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: 185 financial lawyers
- Clients helped: 278 recent revolving note projects
- Avg lawyer rating: 4.97 (31 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
Joseph B.
I am an attorney licensed in Indiana. I currently work primarily on civil litigation, landlord/tenant matters, and adoption cases. I have over 10 years of labor relations experience, including negotiations, labor contract enforcement, and arbitration experience. I also work with several non-profit groups representing LGBTQ+ groups and indigent clients in housing matters.
"Joseph gave me a great deal on a detailed lease with everything I needed included. Would definitely recommend!"
Alton H.
Alton H.
I am a U.S.-licensed attorney with more than a decade of experience in complex litigation and intellectual property matters. I have practiced at leading Am Law firms including Pillsbury Winthrop Shaw Pittman, Arent Fox, and Sughrue Mion, and I currently operate my own law practice. I have extensive experience handling high-stakes patent litigation, drafting pleadings and briefs, managing large-scale discovery, preparing and defending depositions, and appearing before federal courts and administrative bodies such as the PTAB and ITC. I hold a J.D., cum laude, from The George Washington University Law School and advanced technical degrees in chemistry and chemical engineering, which allow me to efficiently handle technically complex matters. I am admitted in multiple jurisdictions, including New York, Virginia, New Jersey, and the District of Columbia, and I regularly provide high-quality remote legal support to clients nationwide.
"Alton was responsive, thorough, and clear. He reviewed a consulting agreement against my prior employer’s restrictive covenants under two states’ law, delivered a practical risk memo and a redline I could send as is, and caught an issue I hadn’t asked about. Flat fee, on time, no surprises."
Stephen R.
Steve Reich is licensed to practice in both New York and Massachusetts and is based in Boston. He assists with environmental litigation and other complex litigation and heads the firm's intellectual property practice, including copyright and trademark registration and protection. Other practice areas include commercial contract drafting and civil litigation.
"Responsive. Got the letter out on a short notice and received a desired response."
Michael S.
I began my career at "big law" firms, worked in-house for 14 years, and now have my own practice, providing big law quality at small firm rates. My practice focuses on strategic and commercial transactions, including M&A, preferred stock and common stock offerings, asset purchases and sales, joint ventures and strategic partnerships, stock option plans, master services agreements and SOWs, software development and license agreements, SaaS agreements, NDAs, employment and consulting agreements. I also manage corporate governance, advise boards and executives, and act as outside general counsel. I represent clients across the country and around the world.
"Mike did strong, thoughtful work on our contractor IP assignment and was clear about the tradeoffs on worker classification. Revisions were handled well and all within the flat fee. Only knock is responsiveness, there were a few multi-day gaps and I had to follow up to keep things moving. Would still recommend for the quality of the drafting."
Matthew H.
We are a boutique firm located in San Diego that handles civil litigation with a couple other areas of law.
"Matthew was absolutely excellent to work with. He responded to our project request immediately, was always available via text, phone, or email to answer any questions, and handled our demand letter quickly and efficiently. We got a response same-day as a result of Matthew's demand letter, and we had a check in our hands within a few short weeks of hiring him. He even offered to handle a few additional things, like negotiations and document signing, and finalizing the settlement. Would highly recommend Matthew for your legal needs!"
Lisa C.
Lisa Copland Gordon is a seasoned litigator who has practiced law in Illinois for over 25 years. She is a graduate of Northwestern Pritzker School of Law, with a concentration in Civil Litigation and Dispute Resolution. Lisa earned her undergraduate degree from Princeton University. Lisa provides counsel to clients in real estate matters including purchasing, selling, HOA and lease issues. She also represents clients and small businesses in all Cook County courthouse locations.
May 8, 2024
Jazmin M.
Hi, I'm Jazmin M. Allen, Esq., your local, 757 Hampton Roads Business Lawyer & Brand Publicist. I am on a mission to help entrepreneurs and new business owners form their business entities, develop their business plans, market their brands, and protect their billion-dollar ideas.
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Browse Lawyers NowLawyer Reviews for Revolving Note Projects
Create Promissory Note
"Excellent experience with Adam who was very quick, responsive, yet thorough in completing my project. Highly recommend!"
Draft and structure secure loan agreement(Personal Guarantee+ collateral)
"Pretty much finished up with the project, aside from some finishing touches. I have to say, Michael did a great job. He worked patiently with me through any irregularities or confusion. What I appreciated most was that his vision was to get me the best results, ensuring a secure structure and a solid investment. I really appreciate his work and help."
Review promissory note contract
"I am very impressed by Mr. Jeremiah's service. His analysis and review saved me from making a 400k mistake! Thank you!"
JHI Promissory Note Review
"Answered all of my questions promptly - even recommended some good podcasts related to my acquisition. 10/10"
Create Promissory Note, Security Agreement, & Purchase Agreement
"The documents were thorough, clearly written, and protected my interests, including the seller-financing terms. Lori was responsive, explained everything in plain language, and kept the process moving without any surprises."
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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Review Promissory Note
Location: Virginia
Turnaround: Less than a week
Service: Contract Review
Doc Type: Promissory Note Agreement
Page Count: 6
Number of Bids: 5
Bid Range: $350 - $900
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