The Revolving Line of Credit Promissory Note is a crucial financial instrument used in Australian business and personal lending arrangements where flexible access to credit is required. This document is typically employed when a borrower needs ongoing access to funds rather than a one-time loan, allowing them to draw down, repay, and redraw funds up to an approved limit. The document must comply with Australian financial regulations, including the National Consumer Credit Protection Act 2009 and the National Credit Code. It combines elements of both a credit agreement and a promissory note, detailing the credit facility's terms while incorporating the borrower's legally binding promise to repay. This structure is particularly useful for businesses managing working capital, project financing, or ongoing operational needs, as well as individuals requiring flexible credit arrangements.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Context of the credit facility and purpose of the promissory note
3. Definitions: Key terms used throughout the document including Credit Limit, Interest Rate, Draw Period, Payment Terms
4. Credit Facility Details: Specific terms of the revolving credit facility including credit limit, availability period, and purpose
5. Interest and Fees: Interest rate calculation method, applicable fees, and charges
6. Drawdown Provisions: Process and conditions for drawing down funds from the credit facility
7. Repayment Terms: Payment schedule, minimum payment requirements, and prepayment provisions
8. Events of Default: Circumstances constituting default and consequences thereof
9. Representations and Warranties: Borrower's confirmations regarding their financial status and ability to repay
10. Governing Law: Specification of Australian law as governing law and jurisdiction
1. Security: Details of any security or collateral provided - include when the credit facility is secured
2. Guarantor Provisions: Terms applying to guarantors - include when there are third-party guarantors
3. Insurance Requirements: Mandatory insurance requirements - include when specific insurance is required
4. Financial Covenants: Financial maintenance requirements - include for business borrowers
5. Change of Circumstances: Provisions for material changes in borrower circumstances - include for longer-term facilities
6. Assignment and Transfer: Rights to assign or transfer the note - include when transferability is permitted
1. Schedule 1 - Facility Details: Detailed terms of the credit facility including credit limit, interest rate, fees
2. Schedule 2 - Draw Down Notice: Form of notice required for drawing down funds
3. Schedule 3 - Repayment Schedule: Details of minimum payment requirements and payment dates
4. Schedule 4 - Fee Schedule: Comprehensive list of all applicable fees and charges
5. Appendix A - Direct Debit Request: Form for setting up automatic payments
6. Appendix B - Security Details: Details of any security or collateral (if applicable)
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Lending
Small Business
Corporate Finance
Real Estate
Retail
Manufacturing
Professional Services
Agriculture
Construction
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Treasury
Commercial Banking
Corporate Banking
Operations
Client Services
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Financial Controller
Treasury Manager
Lending Officer
Credit Analyst
Legal Counsel
Compliance Officer
Risk Manager
Commercial Banking Manager
Business Development Manager
Corporate Banking Officer
Financial Services Manager
Account Manager
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