If all the relevant criteria precedent established when you look at the Post V possess started found on or before the Get better Big date,

Attention on Loan are going to be calculated based on the true quantity of days in the per Attention Period and a beneficial 360-go out seasons

(b) The Loan shall initially be evidenced by a single amended and restated promissory note (the Note) 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 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 Procedure 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 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. 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) Up on and then make each Loan Improve hereunder, this new Asset Plan are going to be immediately up-to-date to include all of the new Possessions listed on the Asset Plan attached to the Find regarding Credit.

Section 2.03 Payment and Prepayment of Principal. (a) Borrower hereby promises to repay the entire outstanding principal amount of the Loan on the Termination Date.

(b) From the alerting Lender written down one (1) Working day ahead, Borrower should be permitted, at the their solution, so you can prepay, at the mercy of Section 2.several, the mortgage in whole or perhaps in part any time, together with accrued and outstanding focus on the number therefore prepaid.

Regardless of anything to the opposite, in the label from the Contract, the lending company ounts on account of accrued and you can unpaid notice one to would or even be as a result of the Debtor in accordance with the netting arrangements set forth inside 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 Attract Report 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 elitecashadvance.com usda home loan program 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.