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The Revolving Line Of Credit Promissory Note is a crucial financing instrument in the Philippine banking sector, designed to provide flexible access to credit for businesses and individuals. This document is typically used when a borrower requires ongoing access to funds rather than a one-time loan, allowing them to draw down funds as needed up to an approved limit, make repayments, and then redraw funds. The document must comply with Philippine banking regulations, including the New Central Bank Act and Truth in Lending Act, and typically includes detailed provisions on interest calculations, draw mechanisms, repayment terms, and security arrangements. It's particularly valuable for businesses with cyclical cash flow needs or those requiring working capital flexibility.

1. Parties: Identification of the Lender and Borrower, including complete legal names, addresses, and tax identification numbers as required by Philippine regulations

2. Background: Brief context of the credit facility being extended and the purpose of the promissory note

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

4. Credit Facility Details: Specifies the maximum credit limit, revolving nature of the facility, and terms for draws and repayments

5. Interest Rate and Fees: Details of the interest rate calculation, including whether fixed or floating, basis for calculation, and any associated fees

6. Repayment Terms: Schedule and methods of repayment, minimum payment requirements, and prepayment provisions

7. Draw Mechanics: Procedures and requirements for making draws under the facility, including notice requirements and minimum draw amounts

8. Conditions Precedent: Requirements that must be met before draws can be made under the facility

9. Representations and Warranties: Standard declarations by the borrower regarding their legal capacity, financial condition, and authority

10. Events of Default: Circumstances that constitute default and the lender's remedies in such cases

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