The Revolving Promissory Note is commonly used in German corporate financing when companies need flexible access to funding while maintaining a straightforward documentation structure. It is particularly useful for businesses requiring ongoing working capital or those with cyclical funding needs. The document combines elements of traditional promissory notes (Schuldscheine) with revolving facility mechanics, allowing borrowers to draw, repay, and re-draw funds within an agreed facility limit. This instrument is governed by German law and typically involves lower documentation and administration costs compared to full facility agreements. It's especially suitable for mid-sized to large corporations with established banking relationships and can be used either on a standalone basis or as part of a broader financing structure.
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1. Parties: Identification of the issuer (borrower) and the payee (lender)
2. Background: Brief context of the revolving promissory note arrangement
3. Definitions: Key terms used in the document, including 'Facility Limit', 'Interest Period', and 'Repayment Date'
4. Promise to Pay: Unconditional promise to pay the principal amount and interest, including the revolving nature of the facility
5. Facility Terms: Maximum facility amount, drawdown mechanisms, and revolving nature of the facility
6. Interest: Interest rate, calculation method, and payment dates
7. Repayment: Terms for repayment of principal, including the revolving aspect and final maturity
8. Drawing Mechanics: Process and conditions for making drawings under the revolving facility
9. Representations: Basic representations about capacity and authority to issue the note
10. Events of Default: Circumstances under which the note becomes immediately due and payable
11. Form and Transferability: Format of the note and conditions for transfer or assignment
12. Governing Law: Specification of German law as governing law and jurisdiction
1. Security: Include if the note is secured by any collateral
2. Tax Provisions: Include if there are specific tax considerations or gross-up requirements
3. Costs and Expenses: Include if there are specific cost allocation provisions beyond standard arrangements
4. Notice Provisions: Include if specific notice requirements for drawings or payments are needed
5. Financial Covenants: Include if specific financial metrics need to be maintained
6. Guarantee: Include if the note is guaranteed by a third party
7. Set-off Rights: Include if specific set-off provisions are required
1. Drawing Notice Form: Standard form for requesting drawings under the facility
2. Calculation of Interest: Detailed methodology for interest calculations if complex
3. Repayment Schedule: If there are specific scheduled repayment dates or amounts
4. Security Details: If applicable, details of any security or collateral arrangements
5. Conditions Precedent: List of documents required before first drawing
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