Common use of Evidence of Loan; Terms of Repayment Clause in Contracts

Evidence of Loan; Terms of Repayment. The interest rates on the Loan and the method of calculating interest upon the Loan, the term of the Loan, the method and times of repayment, and other conditions pertaining to the repayment of the Loan shall at the option of Bank be evidenced by Bank’s form of promissory note or as otherwise set forth in appropriate writings between the parties as determined by Bank. The Loans shall be subject to annual internal reviews of the Bank concurrent with the delivery of the Borrowers’ annual modified financial statements. In the absence of a promissory note or other applicable writing, the Loan shall be deemed to be otherwise conclusively evidenced by Bank’s record of advances of proceeds of the Loan and Bank’s record of receipt of repayments and other bookkeeping entries reflecting the payment of principal and interest, and interest shall be deemed to accrue at the interest rate reflected on Bank’s records.

Evidence of Loan; Terms of Repayment. The interest rates on the Loan and the method of calculating interest upon the Loan, the term of the Loan, the method and times of repayment, and other conditions pertaining to the repayment of the Loan shall at the option of Bank be evidenced by Bank’s form of promissory note or as otherwise set forth in appropriate writings between the parties as determined by Bank. The Loans shall be subject to annual internal reviews of the Bank concurrent with the delivery of the Borrowers’ annual modified financial statements, with the next review expected to be completed by August 31, 2005. In the absence of a promissory note or other applicable writing, the Loan shall be deemed to be otherwise conclusively evidenced by Bank’s record of advances of proceeds of the Loan and Bank’s record of receipt of repayments and other bookkeeping entries reflecting the payment of principal and interest, and interest shall be deemed to accrue at the interest rate reflected on Bank’s records.

Evidence of Loan; Terms of Repayment. The interest rates on the Loan and the method of calculating interest upon the Loan, the term of the Loan, the method and times of repayment, and other conditions pertaining to the repayment of the Loan shall at the option of Bank be evidenced by Bank’s 's form of promissory note or as otherwise set forth in appropriate writings between the parties as determined by Bank. The Loans shall be subject to annual internal reviews of the Bank concurrent with the delivery of the Borrowers’ ' annual modified financial statements. In the absence of a promissory note or other applicable writing, the Loan shall be deemed to be otherwise conclusively evidenced by Bank’s 's record of advances of proceeds of the Loan and Bank’s 's record of receipt of repayments and other bookkeeping entries reflecting the payment of principal and interest, and interest shall be deemed to accrue at the interest rate reflected on Bank’s 's records.