Construction Note. The Borrower shall have delivered the Construction Note (as hereinafter defined) to the Bank with all blanks appropriately completed and duly executed on behalf of the Borrower.
Construction Note. In consideration of any and all Advances made by Lender hereunder, Borrower agrees to pay to Lender, in accordance with the terms of the Construction Note, the amount of the Advances together with interest and all other amounts due thereunder. All interest shall be computed on the basis of actual days elapsed and a year of three hundred sixty (360) days and shall be due and payable on a monthly basis during the term of the Construction Note (from cash from an addition to Equity funded by a source other than Retained Earnings). Interest shall accrue on each Advance at a floating rate which shall be equal to the sum of the Base Rate plus the Applicable Construction Loan Margin, in each case calculated by Lender not more than seven (7) Business Days prior to the date of such Advance. Once set for a particular Advance, the Applicable Construction Loan Margin shall remain fixed for such Advance during the entire term of the Construction Note unless adjusted by Lender due to a Market Disruption Event as set forth in Section 7.16. The Base Rate for an Advance shall be reset on each Reset Date during the term of the Construction Note as set forth in the definition of the Base Rate.
Construction Note. Each Lender's Loans under a Construction Loan Commitment shall be evidenced by a Construction Note and/or one or more Bankers' Acceptances in Canadian Dollars payable to the order of such Lender in a maximum principal amount equal to such Lender's Percentage of the original Construction Loan Commitment Amount. The Borrower hereby irrevocably authorizes each Lender to make (or cause to be made) appropriate notations on the grid attached to such Lender's Notes (or on any continuation of such grid), which notations, if made, shall evidence, inter alia, the date of, the outstanding principal of, and the interest rate and Interest Period applicable to the Loans evidenced thereby. Such notations shall be conclusive and binding on the Borrower absent manifest error; provided, however, that the failure of any Lender to make any such notations shall not limit or otherwise affect any Obligations of the Borrower.