Promissory Note Line of Credit

COMPANY LETTERHEAD

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

PROMISSORY NOTE LINE OF CREDIT

FOR VALUE RECEIVED, the undersigned, {{borrower_company_name}}, located at {{borrower_address}} (hereinafter referred to as "Borrower"), promises to pay to the order of {{lender_company_name}}, located at {{lender_address}} (hereinafter referred to as "Lender"), the principal sum outstanding from time to time, up to a maximum aggregate principal amount of {{currency}} {{maximum_credit_limit}} ({{maximum_credit_limit_words}}), together with interest thereon as hereinafter provided.

LINE OF CREDIT

This Promissory Note evidences a revolving line of credit. The Borrower may, from time to time, request advances from the Lender up to the maximum credit limit. Any amounts repaid by the Borrower may be re-borrowed, subject to the terms and conditions outlined herein. Each advance will be recorded by the Lender in its books and records, which shall be conclusive evidence of the outstanding balance, absent manifest error.

INTEREST RATE

Interest shall accrue on the outstanding principal balance at a rate of {{interest_rate_percentage}}% per annum, calculated on a {{interest_calculation_basis}} basis. Interest shall be calculated from the date each advance is made until such advance is paid in full. The interest rate may be subject to adjustment at the discretion of the Lender, with {{notice_period}} days' prior written notice to the Borrower.

PAYMENT TERMS

The Borrower shall make monthly payments of accrued interest only, commencing on {{first_payment_date}} and continuing on the {{payment_day_of_month}} day of each subsequent month thereafter. All outstanding principal, together with any accrued and unpaid interest, shall be due and payable in full on or before {{maturity_date}} (the "Maturity Date"). Payments shall be made in {{currency}} to the Lender at the address provided above, or such other address as the Lender may designate in writing.

DEFAULT

Upon the occurrence of any of the following events of default (each, an "Event of Default"):

a) Failure to pay any principal or interest payment when due under this Note;

b) Borrower files for bankruptcy, insolvency, or makes an assignment for the benefit of creditors;

c) Any other material breach by the Borrower of any term or condition of this Note, which breach is not cured within {{cure_period}} days after written notice from the Lender;

Then, upon the occurrence of any Event of Default, the entire outstanding principal balance of this Note, together with all accrued and unpaid interest and any other amounts payable hereunder, shall, at the option of the Lender, immediately become due and payable without presentment, demand, protest, or further notice of any kind.

GOVERNING LAW

This Promissory Note shall be governed by and construed in accordance with the laws of {{jurisdiction}}.

MISCELLANEOUS

This Note may not be amended or modified except in a writing signed by both the Borrower and the Lender. This Note shall be binding upon and inure to the benefit of the successors and assigns of the Borrower and the Lender. If any provision of this Note is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

SIGNATURES

IN WITNESS WHEREOF, the Borrower has executed this Promissory Note as of the date first written above.

_________________________________________

{{borrower_signatory_name}}

{{borrower_signatory_title}}

{{borrower_company_name}}

Date: {{signature_date}}

_________________________________________

{{lender_signatory_name}}

{{lender_signatory_title}}

{{lender_company_name}}

Date: {{signature_date}}