Common use of Swing Note Clause in Contracts

Swing Note. The Swing Loans shall be evidenced by the Swing Note of ▇▇▇▇▇▇▇, payable to the order of the Swing Lender in an amount equal to the Swing Loans. The Swing Lender shall record in its records, or at its option on the schedule attached to such Swing Note, the date and amount of each Swing Loan and each repayment or prepayment thereof. The aggregate unpaid principal amount so recorded shall be rebuttable presumptive evidence of the principal amount owing and unpaid on such Swing Note. The failure to so record or any error in so recording any such amount shall not, however, limit or otherwise affect the obligations of ▇▇▇▇▇▇▇ hereunder or under the Swing Note to repay the principal amount of each Swing Loan, together with all interest accruing thereon.