PAYMENT & PRODUCT FEATURES
Prepayments - An unlimited number of pay-downs of principal are allowed during the draw period.
Index - The adjustable interest rate will be based on the 1-month LIBOR as published in the Wall Street Journal, as of two business days prior to the rate change date. The Index will be added to the margin and rounded to the nearest one-hundredth of one percent (.01).
Conversion Eligibility during the Draw Period - On any interest payment date prior to the expiration of the draw period, the borrower may exercise a conversion option, upon request and if not in default. Converting the loan will terminate the remaining draw period.
After the Draw Period - Upon expiration of the draw period, you may convert to another product on a scheduled rate reset date. The new product chosen may not exceed the original loan term.