Common use of Master Note Clause in Contracts

Master Note. If this Note is designated herein as a MASTER NOTE or is denoted on Lender’s records as a MASTER NOTE, then this Note evidences a line of credit and Borrower shall be liable for only so much of the principal amount as shall be equal to the total of the amounts advanced to or for Borrower by Lender from time to time, less all payments made by or for Borrower and applied by Lender to principal, and for interest on each such advance, fees, premiums, charges and costs and expenses incurred or due hereunder all as shown on ▇▇▇▇▇▇’s books and records which shall be conclusive evidence of the amount owed absent a clear and convincing showing of gross negligence or gross misconduct. (Signatures Contained On Next Page)

Master Note. If this Note is designated herein as a MASTER NOTE or is denoted on Lender’s records as a MASTER NOTE, then this Note evidences a line of credit and Borrower shall be liable for only so much of the principal amount as shall be equal to the total of the amounts advanced to or for Borrower by Lender from time to time, less all payments made by or for Borrower and applied by Lender to principal, and for interest on each such advance, fees, premiums, charges and costs and expenses incurred or due hereunder all as shown on ▇▇▇▇▇▇’s books and records which shall be conclusive evidence of the amount owed absent a clear and convincing showing of gross negligence or gross misconduct. (Signatures Contained On Next Page).