Promissory Note Line of Credit Template

This promissory note line of credit template has 2 pages and is a MS Word file type listed under our finance & accounting documents.

Sample of our promissory note line of credit template:

PROMISSORY NOTE - LINE OF CREDIT This Promissory Note Payable on Demand (the "Note") is made and effective the [DATE], BETWEEN: [LENDER NAME] (the "Lender"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the "Borrower"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] RECITALS FOR VALUE RECEIVED, Borrower promises to pay to the order of Lender, the principal sum of [AMOUNT], or so much thereof as may be disbursed to, or for the benefit of the Borrower by Lender in Lender's sole and absolute discretion. It is the intent of the Borrower and Lender hereunder to create a line of credit agreement between Borrower and Lender whereby Borrower may borrow up to [AMOUNT] from Lender; provided, however, that Lender has no obligation to lend Borrower any amounts hereunder and the decision to lend such money lies in the sole and complete discretion of the Lender. INTEREST & PRINCIPAL The unpaid principal of this line of credit shall bear simple interest at the rate of [%] per annum. Interest shall be calculated based on the principal balance as may be adjusted from time to time to reflect additional advances made hereunder. Interest on the unpaid balance of this Note shall accrue monthly but shall not be due and payable until such time as when the principal balance of this Note becomes due and payable. The principal balance of this Note shall be due and payable on [DATE]