Bank Project Notes Clause Samples

Bank Project Notes. The Bank Project Loans made by each Bank shall be evidenced by a promissory note of the Borrower, substantially in the form of Exhibit A-1 with appropriate insertions as to payee, date and principal amount (a "Bank Project Note"), payable to the order of such Bank. Each Bank Project Note shall (i) be dated the Closing Date, (ii) be in a principal amount equal to such Bank's Commitment Percentage of the initial Total Bank Project Loan Commitments, (iii) be payable as provided in Section 3.4, (iv) bear interest for the period from the date thereof until paid in full on the unpaid principal amount thereof from time to time outstanding at the applicable interest rate per annum provided in, and payable as specified in, paragraphs (a), (b), (c), (d) and (e) of Section 3.7 and (v) be entitled to the benefits of this Agreement and the other Loan Documents. Each Bank is hereby authorized to record, on the schedules annexed to and constituting part of its Bank Project Note or on other appropriate records of such Bank, the date and amount of each Bank Project Loan made by such Bank, the Type of such Bank Project Loan, each continuation of such Bank Project Loan as a Bank Project Loan of the same Type, each conversion of all or a portion of such Bank Project Loan to a Bank Project Loan of another Type, the date and amount of each payment or prepayment of principal of such Bank Project Loan and, in the case of a Eurodollar Loan and a C/D Rate Loan, the duration of each Bank Loan Interest Period with respect thereto, and any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded; provided that the failure to make any such recordation shall not affect the obligations of the Borrower hereunder or under any Bank Project Note.