In the event that all relevant criteria precedent established when you look at the Blog post V has actually come came across on the otherwise prior to the Improve Day,

Desire toward Financing is going to be calculated on the basis of the genuine amount of months inside the each Desire Months and a beneficial 360-date year

(b) The payday loans Falkville no checking account Loan shall initially be evidenced by a single amended and restated promissory note (the Mention) of Borrower in the form of Exhibit A 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 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 Find away from Credit), 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. following 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 for each Mortgage Advance hereunder, the House Agenda will likely be instantly current to incorporate each of the fresh new Assets on the House Schedule linked to the Notice out-of Credit.

Section 2.03 Payment and you can Prepayment off 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 one (1) Working day ahead of time, Debtor are permitted, in the their alternative, so you can prepay, at the mercy of Part dos.several, the loan in whole or perhaps in part anytime, including accrued and you may delinquent desire to your amount thus prepaid.

Notwithstanding anything to the alternative, inside name of Arrangement, the financial institution ounts because of accrued and you may delinquent appeal one to do otherwise be due to the Borrower in accordance with the netting arrangements set forth inside 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 Appeal 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.