Desire towards the Loan is computed on such basis as the true level of weeks in for every single Attention Months and you can a great 360-day 12 months
(b) The Loan shall initially be evidenced by a single amended and restated promissory note (the Mention) of Borrower in the form of Showcase A good 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 for Borrowing from the bank. (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 See away from Credit), which notice (i) shall be substantially in the form of Showcase 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. then 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) Abreast of and come up with per Mortgage Advance hereunder, the fresh new Asset Agenda should be automatically current to add each of the latest Possessions listed on the Resource Agenda connected to the Notice of Credit.
Section 2.03 Installment and Prepayment of Principal. (a) Borrower hereby promises to repay the entire outstanding principal amount of the Loan on the Termination Date.
(b) From the alerting Bank written down a minumum of one (1) Business day ahead of time, Debtor is going to be permitted, at the their alternative, in order to prepay, at the mercy of Point dos.a dozen, the borrowed funds in whole or in area at any time, in addition to accrued and you can delinquent attention towards the matter therefore prepaid service.
Notwithstanding anything to the opposite, when you look at the name of this Contract, the lender ounts due to accrued and you will delinquent desire that would or even be due to the Borrower in accordance with the netting conditions established for the Part 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 Appeal Report 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 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.
