Common use of Status of Disbursements Clause in Contracts

Status of Disbursements. The Borrower agrees that all moneys disbursed by Lender pursuant to the Loan (including amounts payable to and deducted by Lender) shall (i) constitute loans made to the Borrower under this Agreement (ii) shall be evidenced by the Note and (iii) that interest shall be computed thereon as prescribed by the Note from the date the Borrower’s Loan accounts are charged with the amount of the advance. Upon disbursement of any amount pursuant to the Loan, Lender is authorized to record the date and the amount of each disbursement and any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded.