Promissory Note and Loan Agreement

National Credit Union Administration 2014 Promissory Note

$[Enter Loan Amount Here] Date: [Enter Date Here]

Promissory Note Number: [Enter Promissory Note Number Here]

FOR VALUE RECEIVED, the undersigned, [Enter Credit Union Name Here] (Borrower) promises to pay to the order of the Community Development Revolving Loan Fund (the Fund) for credit unions, administered by the National Credit Union Administration (NCUA), an independent federal regulatory agency, the principal sum of [$Enter Loan Amount Here] in accordance with the repayment schedule set out below, together with accrued interest from the date of this note at the rate of [Enter Interest Rate Here %] per annum on the unpaid balance.

1. Repayment Schedule. Payment due under this note must be made by Borrower in the amounts and on the dates set out below:

Six months from the date of this note	Accrued interest on the unpaid balance
Twelve months from the date of this note	Accrued interest on the unpaid balance
Eighteen months from the date of this Note, and every six months thereafter until Maturity	Accrued interest on the unpaid balance
On the maturity date	Accrued interest on the unpaid balance, together with the entire unpaid principal balance then outstanding.

Interest accrues from the due date, as set forth above, until payment is received and is computed on the basis of a year of 365 days and for the actual number of days elapsed in any partial month.

2. Prepayment. Borrower may prepay all or any part of the outstanding principal without penalty.

3. Maturity Date. The obligation evidenced by this note matures on [Enter Date of Maturity Here], at which time the entire outstanding principal balance is due and payable, together with all accrued but unpaid interest. Borrower understands and acknowledges that the principal payment due at maturity consists of a balloon payment which includes the entire unpaid principal balance then outstanding.

4. Remittance Method. Manual Payment. Borrower will submit payment, through the Pay.gov ACH system in the amount and at the times specified in the Repayment Schedule, to NCUA on behalf of the Fund.

If borrower is unable to submit payment through the Pay.gov ACH system, borrower shall submit payment in the form of a wire transfer or a draft payable to the Fund, in the amount and at the times specified in the Repayment Schedule, to NCUA on behalf of the Fund at the following address:

National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314

5. Loan Agreement. This Note is subject to the additional terms and conditions in the Loan Agreement by and between NCUA and Borrower executed contemporaneously with this note.

6. Collection Costs. If Lender prevails in a lawsuit to collect on this note, Borrower will pay Lender's costs and lawyer's fees in an amount the court finds to be reasonable.

Executed [Enter Date Here].

[Enter Name of Credit Union Here]

By: ______________________

Name: ____________________

Title: _____________________

2014 CDRLF Promissory Note

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