Revolving Promissory Note
(Credit Agreement)

Summary

This template is a revolving promissory note for a credit agreement in a typical syndicated loan transaction. The promissory note evidences the revolving loan borrowings funded under the credit agreement. This template includes practical guidance, drafting notes and optional clauses. Promissory notes are not necessary in syndicated loan transactions, but certain lenders prefer physical evidence of their loans as an acknowledgement by the borrower of its obligation to repay that specific lender. Conform the capitalized terms to the defined terms in the relevant credit agreement. Non-negotiable promissory notes that contains a full set of covenants are found in Promissory Note (Construction Loan) and Promissory Note (Acquisition Loan). You can find additional templates of notes issued in connection with credit agreement facilities at Swing Line Promissory Note (Credit Agreement), Term Loan Promissory Note (Credit Agreement), and Competitive Bid Loan Promissory Note (Credit Agreement). See also Security Interests Resource Kit, Finance Fundamentals Resource Kit, and Credit Agreement Resource Kit for additional templates and guidance. For a full listing of content relating to promissory notes for use in various practice areas, see Promissory Notes Resource Kit (Small to Mid-Sized Law). For general commentary see Asset Based Financing: A Transactional Guide § 1.05.