Appeal on Mortgage will likely be computed on the basis of the genuine level of months during the per Appeal Several months and you will good 360-date 12 months
(b) The Loan shall initially be evidenced by a single amended and restated promissory note (the Note) 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; considering 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. (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 from the bank), 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. upcoming 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) Upon and come up with for every Loan Get better hereunder, brand new House Schedule are going to be instantly updated to incorporate every one of the newest Possessions on the Investment Agenda attached to the Find of Borrowing from the bank.
Section 2.03 Cost and you can Prepayment away from Principal. (a) Borrower hereby promises to repay the entire outstanding principal amount of the Loan on the Termination Date.
(b) Of the alerting Lender written down a minumum of one (1) Business day ahead, Borrower are going to be let, at the their choice, in order to prepay, susceptible to Section 2.several, the loan entirely or even in area any moment, including accrued and you may delinquent attract on the count very prepaid.
Notwithstanding anything to the opposite, into the title on the Agreement, the financial institution ounts on account of accrued and you may unpaid desire you to definitely create if you don’t end up being due to the Borrower in accordance with the netting arrangements established in the Section 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 Focus Report Go out); 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, americash loans Centre 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.
