This template is a competitive bid loan promissory note to be used in connection with an investment grade credit agreement that includes a competitive bid loan facility. This template includes practical guidance and drafting notes. A promissory note is an instrument that evidences the indebtedness of a borrower to a lender funded under a credit agreement. Promissory notes are not necessary in syndicated loan transactions, but certain lenders prefer physical evidence of their loan as an acknowledgement by the borrower of its obligation to repay that specific lender. A competitive bid loan facility is a feature that can be added to a credit agreement to provide additional pricing flexibility for investment grade borrowers. Competitive bid loans usually take the form of a sub-facility under a revolving credit facility that allow the borrower to solicit bids from its lenders to provide loans on maturities and interest rates different than those applicable to the standard revolving loans. ...