Revolving Promissory Note Template for Ireland

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Key Requirements PROMPT example:

Revolving Promissory Note

"I need a Revolving Promissory Note under Irish law for a €5 million facility between Tech Solutions Ltd as borrower and AIB Bank as lender, with quarterly interest payments and the ability to draw down multiple times until March 2025."

Document background
The Revolving Promissory Note is commonly used in corporate financing scenarios where businesses require flexible access to credit while maintaining the simplicity and negotiability of a promissory note structure. This document type is particularly useful for working capital financing, trade finance, and ongoing operational funding needs. Under Irish law, it must comply with specific requirements of the Bills of Exchange Act 1882 and related banking regulations while incorporating modern commercial lending practices. The document typically includes detailed provisions for drawdown mechanics, interest calculations, repayment terms, and the revolving nature of the facility. It's frequently used in both domestic Irish transactions and cross-border financing arrangements where Irish law is chosen as the governing law.
Suggested Sections

1. Parties: Identification of the maker (borrower) and payee (lender) with full legal names and addresses

2. Background: Brief context explaining the purpose of the revolving facility and the relationship between the parties

3. Definitions: Key terms used in the note, including 'Facility Limit', 'Interest Rate', 'Drawdown', 'Repayment Date', etc.

4. Promise to Pay: Unconditional promise to pay the principal amount and interest, including the revolving nature of the facility

5. Facility Terms: Details of the facility limit, availability period, and conditions for drawdown and repayment

6. Interest Provisions: Interest rate, calculation method, payment frequency, and default interest

7. Revolving Mechanism: Specific terms governing the revolving nature, including readvancement conditions and processes

8. Repayment Terms: Schedule of payments, prepayment provisions, and final maturity date

9. Events of Default: Circumstances that trigger default and consequences thereof

10. Representations and Warranties: Standard declarations by the maker regarding capacity and authority

11. Execution: Signature blocks and date of execution

Optional Sections

1. Security Provisions: Include when the note is secured by collateral or guarantees

2. Tax Provisions: Include when specific tax considerations need to be addressed, particularly for cross-border transactions

3. Assignment and Transfer: Include when the note needs to be transferable or assignable

4. Notice Provisions: Include when formal communication procedures need to be established

5. Costs and Expenses: Include when there are specific provisions about transaction costs and enforcement expenses

6. Governing Law and Jurisdiction: Include when there's a need to explicitly state the governing law and jurisdiction

7. Amendment Provisions: Include when specific procedures for modifying the note terms are required

Suggested Schedules

1. Drawdown Notice Form: Template form for requesting drawdowns under the facility

2. Repayment Schedule: If applicable, detailed schedule of minimum repayment amounts and dates

3. Interest Rate Calculation Examples: Illustrative examples of interest calculations

4. Security Details: If secured, detailed description of collateral or security arrangements

5. Conditions Precedent: List of conditions that must be satisfied before initial drawdown

6. Compliance Certificate: Template for periodic confirmation of compliance with note terms

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Relevant Industries

Banking and Financial Services

Corporate Lending

Investment Banking

Commercial Real Estate

Manufacturing

Retail and Distribution

Technology and Software

Healthcare

Infrastructure and Construction

Professional Services

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Compliance

Corporate Secretariat

Business Development

Commercial Banking

Account Management

Transaction Management

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Corporate Lawyer

Legal Counsel

Banking Relationship Manager

Credit Risk Manager

Transaction Manager

Compliance Officer

Corporate Secretary

Financial Controller

Business Development Manager

Account Manager

Credit Analyst

Finance Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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