The Revolving Line of Credit Promissory Note is designed for situations where borrowers require flexible access to credit with the ability to draw down and repay funds multiple times within an agreed limit. This document type is commonly used in South Africa when businesses or individuals need ongoing access to working capital or variable funding. It must comply with South African legislation, particularly the National Credit Act 34 of 2005 and the Bills of Exchange Act 34 of 1964. The document includes essential elements such as the credit limit, interest rate provisions, drawdown mechanisms, repayment terms, and any security arrangements. It's particularly useful for managing seasonal cash flow fluctuations, ongoing operational expenses, or project-based funding needs where the exact amount and timing of funding requirements may vary.

1. Parties: Identification of the Lender and Borrower with full legal names and registration/identification numbers

2. Background: Context of the credit facility and purpose of the promissory note

3. Definitions: Key terms used in the agreement including 'Credit Limit', 'Draw Period', 'Interest Rate', and 'Repayment Terms'

4. Credit Facility Details: Specifics of the revolving credit facility including the credit limit and availability period

5. Promise to Pay: The formal promise to pay, including the maximum amount and reference to the revolving nature

6. Interest Rate and Calculations: Interest rate specifications, calculation method, and compounding periods

7. Drawdown Provisions: Procedures and conditions for drawing down on the credit facility

8. Repayment Terms: Payment schedule, minimum payments, and method of payment

9. Events of Default: Circumstances constituting default and consequences thereof

10. Representations and Warranties: Standard declarations by the borrower regarding capacity and authority

11. Security: Details of any security or collateral provided for the credit facility

12. Governing Law: Confirmation of South African law as governing law and jurisdiction