terms satisfactory to each of OPY Credit Corp. and the Lender, and shall be syndicated by OPY Credit Corp. If, during syndication, it is proposed that the terms of such facility be changed, the approval of the Special Credit Committee, subject to the Lender’s separate credit committee, shall be needed. If approval of such new terms is declined, the Financing Commitment shall be terminated, and if approval is given, OPY Credit Corp. shall close the transaction on the terms contemplated by the original credit approval, as so modified (each a “Credit Facility”). Each Credit Facility shall be documented by OPY Credit Corp. in accordance with the Lender’s customary practices, as the same may be modified from time to time with the Lender’s consent. OPY Credit Corp. shall discharge all of its duties using the same degree of skill and attention that the Lender historically exercised with respect to comparable credit facilities that it arranged and syndicated. It is understood that for those syndications conducted by OPY Credit Corp. on a best efforts basis, the Lender would commit to fund only a portion of the proposed Credit Facility (which will be its Target Retention for such facility) and would be administrative agent for the facility and that for each underwritten syndication the Lender would commit to fund the entire Credit Facility (and would establish a separate Target Retention) and would be administrative agent for the facility.