Document background
The Revolving Credit Promissory Note is commonly used in Irish commercial lending transactions where parties seek to combine the procedural advantages of a promissory note with the flexibility of a revolving credit facility. This document is particularly useful for businesses requiring ongoing access to working capital or fluctuating funding needs. It must comply with the Irish Bills of Exchange Act 1882 requirements for promissory notes while incorporating modern banking practices and regulatory requirements. The document typically includes detailed provisions for draw downs, repayments, interest calculations, and the revolving nature of the facility, making it suitable for both bilateral and syndicated lending arrangements. It's frequently used in corporate financing, particularly for working capital facilities, trade finance, and general corporate purposes.
