Financing Commitment Procedures Sample Clauses

Financing Commitment Procedures. For each such Credit Approval, upon the request of OPY Credit Corp., the Lender shall prepare and deliver to OPY Credit Corp. a written Financing Commitment in accordance with the Lender’s customary practices, as the same may be modified by the Lender from time to time, evidencing the terms and conditions set forth in its Credit Approval. It is understood that each Accepted Commitment will be signed by both the Lender and OPY Credit Corp.; provided, that OPY Credit Corp. shall have no obligation to extend any credit thereunder. At any time from and after the issuance of a commitment letter (whether an Open Commitment or Accepted Commitment), the Lender may require that OPY Credit Corp. provide specified collateral security (“Specified Collateral”) in such amount as may be required by the Special Credit Committee in connection with approving the particular Financing Commitment, but not to exceed the 10% Cap as security for the payment of any Syndication Losses and Excess Retention Losses in connection with such commitment. The Specified Collateral may be cash (which the Lender agrees is always acceptable collateral) or, if proposed by OPY Credit Corp. and satisfactory to the Lender in its sole discretion, Cash Equivalents, letters of credit, guaranties by an Affiliate of OPY Credit Corp., or other collateral or credit support as may be required by the Special Credit Committee in connection with approving the particular Financing Commitment.