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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 200. Oklahoma Development Finance Authority |
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Chapter 10. Administration of Credit Enhancement Reserve Fund |
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Subchapter 7. Insurance Commitment Amounts, Premiums and Security |
SECTION 200:10-7-4. Commitment to be secured
Latest version.
- The Administrator will require such security from the applicant as it deems necessary in the circumstances of the Insurance Commitment.(1) Except for a public sector entity or an obligation approved in connection with the Small Business Credit Enhancement Program or the Quality Jobs Investment Program, such security will include, but not be limited to:(A) a first mortgage or coordinate first mortgage on real property, facilities or systems and fixtures located thereon; or(B) a second mortgage on real property, facilities or systems and fixtures located thereon, provided the amount thereof may not exceed $1,000,000.(2) In addition, the Administrator may require a security interest in personal property, revenues, marketable securities, or other assets, provided Cash or cash equivalents and Eligible Investment Securities will be accepted as collateral at one hundred percent (100%) of their market value; or pledge, liens, or other forms of collateral, including assignment of leases or contracts, personal or corporate guarantees, letter of credit, and after acquired property, to secure the obligation of the borrower.(3) The Administrator may discount the value of any out of State collateral securing the Insurance.