Revolving Line Of Credit Promissory Note Template for Philippines

1. Parties: Identification of the Lender and Borrower, including complete legal names, addresses, and tax identification numbers as required by Philippine regulations

2. Background: Brief context of the credit facility being extended and the purpose of the promissory note

3. Definitions: Key terms used throughout the document, including 'Credit Limit', 'Interest Rate', 'Draw Period', and other relevant banking terms

4. Credit Facility Details: Specifies the maximum credit limit, revolving nature of the facility, and terms for draws and repayments

5. Interest Rate and Fees: Details of the interest rate calculation, including whether fixed or floating, basis for calculation, and any associated fees

6. Repayment Terms: Schedule and methods of repayment, minimum payment requirements, and prepayment provisions

7. Draw Mechanics: Procedures and requirements for making draws under the facility, including notice requirements and minimum draw amounts

8. Conditions Precedent: Requirements that must be met before draws can be made under the facility

9. Representations and Warranties: Standard declarations by the borrower regarding their legal capacity, financial condition, and authority

10. Events of Default: Circumstances that constitute default and the lender's remedies in such cases

11. Governing Law: Specification of Philippine law as governing law and jurisdiction provisions

1. Schedule A - Draw and Repayment History: Running record of draws made and repayments received under the facility

2. Schedule B - Interest Rate Calculations: Detailed breakdown of interest rate components if using a floating rate

3. Schedule C - Fee Schedule: Comprehensive list of all applicable fees and charges

4. Schedule D - Draw Request Form: Standard form for requesting draws under the facility

5. Appendix 1 - Required Notices: Forms and templates for various notices required under the facility

6. Appendix 2 - Compliance Certificate: Template for periodic compliance certifications if required