In the event that most of the applicable standards precedent established from inside the Blog post V provides already been satisfied toward otherwise prior to the Improve Go out,

Attention with the Mortgage is going to be calculated on the basis of the real quantity of days during the for every single Attention Months and you may good 360-day 12 months

(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 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 Borrowing. (a) Borrower may borrow under the Facility during the Commitment Period on any Advance Date; payday loans Horn Hill provided, that Borrower shall have given Lender irrevocable notice (each, a Observe away from Borrowing), which notice (i) shall be substantially in the form of Showcase 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) Through to making for each Loan Progress hereunder, the fresh new Advantage Schedule is going to be automatically upgraded to add each one of brand new Property listed on the House Schedule attached to the Observe regarding Borrowing.

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

(b) From the notifying Lender written down one (1) Working day beforehand, Borrower will be let, during the their choice, in order to prepay, subject to Section dos.a dozen, the borrowed funds in whole or even in region when, as well as accumulated and you may delinquent appeal on the number very prepaid.

In spite of anything to the exact opposite, during the name associated with the Agreement, the lender ounts on account of accrued and unpaid appeal you to definitely would if you don’t become considering the Borrower in accordance with the netting provisions established inside Area 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 Attract Declaration Day); 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.