Attract on Mortgage shall be computed on the basis of the genuine level of months for the for each and every Attention Several months and you can a 360-date season

(b) The Loan shall initially be evidenced by a single amended and restated promissory note (the Note) of Borrower in the form of Exhibit 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; provided 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 from the bank. (a) Borrower may borrow under the Facility during the Commitment Period on any Advance Date; provided, that Borrower shall have given payday loans Gulf Shores without checking account Lender irrevocable notice (each, a Observe out-of Credit), which notice (i) shall be substantially in the form of Exhibit 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. then 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 come up with for every Mortgage Progress hereunder, the fresh new Advantage Agenda will be instantly up-to-date to add each one of brand new Property listed on the Asset Agenda attached to the Observe regarding Borrowing from the bank.

Section 2.03 Payment and you will Prepayment off Dominating. (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 a minumum of one (1) Business day ahead, Borrower is let, from the the choice, so you can prepay, susceptible to Area dos.several, the borrowed funds entirely or perhaps in part any moment, together with accrued and you may unpaid interest with the amount very prepaid service.

Notwithstanding anything to the exact opposite, within the name of the Agreement, the lender ounts because of accrued and you can outstanding notice you to definitely manage or even be considering the Debtor in accordance with the netting arrangements established from inside 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 Appeal Declaration Go out); 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.