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The Revolving Credit Promissory Note is commonly used in Philippine business and banking transactions where flexible, ongoing access to credit is required. It serves as both evidence of debt and a contractual framework for a revolving credit facility, typically used by businesses for working capital, operational expenses, or project financing. The document must comply with Philippine banking regulations, particularly the Manual of Regulations for Banks (MORB) and the Negotiable Instruments Law. It includes essential elements such as the unconditional promise to pay, specified credit limit, draw-down mechanisms, interest calculations, and repayment terms. This type of document is particularly useful for businesses requiring regular access to funds with the flexibility to draw and repay as needed, making it distinct from traditional term loans or single-draw facilities.

1. Parties: Identification of the Lender (typically a bank or financial institution) and the Borrower, including complete legal names and addresses

2. Background: Brief context of the revolving credit facility arrangement and the purpose of the promissory note

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

4. Promise to Pay: Unconditional promise to pay the principal amount and interest, specifically structured for the revolving nature of the facility

5. Credit Facility Terms: Details of the revolving credit facility, including credit limit, availability period, and draw conditions

6. Interest Rate and Charges: Specification of interest rate(s), calculation method, and any additional charges or fees

7. Repayment Terms: Payment schedule, minimum payment requirements, and prepayment provisions

8. Draw Mechanics: Procedures and requirements for drawing funds under the facility

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

10. Representations and Warranties: Standard declarations by the borrower regarding their capacity and authority to enter into the agreement

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

12. Execution: Signature blocks and execution requirements