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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."
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
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
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
Available Facility
Business Day
Commitment
Default Interest Rate
Default Event
Drawdown
Drawdown Date
Drawdown Notice
Facility
Facility Limit
Final Maturity Date
Interest Payment Date
Interest Period
Interest Rate
Irish Business Day
Lender
Maker
Material Adverse Effect
Outstanding Amount
Payee
Payment Date
Permitted Purpose
Principal Amount
Readvancement
Repayment Date
Repayment Schedule
Revolving Period
Security
Taxes
Unutilized Commitment
Utilization
Working Day
Facility Terms
Drawdown Mechanics
Interest Calculation
Repayment Terms
Readvancement Rights
Default Events
Acceleration
Security
Representations and Warranties
Conditions Precedent
Payment Mechanics
Tax Gross-up
Currency Provisions
Assignment and Transfer
Notices
Amendments and Waivers
Costs and Expenses
Severability
Counterparts
Governing Law
Jurisdiction
Banking and Financial Services
Corporate Lending
Investment Banking
Commercial Real Estate
Manufacturing
Retail and Distribution
Technology and Software
Healthcare
Infrastructure and Construction
Professional Services
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Secretariat
Business Development
Commercial Banking
Account Management
Transaction Management
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
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