If all relevant standards precedent set forth in Article V possess come satisfied toward otherwise ahead of the Advance Go out,

Desire towards Financing should be calculated based on the genuine level of days inside the for each and every Notice Months and you may an excellent 360-day year

(b) The Loan shall initially be evidenced by a single amended and restated promissory note (the Mention) of Borrower in the form of Display 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 https://paydayloanalabama.com/grant/ 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 Means 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 off 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. 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) On and work out per Loan Advance hereunder, this new Asset Agenda would be instantly current to include each of the newest Possessions listed on the Asset Plan attached to the Notice off Borrowing.

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

(b) From the notifying Financial written down a minumum of one (1) Working day beforehand, Debtor is allowed, within its option, to prepay, susceptible to Area dos.twelve, the borrowed funds in whole or in area any time, and accrued and unpaid desire into the number so prepaid service.

In spite of anything to the opposite, inside the name for the Agreement, the financial institution ounts due to accrued and you will delinquent appeal that carry out if not getting due to the Debtor according to the netting terms established during the Part 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 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.