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The Revolving Credit Promissory Note is a sophisticated financial instrument used in South African business and lending practices when parties wish to establish a flexible borrowing arrangement with multiple draw-downs and repayments. This document is particularly useful for businesses requiring ongoing access to credit, such as working capital financing or trade finance. The document must comply with South African legislation, including the National Credit Act 34 of 2005 and the Bills of Exchange Act 34 of 1964, while incorporating specific terms for the revolving nature of the facility. It includes comprehensive details about credit limits, interest calculations, repayment schedules, and draw-down procedures, making it suitable for both corporate and commercial lending arrangements. The document provides security for the lender while offering flexibility to the borrower, and can be adapted to various business needs while maintaining its essential legal characteristics.

1. Parties: Identification of the Lender (Payee) and Borrower (Maker) with full legal names and details

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

3. Definitions: Key terms used in the document including Credit Limit, Interest Rate, Payment Date, and Revolving Nature of the facility

4. Promise to Pay: Unconditional promise by the Borrower to pay the principal amount and interest

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

6. Interest Rate and Calculations: Specification of interest rate, calculation method, and payment frequency

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

8. Draw Down Provisions: Process and conditions for requesting and receiving advances under the facility

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

10. Representations and Warranties: Standard declarations about the Borrower's capacity and authority

11. Governing Law: Specification of South African law as governing law

12. Signature: Execution blocks for all parties