Project Note definition

Project Note means the Multifamily Note dated the Delivery Date from the Borrower, including all riders and addenda thereto, evidencing the Borrower’s obligation to repay the Project Loan, which Project Note will be delivered to the Governmental Lender and endorsed by the Governmental Lender to the Fiscal Agent as security for the Funding Loan, as the same may be amended, restated, supplemented or otherwise modified from time to time, or any note executed in substitution therefor, as such substitute note may be amended, restated, supplemented or otherwise modified from time to time.

Project Note means the Project Note dated as of the date hereof from the Borrower, including all riders and addenda thereto, evidencing the Borrower’s obligation to repay the Project Loan, which Project Note will be delivered to the Governmental Lender and endorsed by the Governmental Lender to the Fiscal Agent as security for the Funding Loan, as the same will be amended and restated into the form attached to the Construction Phase Financing Agreement upon the occurrence of the Conversion Date, as the same may be further amended, restated, supplemented or otherwise modified from time to time, or any note executed in substitution therefor, as such substitute note may be amended, restated, supplemented or otherwise modified from time to time.

Project Note has the meaning given that term in Section 2.3.

Examples of Project Note in a sentence

• In the event of any conflict between the payment terms of the Project Note and this Governmental Note, the terms of the Project Note shall control, provided, however, that the Governmental Xxxxxx’s obligation hereunder shall be limited as set forth herein and payable solely from the Pledged Security.

• Anything herein or in the Funding Loan Agreement to the contrary notwithstanding, amounts shall not be due and payable hereunder except at the rates, in the amounts, and at the times due and payable under the Project Note.

• Notwithstanding any provision of this Governmental Lender Note or the Funding Loan Agreement to the contrary, the Governmental Lender shall be permitted to direct Project Note prepayments to be transferred to a custodian or trustee selected by the Governmental Lender, in lieu of application to prepay a like portion of this Governmental Lender Note, so long as the Governmental Lender simultaneously causes other funds to be applied to prepay such portion of this Governmental Lender Note.

• Notwithstanding any provision of this Funding Loan Agreement or the Governmental Lender Note to the contrary, the Governmental Lender shall be permitted to direct any Project Note prepayments to be transferred to a custodian or trustee selected by the Governmental Lender, in lieu of application to prepay a like portion of the Governmental Lender Note, so long as the Governmental Lender simultaneously causes other funds to be applied to prepay such portion of the Governmental Lender Note.

• Notwithstanding any provision in this paragraph (a) to the contrary, during the Construction Phase, the Initial Funding Lender may direct from time to time draws on any Governmental Note to pay accrued but unpaid interest with respect to such Governmental Note, and such draws shall be deemed to constitute corresponding draws on the related Project Note for the payment of the corresponding interest on the Project Loan.

More Definitions of Project Note

Project Note means the promissory note of the Borrower, dated as of even date with the Project Bonds initially issued, in the form attached to the Agreement as Exhibit A and in the principal amount of $3,305,000 evidencing the obligation of the Borrower to make Loan Payments.

Project Note means the Multifamily Note dated the Delivery Date from the Borrower, including all riders and addenda thereto, evidencing the Borrower’s obligation to repay the Project Loan, which Project Note will be delivered to the Governmental Lender and endorsed by the Governmental Lender to the Fiscal Agent as security for the Funding Loan, as the same will be amended and restated into the form attached to the Construction Phase Financing Agreement upon the occurrence of the Conversion Date, as the same may be further amended, restated, supplemented or otherwise modified from time to time, or any note executed in substitution therefor, as such substitute note may be amended, restated, supplemented or otherwise modified from time to time.

Project Note is defined in the Recitals of this Project Loan Agreement.

Project Note means a promissory note evidencing a Project Loan.

Project Note has the meaning provided in the Recitals hereto.

Project Note means the nonnegotiable promissory note of the Company, dated December 28,2006, in the form attached hereto as Exhibit A and in the principal amount of $36,495,000 evidencing the obligation of the Company to make Loan Payments, as it may be amended or restated hereunder.

Project Note is defined in the Recitals of this Continuing Covenant Agreement.