Appeal to your Loan would be calculated based on the actual quantity of months inside the for every Appeal Several months and you may good 360-day year
(b) The Loan shall initially be evidenced by a single amended and restated promissory note (the Note) of Borrower in the form of Display An effective hereto dated the Closing Date and payable to Lender. Borrower agrees that Lender is authorized to record on the Note (i) the date and amount of each Loan Advance made by Lender pursuant hereto and (ii) the date and amount of each payment of principal of each Loan Advance, in the books and records of Lender in such manner as is reasonable and customary for Lender, and that a certificate of an officer of Lender, setting forth in reasonable detail the information so recorded, shall constitute prima facie evidence of the accuracy of the information so recorded, absent manifest error; provided that the failure to make any such recording shall not in any way affect the Obligations of Borrower or the rights of Lender hereunder or under the Note.
Section 2.02 Procedure of Credit. (a) Borrower may borrow under the Facility during the Commitment Period on any Advance Date; provided, that Borrower shall have given Lender irrevocable notice (each, a Find regarding Borrowing), which notice (i) shall be substantially in the form of Exhibit B, (ii) shall be signed by a Responsible Officer of Borrower and be received by Lender prior to 3:00 p.m. (New York time) three (3) Business Days prior to the related Advance Date, and (iii) shall specify (A) the dollar amount of the requested Loan Advance, (B) the value of the Portfolio Excess Spread on Borrower’s books and records; (C) the requested Advance Date and (D) the information required to be included in the Asset Schedule with respect to each such Asset in mutually acceptable electronic form.
(b) If Borrower shall deliver to Lender a Notice of Borrowing that satisfies the requirements of Section 2.02(a), Lender will notify Borrower of its intent to remit the requested Loan Amount one (1) Business Day prior to the requested Advance Date. after that subject to the foregoing, on the Advance Date, Lender shall remit or cause to be remitted the amount of the requested Loan Advance in U.S. Dollars and in immediately available funds to the account specified by Borrower.
(c) Up on to make for every single Financing Improve hereunder, the fresh House Plan is going to be instantly up-to-date to include all of the brand new Possessions listed on the House Agenda attached to the Observe out-of Borrowing from the bank.
Section 2.03 Cost and Prepayment out-of Dominating. (a) Borrower hereby promises to repay the entire outstanding principal amount of the Loan on the Termination Date.
(b) From the notifying Financial on paper at least one (1) Working day ahead, Debtor would be allowed, during the their alternative, so you can prepay, at the mercy of Part 2.twelve, the mortgage in whole or perhaps in region anytime, along with accumulated and you may outstanding desire on count so prepaid service.
In spite of anything to the exact opposite, inside the name on the Agreement, the lending company ounts because of accumulated and you will outstanding appeal one would or even feel because of the Borrower according to the netting provisions established into the Area hereof
Section 2.04 Interest. On each Interest Payment Date, Borrower hereby promises to pay to Lender all accrued and unpaid interest on the Loan, as invoiced by Lender three (3) Business Days prior to the related Interest Payment Date (the Attract Declaration Time); provided that if Lender fails to deliver such statement on the Interest Statement Date, on such Interest Payment Date Borrower shall pay the amount which Borrower calculates as the interest due and upon delivery of the statement, Borrower shall remit americash loans Lanett to Lender any shortfall, or Lender shall refund to Borrower any excess, in the interest payment paid. Interest shall accrue each day on the unpaid principal amount of the Loan at a rate per annum equal to the Interest Rate.
