Revolving Note: Definition, Example
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Quick Facts — Revolving Note Lawyers
- Avg cost to draft a Promissory Note Agreement: $710.00
- Avg cost to review a Promissory Note Agreement: $390.00
- Lawyers available: 182 financial lawyers
- Clients helped: 273 recent revolving note projects
- Avg lawyer rating: 4.98 (29 reviews)
What is a Revolving Note?
A revolving note is an alternative to using a traditional business loan, which can be more challenging to obtain. These are viable options for getting the funding needed for businesses that cannot qualify for bank loans. A revolving note is typically used in conjunction with other financing options, and it allows a borrower to borrow money at lower rates than most traditional loans.
Essentially, it's like getting a low-interest credit card without worrying about paying off the balance each month. This type of financing offers many benefits, including the ability to borrow up to $500,000 or more depending on need. In addition, revolving notes are great for small business owners and larger companies who may have difficulty qualifying for certain bank loans due to their size.
Revolving Note Sample
Exhibit 10.2
Form of Revolving Note
| Lender: |
New York, New York | |
| Principal Sum: |
October [__], 2005 |
For value received, American Seafoods Group LLC, a Delaware limited liability company (the “Borrower”), hereby promises to pay to the order of the Lender set forth above (the “Lender”) for the account of its Applicable Lending Office, at the office of Bank of America, N.A. (the “Administrative Agent”) as set forth in that certain Third Amended and Restated Credit Agreement dated as of October [__], 2005 (as amended, restated, modified or supplemented from time to time, the “Credit Agreement”) among the Borrower, American Seafoods Consolidated LLC, a Delaware limited liability company, ASG Consolidated LLC, a Delaware limited liability company, the banks and other financial institutions from time to time party thereto, Wells Fargo Bank, N.A., as Swingline Lender, DnB NOR Bank ASA, as Documentation Agent, Islandsbanki HF, Harris N.A. and Wells Fargo Bank, N.A., as Co-Syndication Agents, and Bank of America, N.A., as Administrative Agent and Issuing Lender, the Principal Sum set forth above (or such lesser amount as shall equal the aggregate unpaid principal amount of the Revolving Loans made by the Lender to the Borrower under the Credit Agreement), in lawful money of the United States of America and in immediately available funds, on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount of each such Revolving Loan, at such office, in like money and funds, for the period commencing on the date of such Revolving Loan until such Revolving Loan shall be paid in full, at the rates per annum and on the dates provided in the Credit Agreement.
This Note is one of the Revolving Notes referred to in the Credit Agreement and evidences Revolving Loans made by the Lender thereunder. Capitalized terms used in this Revolving Note and not otherwise defined shall have the respective meanings assigned to them in the Credit Agreement and the terms and conditions of the Credit Agreement are expressly incorporated herein and made a part hereof.
The Credit Agreement provides for the acceleration of the maturity of the Revolving Loans evidenced by this Revolving Note upon the occurrence of certain events (and for payment of reasonable out-of-pocket collection costs in connection therewith) and for prepayments of Revolving Loans upon the terms and conditions specified therein. In the event this Revolving Note is not paid when due at any stated or accelerated maturity, the Borrower agrees to pay, in addition to the principal and interest, all reasonable out-of-pocket costs of collection, including reasonable attorney fees, as provided in the Credit Agreement.
The date, amount, Type, interest rate and duration of Interest Period (if applicable) of each Revolving Loan made by the Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, if the Lender so elects in connection with any transfer or enforcement hereof, appropriate notations to evidence the foregoing information with respect to each Revolving Loan then outstanding shall be endorsed by the Lender on the schedule attached to and made a part hereof provided that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or under this Revolving Note in respect of the Revolving Loans to be evidenced by this Revolving Note, and each such recordation or endorsement shall be prima facie evidence of such information.
This Revolving Note and the Revolving Loans evidenced hereby may be transferred in whole or in part only by registration of such transfer on the Register maintained for such purpose on behalf of the Borrower as provided in Section 10.03(c) of the Credit Agreement.
THIS REVOLVING NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.
IN WITNESS WHEREOF, the Borrower has caused this Revolving Note to be executed as of the date first above written.
| AMERICAN SEAFOODS GROUP LLC | ||
| By: |
||
| Name: | ||
| Title: | ||
LOANS AND PAYMENTS OF PRINCIPAL
| Date |
Amount of Loan |
Type |
Amount of Repaid |
Notation Made By | ||||
Reference:
Security Exchange Commission - Edgar Database, EX-10.2 3 dex102.htm FORM OF REVOLVING NOTE, Viewed January 27, 2022, View Source on SEC.
Who Helps With Revolving Notes?
Lawyers with backgrounds working on revolving notes work with clients to help. Do you need help with a revolving note?
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Meet some of our Revolving Note Lawyers
Dolan W.
You need a lawyer who's more than just knowledgeable – you need someone who's on your side. That's where I come in. I'll be there every step of the way, offering clear communication and proactive solutions. Whether you're starting a business or navigating a complex legal matter, I'll help you make informed decisions and achieve your goals. I also have drafted many templates to save you money. Just use this link - https://www.contractscounsel.com/client/lawyer-profile/3764#Templates Why Choose Me? I put you first I'm proactive I'm efficient I'm accessible
"Thank you very much for your detailed review and for explaining each of the proposed changes so clearly."
Randy M.
Hi, I'm Randy, and I've been practicing law for over 30 years with a genuine passion for contracts and legal drafting. I spent nearly 15 years running my own solo practice in Richmond, Virginia, where I built a thriving firm helping everyone from small business owners to entertainment professionals navigate their legal needs. Those years taught me that great contracts aren't just about covering all the bases legally - they're about understanding what my clients actually need and translating that into clear, enforceable agreements. My sweet spot is contract drafting across a wide range of areas. I've written hundreds of LLC operating agreements (both single and multi-member), prenuptial and postnuptial agreements, residential and commercial leases, independent contractor agreements, service contracts, NDAs, consulting agreements, and corporate formation documents. I also have extensive experience in estate planning documents - wills, trusts, powers of attorney, and living wills - plus employment agreements and entertainment law contracts. These days I'm based in New York City, but I work with clients nationwide on contract matters. What I love most about this work is taking complex business relationships and turning them into documents that actually make sense and protect everyone involved. Whether you're a startup founder needing your first operating agreement or an established business updating your contractor templates, I focus on creating contracts that work in the real world, not just on paper. After three decades of practice, I still get excited about a well-crafted contract. Let's talk about how I can help with yours.
"Randy was very thorough and asked plenty of follow-up questions to make sure he created the contract I needed exactly as I needed it. He worked quickly and gave updates along the way as he drafted the document for me. I would definitely work with him again."
Anand A.
Anand is an entrepreneur and attorney with a wide-ranging background. In his legal capacity, Anand has represented parties in (i) commercial finance, (ii) corporate, and (iii) real estate matters throughout the country, including New Jersey, Pennsylvania, Delaware, Arizona, and Georgia. He is well-versed in business formation and management, reviewing and negotiating contracts, advising clients on financing strategy, and various other arenas in which individuals and businesses commonly find themselves. As an entrepreneur, Anand is involved in the hospitality industry and commercial real estate. His approach to the legal practice is to treat clients fairly and provide the highest quality representation possible. Anand received his law degree from Rutgers University School of Law in 2013 and his Bachelor of Business Administration from Pace University, Lubin School of Business in 2007.
"Anand was a pleasure to work with! He was very thorough and professional."
Jason H.
Jason has been providing legal insight and business expertise since 2001. He is admitted to both the Virginia Bar and the Texas State Bar, and also proud of his membership to the Fellowship of Ministers and Churches. Having served many people, companies and organizations with legal and business needs, his peers and clients know him to be a high-performing and skilled attorney who genuinely cares about his clients. In addition to being a trusted legal advisor, he is a keen business advisor for executive leadership and senior leadership teams on corporate legal and regulatory matters. His personal mission is to take a genuine interest in his clients, and serve as a primary resource to them.
"Jason is very knowledgeable and accommodating. He went out of his way to get my work done in a timely manner."
Ryenne S.
My name is Ryenne Shaw and I help business owners build businesses that operate as assets instead of liabilities, increase in value over time and build wealth. My areas of expertise include corporate formation and business structure, contract law, employment/labor law, business risk and compliance and intellectual property. I also serve as outside general counsel to several businesses across various industries nationally. I spent most of my early legal career assisting C.E.O.s, General Counsel, and in-house legal counsel of both large and smaller corporations in minimizing liability, protecting business assets and maximizing profits. While working with many of these entities, I realized that smaller entities are often underserved. I saw that smaller business owners weren’t receiving the same level of legal support larger corporations relied upon to grow and sustain. I knew this was a major contributor to the ceiling that most small businesses hit before they’ve even scratched the surface of their potential. And I knew at that moment that all of this lack of knowledge and support was creating a huge wealth gap. After over ten years of legal experience, I started my law firm to provide the legal support small to mid-sized business owners and entrepreneurs need to grow and protect their brands, businesses, and assets. I have a passion for helping small to mid-sized businesses and startups grow into wealth-building assets by leveraging the same legal strategies large corporations have used for years to create real wealth. I enjoy connecting with my clients, learning about their visions and identifying ways to protect and maximize the reach, value and impact of their businesses. I am a strong legal writer with extensive litigation experience, including both federal and state (and administratively), which brings another element to every contract I prepare and the overall counsel and value I provide. Some of my recent projects include: - Negotiating & Drafting Commercial Lease Agreements - Drafting Trademark Licensing Agreements - Drafting Ambassador and Influencer Agreements - Drafting Collaboration Agreements - Drafting Service Agreements for service-providers, coaches and consultants - Drafting Master Service Agreements and SOWs - Drafting Terms of Service and Privacy Policies - Preparing policies and procedures for businesses in highly regulated industries - Drafting Employee Handbooks, Standard Operations and Procedures (SOPs) manuals, employment agreements - Creating Employer-employee infrastructure to ensure business compliance with employment and labor laws - Drafting Independent Contractor Agreements and Non-Disclosure/Non-Competition/Non-Solicitation Agreements - Conducting Federal Trademark Searches and filing trademark applications - Preparing Trademark Opinion Letters after conducting appropriate legal research - Drafting Letters of Opinion for Small Business Loans - Drafting and Responding to Cease and Desist Letters I service clients throughout the United States across a broad range of industries.
"Ryenne was wonderful to work with! She went through each section of my contract line by line with me and made sure I understood every aspect."
Christopher R.
Trusted business and intellectual property attorney for small to midsize businesses.
"Chris was knowledgable, fast and easy to work with. He created a custom Terms of Service document and Privacy Policy for an internet-based business."
July 15, 2020
David C.
David H. Charlip, the principal of Charlip Law Group, LC, is one of only 101 Board Certified Civil Trial Lawyers in Miami-Dade, with over 40 years of litigation experience. Mr. Charlip is also one of only 136 Florida Civil Law Notaries. He is also a Florida Supreme Court Certified Circuit Civil Mediator and a Florida Supreme Court Approved Arbitrator. He has managed and litigated cases across the country. Mr. Charlip has advised businesses, drafted business formation and purchase and sale documents and litigated business disputes for over 40 years and is very familiar with all aspects of contractual relations.
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Create Promissory Note
"Excellent experience with Adam who was very quick, responsive, yet thorough in completing my project. Highly recommend!"
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"I am very impressed by Mr. Jeremiah's service. His analysis and review saved me from making a 400k mistake! Thank you!"
IRS Compliance Review of Promissory Note and loan agreement
"Josh is very knowledgable and was extremely helpful. He responds promptly and is easy to talk to. I have had other encounters with lawyers in the past and this was by far the most refreshing encounter in terms of experience and outcome."
Create Promissory Note
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Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.
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Promissory note for borrowing money
Location: Washington
Turnaround: Less than a week
Service: Drafting
Doc Type: Promissory Note Agreement
Number of Bids: 3
Bid Range: $300 - $1,200
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