Notice into Loan can be determined on the basis of the true quantity of months for the each Attention Period and an excellent 360-date seasons
(b) The Loan shall initially be evidenced by a single amended and restated promissory note (the Notice) 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; offered that the failure to make any such recording shall not www.elitecashadvance.com/installment-loans-wv/clearview/ 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 Notice away from Credit), 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) On and also make each Mortgage Get better hereunder, the brand new House Schedule might be instantly updated to add all of the fresh new Possessions on the Investment Agenda linked to the Notice out-of Credit.
Section 2.03 Installment and you may Prepayment away from Dominant. (a) Borrower hereby promises to repay the entire outstanding principal amount of the Loan on the Termination Date.
(b) Because of the notifying Bank in writing at least one (1) Business day ahead, Borrower shall be enabled, at their option, to help you prepay, subject to Point 2.a dozen, the borrowed funds in whole or perhaps in region anytime, including accrued and you will delinquent focus on count therefore prepaid.
In spite of anything to the exact opposite, when you look at the term of this Arrangement, the financial institution ounts because of accrued and you can unpaid attention you to do if not be because of the Borrower in accordance with the netting terms set forth during 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 Notice 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 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.
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