Notice with the Loan might be determined on the basis of the genuine quantity of weeks inside the for every Notice Period and you will good 360-go out 12 months
(b) The Loan shall initially be evidenced by https://paydayloanalabama.com/needham/ a single amended and restated promissory note (the Note) of Borrower in the form of Exhibit A great 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 in any way affect the Obligations of Borrower or the rights of Lender hereunder or under the Note.
Section 2.02 Process of Borrowing. (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 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 Loan Progress hereunder, the Advantage Schedule are going to be automatically updated to add all of the latest Assets listed on the Investment Plan attached to the Observe out-of Borrowing from the bank.
Section 2.03 Repayment and Prepayment out of Prominent. (a) Borrower hereby promises to repay the entire outstanding principal amount of the Loan on the Termination Date.
(b) Of the alerting Lender written down at least one (1) Working day ahead of time, Debtor are going to be allowed, in the its alternative, so you’re able to prepay, at the mercy of Section 2.a dozen, the mortgage entirely or even in region when, also accumulated and you will unpaid attract to your amount so prepaid.
In spite of almost anything to the opposite, for the name from the Contract, the lender ounts due to accumulated and you can outstanding notice one create otherwise getting as a result of the Debtor according to the netting provisions established in 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 Attract Declaration 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.
