"Revolving Credit Promissory Note Template"

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FORM 6A.17 REVOLVING CREDIT PROMISSORY NOTE
$_______________
Date _______________
For Value Received, the undersigned promises to pay on or before [date], to the order of [Bank], at its headquarters
office located in [address] (Bank), or at such other place as the holder hereof may from time to time designate, the unpaid
amount of all sums that have been advanced to or for the benefit of the undersigned in accordance with the terms hereof and
that certain Loan Agreement between the undersigned and Bank, dated as of [date]. Advances evidenced by this Note shall
be made in accordance with the Loan Agreement. No request for an advance will be honored if a default hereunder shall
have occurred and exists, or if the amount requested, when added to the then total outstanding unpaid balance hereof, would
exceed the sum of _____ Dollars ($_____). Advances pursuant to the Loan Agreement shall be made on a revolving basis
and, subject to the provisions thereof, the undersigned may borrow, prepay, and reborrow under the Loan Agreement from
time to time, and at any time prior to the due date of this Note.
The unpaid balance of this Note at any time shall be the total amount advanced, plus interest accrued thereon and costs,
expenses, and fees chargeable hereunder, less the amount of payments made hereon by or for the undersigned, which
balance may be indorsed hereon from time to time by the holder hereof.
Interest shall be charged on the unpaid principal balance of this Note to the date of maturity on a daily basis for the
actual number of days any portion of the principal is outstanding, computed on the basis of a 360-day year, at a rate (the
Note Rate) equal to the sum of _____ percent (_____%) per annum plus a fluctuating interest rate per annum as established
from time to time (whether or not charged in each instance), by Bank, as Bank’s “Base Rate.” Each change in the Base Rate
(or any component thereof) shall become effective, without notice to the undersigned (which notice is hereby expressly
waived by the undersigned), on the effective date of each such change. Should Bank, during the term of this Note, abolish or
abandon the practice of establishing a Base Rate, then the Base Rate used during the remaining term of this Note shall be
that interest rate then in effect at Bank, which, from time to time, in the reasonable judgment of Bank, most effectively
approximates the original definition of the “Base Rate.” The undersigned acknowledges that Bank may, from time to time,
extend credit to other persons at rates of interest varying from, and having no relationship to, the Base Rate. A certificate
signed by any officer of Bank shall be conclusive evidence of the Base Rate at any given time.
Interest shall be computed on the basis of a 360-day year and shall be payable on the due date of this Note [or [period,
ie. monthly] on the _____ day of each _____ commencing with the _____ day of _____ until all principal and interest
hereunder have been fully paid.]
The undersigned acknowledges that the undersigned has agreed to the rate of interest represented by (1) the Note Rate;
(2) any compensating balance requirement of Bank; and (3) any additional charges, costs, and fees arising out of or related
to the transaction of which this Note is a part, to the extent deemed to be interest under applicable law.
Upon default, all obligations under this Note (including principal, interest, costs, and fees) shall bear interest, until paid
in full, at the greater of (1) a per annum rate equal to _____ percent (_____%) of the Note Rate or (2) _____ percent
(_____%) per annum. In the event that any payment becomes overdue for a period in excess of ten (10) days, and Bank does
not exercise its option to accelerate the maturity of this Note, a late charge of _____ percent (_____%) of the overdue
payment or _____ Dollars ($_____), whichever is less, may be charged by Bank for the purpose of defraying the costs and
expenses incident to such delinquency.
Each and every payment due under this Note shall be made in lawful money of the United States and in immediately
available funds, and when made shall be first applied to accrued costs, expenses, and fees, if any, then to interest due, and
then to the reduction of the principal amount of this Note.
No provision of this Note or any other aspect of the transaction of which this Note is a part is intended to or shall
require or permit the holder, directly or indirectly, to take, receive, contract for, or reserve, in money, goods, or things in
action, or in any other way, any interest (including amounts deemed by law to be interest, such amounts to then be deemed
to be an addition to the rate of interest agreed upon) in excess of the maximum rate of interest permitted by applicable law in
the state of _____ as of the date hereof. If any such excess shall nevertheless be provided for, or be adjudicated by a court of
competent jurisdiction to be provided for, the undersigned shall not be obligated to pay such excess but, if paid, then such
excess shall be applied against the unpaid principal balance of this Note or, to the extent that the principal balance has been
paid in full by reason of such application or otherwise, such excess shall be remitted to the undersigned.
The undersigned hereby agrees (1) to any and all extensions (including extensions beyond the original term hereof) and
renewals hereof, from time to time, without notice, and that no such extension or renewal shall constitute or be deemed a
release of any obligation of the undersigned to the holder hereof; (2) that any written modification, extension, or renewal
hereof executed by the undersigned shall constitute a representation and warranty of the undersigned that the unpaid balance
of principal, interest, and other sums owing hereunder at the time of such modification, renewal, or extension are owed
without adjustment for any offset, counterclaim, or other defense of any kind by the undersigned against Bank; (3) that the
acceptance by the holder hereof of any performance that does not comply strictly with the terms hereof shall be deemed to
be neither a waiver or bar of any right of said holder, nor a release of any obligation of the undersigned to the holder hereof;
(4) to offsets of any sums or property owed to the undersigned by the holder hereof at any time; (5) that the undersigned is
and shall remain subject to the in personam, in rem, and subject matter jurisdiction of the courts of [state] (including the
Federal District Court for the district of [state] for all purposes pertaining to this instrument and all documents and
instruments executed in connection herewith, securing the same, or in any way pertaining hereto; (6) that no surety or
guarantor hereof shall be required to be joined in any action brought to enforce this Note, and that the undersigned waives
the right to require the joinder of the undersigned in any action to enforce the liability of a surety or guarantor hereof; (7)
that this Note shall be governed by the laws of the state of _____ applicable to the holder hereof upon demand any and all
FORM 6A.17 REVOLVING CREDIT PROMISSORY NOTE
$_______________
Date _______________
For Value Received, the undersigned promises to pay on or before [date], to the order of [Bank], at its headquarters
office located in [address] (Bank), or at such other place as the holder hereof may from time to time designate, the unpaid
amount of all sums that have been advanced to or for the benefit of the undersigned in accordance with the terms hereof and
that certain Loan Agreement between the undersigned and Bank, dated as of [date]. Advances evidenced by this Note shall
be made in accordance with the Loan Agreement. No request for an advance will be honored if a default hereunder shall
have occurred and exists, or if the amount requested, when added to the then total outstanding unpaid balance hereof, would
exceed the sum of _____ Dollars ($_____). Advances pursuant to the Loan Agreement shall be made on a revolving basis
and, subject to the provisions thereof, the undersigned may borrow, prepay, and reborrow under the Loan Agreement from
time to time, and at any time prior to the due date of this Note.
The unpaid balance of this Note at any time shall be the total amount advanced, plus interest accrued thereon and costs,
expenses, and fees chargeable hereunder, less the amount of payments made hereon by or for the undersigned, which
balance may be indorsed hereon from time to time by the holder hereof.
Interest shall be charged on the unpaid principal balance of this Note to the date of maturity on a daily basis for the
actual number of days any portion of the principal is outstanding, computed on the basis of a 360-day year, at a rate (the
Note Rate) equal to the sum of _____ percent (_____%) per annum plus a fluctuating interest rate per annum as established
from time to time (whether or not charged in each instance), by Bank, as Bank’s “Base Rate.” Each change in the Base Rate
(or any component thereof) shall become effective, without notice to the undersigned (which notice is hereby expressly
waived by the undersigned), on the effective date of each such change. Should Bank, during the term of this Note, abolish or
abandon the practice of establishing a Base Rate, then the Base Rate used during the remaining term of this Note shall be
that interest rate then in effect at Bank, which, from time to time, in the reasonable judgment of Bank, most effectively
approximates the original definition of the “Base Rate.” The undersigned acknowledges that Bank may, from time to time,
extend credit to other persons at rates of interest varying from, and having no relationship to, the Base Rate. A certificate
signed by any officer of Bank shall be conclusive evidence of the Base Rate at any given time.
Interest shall be computed on the basis of a 360-day year and shall be payable on the due date of this Note [or [period,
ie. monthly] on the _____ day of each _____ commencing with the _____ day of _____ until all principal and interest
hereunder have been fully paid.]
The undersigned acknowledges that the undersigned has agreed to the rate of interest represented by (1) the Note Rate;
(2) any compensating balance requirement of Bank; and (3) any additional charges, costs, and fees arising out of or related
to the transaction of which this Note is a part, to the extent deemed to be interest under applicable law.
Upon default, all obligations under this Note (including principal, interest, costs, and fees) shall bear interest, until paid
in full, at the greater of (1) a per annum rate equal to _____ percent (_____%) of the Note Rate or (2) _____ percent
(_____%) per annum. In the event that any payment becomes overdue for a period in excess of ten (10) days, and Bank does
not exercise its option to accelerate the maturity of this Note, a late charge of _____ percent (_____%) of the overdue
payment or _____ Dollars ($_____), whichever is less, may be charged by Bank for the purpose of defraying the costs and
expenses incident to such delinquency.
Each and every payment due under this Note shall be made in lawful money of the United States and in immediately
available funds, and when made shall be first applied to accrued costs, expenses, and fees, if any, then to interest due, and
then to the reduction of the principal amount of this Note.
No provision of this Note or any other aspect of the transaction of which this Note is a part is intended to or shall
require or permit the holder, directly or indirectly, to take, receive, contract for, or reserve, in money, goods, or things in
action, or in any other way, any interest (including amounts deemed by law to be interest, such amounts to then be deemed
to be an addition to the rate of interest agreed upon) in excess of the maximum rate of interest permitted by applicable law in
the state of _____ as of the date hereof. If any such excess shall nevertheless be provided for, or be adjudicated by a court of
competent jurisdiction to be provided for, the undersigned shall not be obligated to pay such excess but, if paid, then such
excess shall be applied against the unpaid principal balance of this Note or, to the extent that the principal balance has been
paid in full by reason of such application or otherwise, such excess shall be remitted to the undersigned.
The undersigned hereby agrees (1) to any and all extensions (including extensions beyond the original term hereof) and
renewals hereof, from time to time, without notice, and that no such extension or renewal shall constitute or be deemed a
release of any obligation of the undersigned to the holder hereof; (2) that any written modification, extension, or renewal
hereof executed by the undersigned shall constitute a representation and warranty of the undersigned that the unpaid balance
of principal, interest, and other sums owing hereunder at the time of such modification, renewal, or extension are owed
without adjustment for any offset, counterclaim, or other defense of any kind by the undersigned against Bank; (3) that the
acceptance by the holder hereof of any performance that does not comply strictly with the terms hereof shall be deemed to
be neither a waiver or bar of any right of said holder, nor a release of any obligation of the undersigned to the holder hereof;
(4) to offsets of any sums or property owed to the undersigned by the holder hereof at any time; (5) that the undersigned is
and shall remain subject to the in personam, in rem, and subject matter jurisdiction of the courts of [state] (including the
Federal District Court for the district of [state] for all purposes pertaining to this instrument and all documents and
instruments executed in connection herewith, securing the same, or in any way pertaining hereto; (6) that no surety or
guarantor hereof shall be required to be joined in any action brought to enforce this Note, and that the undersigned waives
the right to require the joinder of the undersigned in any action to enforce the liability of a surety or guarantor hereof; (7)
that this Note shall be governed by the laws of the state of _____ applicable to the holder hereof upon demand any and all
costs, expenses, and fees (including reasonable attorney fees) incurred in enforcing or attempting to recover payment of the
amounts due under this Note, including negotiating, documenting, and otherwise pursuing or consummating modifications,
extensions, compositions, renewals, or other similar transactions pertaining to this Note, irrespective of the existence of an
event of default, and including costs, expenses, and fees incurred before, after, or irrespective of whether suit is commenced,
and in the event suit is brought to enforce payment hereof, such costs, expenses, and fees and all other issues in such suit
shall be determined by a court sitting without a jury.
The undersigned authorizes Bank to furnish any information in its possession, however acquired, concerning the
undersigned (or any affiliate) to any person or entity, for any purpose that Bank, in good faith and in its sole discretion,
believes to be proper, including without limitation, the disclosure of information to any actual or prospective lender to the
undersigned, any actual or prospective participant in a loan between the undersigned and Bank, any prospective purchaser of
securities issued or to be issued by Bank, and, to the extent permitted by law, any governmental body or regulatory agency,
or in connection with the actual or prospective transfer of all or a portion of this Note to another financial institution.
If more than one person signs this Note, then all words used herein in the singular shall be deemed to have been used in
the plural as the context and construction so required, and when this Note is executed by more than one person, the word
“undersigned” shall mean each and all of them, jointly and severally.
The undersigned represents and warrants that the indebtedness represented by this Note is for commercial, agricultural,
or business purposes [or other purposes].
[signatures]
[complete address]
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