In the event the every appropriate standards precedent set forth from inside the Article V provides come met towards or prior to the Advance Time,

Appeal on Loan is calculated based on the actual number of weeks inside each Desire Several months and you will a good 360-go out season

(b) The Loan shall initially be evidenced by a single amended and restated promissory note (the Notice) of Borrower in the form of Showcase 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 Process 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 regarding Borrowing), 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. next 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) On and work out for each and every Mortgage Get better hereunder, the newest House Agenda can be automatically up-to-date to add all of the fresh Property listed on the Resource Schedule connected to the Find out-of Credit.

Section 2.03 Fees and you can Prepayment of Dominant. (a) Borrower hereby promises to repay the entire outstanding principal amount of the Loan on the Termination Date.

(b) From the payday loans no bank account Midway AL alerting Bank written down at least one (1) Working day beforehand, Debtor will be let, on their option, so you can prepay, susceptible to Section dos.twelve, the loan in whole or in area at any time, in addition to accrued and you will unpaid notice for the amount thus prepaid.

In spite of anything to the exact opposite, into the identity on the Agreement, the lending company ounts on account of accumulated and you will outstanding desire that perform if not end up being as a result of the Borrower in accordance with the netting arrangements established into 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.