Revolving Line Of Credit Promissory Note printable pdf download

EVOLVING

INE OF

REDIT

ROMISSORY

OTE

[Insert: $____.00] [Insert: city of corporate address, state of corporate address]

<<date>>

, <<

>>, a _________ corporation

ALUE

ECEIVED

NAME OF CORPORATION

("Maker") promises to pay to [Insert: N

], an individual (the "Payee"), at

AME OF

AYEE

<<baddress>>, or at such other places as Payee may designate from time to time in writing, the

principal sum of [Insert: Amount of note in words] and No/100s Dollars [Insert: ($ amount of

note in numbers.00) or so much of that sum as may be advanced under this Revolving Line of

Credit Promissory Note.

Interest: insert one provision as applicable:

[For prime rate insert: Interest shall accrue on the unpaid principal balance at the prime

rate (as hereafter defined) until the principal is paid in full. As used herein, “Prime Rate” means

the prime rate as quoted in the “Money Rates” section of the Wall Street Journal. In the event

the Wall Street Journal is no longer publishing the “Money Rates” section, the prime rate shall

be the prime lending rate charged by the Bank of America to its most favored borrowers.]

[For prime + x insert: Interest shall accrue on the unpaid principal balance at the prime

rate (as hereafter defined) plus [Insert: percent in words] percent [Insert: (percent in numbers

%)]until the principal is paid in full. As used herein, “Prime Rate” means the prime rate as

quoted in the “Money Rates” section of the Wall Street Journal. In the event the Wall Street

Journal is no longer publishing the “Money Rates” section, the prime rate shall be the prime

lending rate charged by the Bank of America to its most favored borrowers.]

[For x percent (x %) insert: Interest shall accrue on the unpaid principal balance at

[Insert: percent in words] percent [Insert: (percent in numbers %)] until the principal is paid in

full.

Payments of principal and interest shall be made as provided below in the paragraph

entitled “P

.”

AYMENT OF

RINCIPAL

NTEREST

AYMENT OF

RINCIPAL

NTEREST

Commencing on the date one (1) month following the date of this Promissory Note, and

continuing on the first day of each month thereafter, Maker shall pay to Payee monthly payments

of interest only, continuing for twelve (12) months, at the end of which time, the remaining

principal balance, if any, shall be due and payable. In the event any payment is not received by

Payee within ten (10) days following its due date, a late charge equal to five percent (5%) of the

payment shall be due from Maker to Payee in addition to the installment that is otherwise due.

Maker acknowledges that this late charge is intended to reimburse Payee for administrative

expenses incurred by Payee due to Maker’s failure to make timely payments.

INE OF

REDIT

This Note evidences a revolving line of credit. Advances under this Note may be

requested orally by Maker. The unpaid principal balance owing on this Note maybe evidenced

by endorsement or amendments to the Note or by Payee’s internal records. Payee shall have no

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Revolving Line Of Credit Promissory Note

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