Desire into Loan might be computed on the basis of the actual amount of days inside the per https://paydayloanalabama.com/fort-payne/ Attract Months and a 360-big date year
(b) The Loan shall initially be evidenced by a single amended and restated promissory note (the Notice) of Borrower in the form of Exhibit An excellent 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; given 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 See out-of Borrowing from the bank), which notice (i) shall be substantially in the form of Display 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) Upon to make for every Mortgage Improve hereunder, the brand new Resource Plan are going to be automatically current to incorporate all of the Assets on the Advantage Plan attached to the Observe out of Credit.
Section 2.03 Payment and you can Prepayment out-of Dominating. (a) Borrower hereby promises to repay the entire outstanding principal amount of the Loan on the Termination Date.
(b) By the notifying Bank written down a minumum of one (1) Business day ahead of time, Debtor will likely be permitted, at the its alternative, so you’re able to prepay, susceptible to Point dos.a dozen, the loan in whole or even in region at any time, together with accumulated and unpaid attract on number therefore prepaid.
Regardless of almost anything to the opposite, for the label on the Contract, the lender ounts because of accumulated and you may outstanding notice one to manage otherwise end up being due to the Borrower according to the netting arrangements established for the Point 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 Desire Report Big date); 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.