Common use of Bank Note Clause in Contracts

Bank Note. All Payment Obligations shall be made against and evidenced by the City’s promissory note payable to the order of the Bank in the principal amount equal to the Original Stated Amount, such note to be executed and delivered to the Bank on the Issuance Date in the form of Exhibit B attached hereto with appropriate insertions (the “Bank Note”). All Payment Obligations and all payments and prepayments on account of the principal of and interest on each Payment Obligation shall be recorded by the Bank on its books and records, which books and records shall, absent manifest error, be conclusive as to amounts payable by the City hereunder and under the Bank Note. The Bank may, but shall not be required to, complete the schedule attached to the Bank Note to reflect the making and status of Drawings, Unreimbursed Drawings and Term Loans, provided that the failure to make or any error in making any such endorsement on such schedule shall not limit, extinguish or in any way modify the obligation of the City to repay the Unreimbursed Drawings and Term Loans. The City shall pay principal and interest on the Bank Note on the dates and at the rates provided for in Sections 2.4 and 4.3 hereof with respect to Unreimbursed Drawings and Term Loans.