Form 6a.17 Revolving Credit Promissory Note printable pdf download

FORM 6A.17 REVOLVING CREDIT PROMISSORY NOTE

$_______________

Date _______________

For Value Received, the undersigned promises to pay on or before [date], to the order of [Bank], at its headquarters

office located in [address] (Bank), or at such other place as the holder hereof may from time to time designate, the unpaid

amount of all sums that have been advanced to or for the benefit of the undersigned in accordance with the terms hereof and

that certain Loan Agreement between the undersigned and Bank, dated as of [date]. Advances evidenced by this Note shall

be made in accordance with the Loan Agreement. No request for an advance will be honored if a default hereunder shall

have occurred and exists, or if the amount requested, when added to the then total outstanding unpaid balance hereof, would

exceed the sum of _____ Dollars ($_____). Advances pursuant to the Loan Agreement shall be made on a revolving basis

and, subject to the provisions thereof, the undersigned may borrow, prepay, and reborrow under the Loan Agreement from

time to time, and at any time prior to the due date of this Note.

The unpaid balance of this Note at any time shall be the total amount advanced, plus interest accrued thereon and costs,

expenses, and fees chargeable hereunder, less the amount of payments made hereon by or for the undersigned, which

balance may be indorsed hereon from time to time by the holder hereof.

Interest shall be charged on the unpaid principal balance of this Note to the date of maturity on a daily basis for the

actual number of days any portion of the principal is outstanding, computed on the basis of a 360-day year, at a rate (the

Note Rate) equal to the sum of _____ percent (_____%) per annum plus a fluctuating interest rate per annum as established

from time to time (whether or not charged in each instance), by Bank, as Bank’s “Base Rate.” Each change in the Base Rate

(or any component thereof) shall become effective, without notice to the undersigned (which notice is hereby expressly

waived by the undersigned), on the effective date of each such change. Should Bank, during the term of this Note, abolish or

abandon the practice of establishing a Base Rate, then the Base Rate used during the remaining term of this Note shall be

that interest rate then in effect at Bank, which, from time to time, in the reasonable judgment of Bank, most effectively

approximates the original definition of the “Base Rate.” The undersigned acknowledges that Bank may, from time to time,

extend credit to other persons at rates of interest varying from, and having no relationship to, the Base Rate. A certificate

signed by any officer of Bank shall be conclusive evidence of the Base Rate at any given time.

Interest shall be computed on the basis of a 360-day year and shall be payable on the due date of this Note [or [period,

ie. monthly] on the _____ day of each _____ commencing with the _____ day of _____ until all principal and interest

hereunder have been fully paid.]

The undersigned acknowledges that the undersigned has agreed to the rate of interest represented by (1) the Note Rate;

(2) any compensating balance requirement of Bank; and (3) any additional charges, costs, and fees arising out of or related

to the transaction of which this Note is a part, to the extent deemed to be interest under applicable law.

Upon default, all obligations under this Note (including principal, interest, costs, and fees) shall bear interest, until paid

in full, at the greater of (1) a per annum rate equal to _____ percent (_____%) of the Note Rate or (2) _____ percent

(_____%) per annum. In the event that any payment becomes overdue for a period in excess of ten (10) days, and Bank does

not exercise its option to accelerate the maturity of this Note, a late charge of _____ percent (_____%) of the overdue

payment or _____ Dollars ($_____), whichever is less, may be charged by Bank for the purpose of defraying the costs and

expenses incident to such delinquency.

Each and every payment due under this Note shall be made in lawful money of the United States and in immediately

available funds, and when made shall be first applied to accrued costs, expenses, and fees, if any, then to interest due, and

then to the reduction of the principal amount of this Note.

No provision of this Note or any other aspect of the transaction of which this Note is a part is intended to or shall

require or permit the holder, directly or indirectly, to take, receive, contract for, or reserve, in money, goods, or things in

action, or in any other way, any interest (including amounts deemed by law to be interest, such amounts to then be deemed

to be an addition to the rate of interest agreed upon) in excess of the maximum rate of interest permitted by applicable law in

the state of _____ as of the date hereof. If any such excess shall nevertheless be provided for, or be adjudicated by a court of

competent jurisdiction to be provided for, the undersigned shall not be obligated to pay such excess but, if paid, then such

excess shall be applied against the unpaid principal balance of this Note or, to the extent that the principal balance has been

paid in full by reason of such application or otherwise, such excess shall be remitted to the undersigned.

The undersigned hereby agrees (1) to any and all extensions (including extensions beyond the original term hereof) and

renewals hereof, from time to time, without notice, and that no such extension or renewal shall constitute or be deemed a

release of any obligation of the undersigned to the holder hereof; (2) that any written modification, extension, or renewal

hereof executed by the undersigned shall constitute a representation and warranty of the undersigned that the unpaid balance

of principal, interest, and other sums owing hereunder at the time of such modification, renewal, or extension are owed

without adjustment for any offset, counterclaim, or other defense of any kind by the undersigned against Bank; (3) that the

acceptance by the holder hereof of any performance that does not comply strictly with the terms hereof shall be deemed to

be neither a waiver or bar of any right of said holder, nor a release of any obligation of the undersigned to the holder hereof;

(4) to offsets of any sums or property owed to the undersigned by the holder hereof at any time; (5) that the undersigned is

and shall remain subject to the in personam, in rem, and subject matter jurisdiction of the courts of [state] (including the

Federal District Court for the district of [state] for all purposes pertaining to this instrument and all documents and

instruments executed in connection herewith, securing the same, or in any way pertaining hereto; (6) that no surety or

guarantor hereof shall be required to be joined in any action brought to enforce this Note, and that the undersigned waives

the right to require the joinder of the undersigned in any action to enforce the liability of a surety or guarantor hereof; (7)

that this Note shall be governed by the laws of the state of _____ applicable to the holder hereof upon demand any and all

Form 6a.17 Revolving Credit Promissory Note

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