Common use of Interest on the Note Clause in Contracts

Interest on the Note. The Note shall initially bear interest at the Initial Rate. If on the Interest Rate Reset Date the following statements shall be true and correct and the Lender shall have received a certificate incorporating by reference the definitions of the capitalized terms defined in the Loan Agreement, signed by the Director and dated the Interest Rate Reset Date, stating that (i) the representations and warranties of the Borrower contained in the Loan Agreement and in each of the other Related Documents are true and correct on and as of the Interest Rate Reset Date as though made on and as of such date, (ii) no Default or Event of Default has occurred and is continuing as of Interest Rate Reset Date, and (iii) no Event of Non-Allocation has occurred, commencing on the Interest Rate Reset Date the Note shall bear interest at the Bank Rate and be subject to amortization as set forth in the Loan Agreement. During the Amortization Period interest on the Note will be calculated as set forth in the Loan Agreement and will be payable as set forth in the Loan Agreement. Each determination of interest rates shall be conclusive and binding on the Borrower, the Note Registrar, and the Noteholders. Any Noteholder may ascertain the rate of interest on the Note by contacting the Note Registrar.