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Revolving Promissory Note for South Africa

Revolving Promissory Note Template for South Africa

A Revolving Promissory Note is a legal financial instrument governed by South African law that documents a promise to pay a specified sum of money with the unique feature of allowing multiple draw-downs up to a predetermined limit, similar to a revolving credit facility. The document incorporates essential elements required under the Bills of Exchange Act 34 of 1964 and complies with South African banking and financial services regulations. It details the revolving credit mechanism, interest calculations, repayment terms, and security arrangements while providing flexibility for ongoing borrowing within the established facility limits.

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What is a Revolving Promissory Note?

The Revolving Promissory Note serves as a vital financial instrument in South African commercial and private lending arrangements, combining the traditional characteristics of a promissory note with revolving credit facility features. This document is particularly useful when parties require a flexible borrowing arrangement that allows for multiple draw-downs and repayments over time, while maintaining a maximum facility limit. It is commonly utilized in business financing, working capital management, and ongoing credit relationships. The document must comply with South African financial regulations, including the Bills of Exchange Act and National Credit Act, and typically includes detailed provisions for draw-downs, interest calculations, repayment schedules, and security arrangements. This instrument provides a more flexible alternative to traditional term loans while maintaining the legal enforceability and negotiability features of a standard promissory note.

What sections should be included in a Revolving Promissory Note?

1. Parties: Identification of the Maker (debtor) and the Payee (creditor) with full legal names and addresses

2. Background: Brief context explaining the revolving credit arrangement and relationship between the parties

3. Definitions: Key terms used in the note including 'Draw-down', 'Facility Limit', 'Interest Rate', and 'Repayment Date'

4. Promise to Pay: Unconditional promise by the Maker to pay the Payee, specifying the maximum facility amount

5. Revolving Facility Terms: Terms governing the revolving nature of the facility, including draw-down mechanics and facility limit

6. Interest: Interest rate, calculation method, and payment frequency

7. Repayment Terms: Schedule of payments, minimum payment requirements, and prepayment provisions

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

9. Security: Details of any security or collateral securing the note

10. General Terms: Standard provisions including amendments, notices, and governing law

What sections are optional to include in a Revolving Promissory Note?

1. Guarantees: Include when a third party guarantees the debt obligations

2. Currency Provisions: Required for cross-border transactions involving multiple currencies

3. Tax Provisions: Include when specific tax considerations need to be addressed

4. Assignment: Include when the note needs to be transferable

5. Electronic Execution: Include when the note may be executed electronically

What schedules should be included in a Revolving Promissory Note?

1. Payment Schedule: Detailed schedule of minimum payments and due dates

2. Draw-down Schedule: Record of draw-downs and available facility amount

3. Security Details: Detailed description of security or collateral if applicable

4. Calculation Examples: Examples of interest calculations and payment applications

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

South Africa

Publisher

Ƶ

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions


































Clauses






















Relevant Industries

Financial Services

Banking

Corporate Finance

Private Equity

Real Estate

Manufacturing

Retail

Agriculture

Mining

Technology

Healthcare

Relevant Teams

Legal

Finance

Treasury

Credit

Risk Management

Compliance

Corporate Banking

Commercial Banking

Operations

Relevant Roles

Chief Financial Officer

Financial Director

Treasury Manager

Credit Manager

Legal Counsel

Corporate Lawyer

Finance Manager

Account Manager

Risk Manager

Compliance Officer

Banking Relationship Manager

Corporate Finance Manager

Financial Controller

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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