When the most of the applicable standards precedent set forth inside the Blog post V features been met for the otherwise before the Advance Time,

Focus on Mortgage can be calculated on such basis as the actual number of months in each Focus Months and you may a 360-date season

(b) The Loan shall initially be evidenced by a single amended and restated promissory note (the Mention) 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; 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 for Borrowing. https://paydayloanalabama.com/deatsville/ (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 from Credit), 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. 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) Abreast of and come up with per Mortgage Get better hereunder, the fresh new Investment Plan is going to be instantly updated to add each of the new Property listed on the Resource Plan linked to the Observe regarding Borrowing from the bank.

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

(b) Of the alerting Financial in writing a minumum of one (1) Business day beforehand, Debtor is going to be enabled, at the their alternative, in order to prepay, subject to Part 2.12, the mortgage in whole or even in area any moment, and accrued and you will outstanding desire to your number so prepaid service.

Regardless of almost anything to the contrary, during the name in the Contract, the financial institution ounts on account of accrued and outstanding interest that create if you don’t become because of the Borrower in accordance with the netting conditions established within 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 Desire 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.