Promissory Note Template

Community Development Revolving Loan Fund
Promissory Note - 2018
Loan Amount: $[Loan Amount]
Loan Effective Date: [Loan Effective Date]
Promissory Note Number: [Application ID #]
FOR VALUE RECEIVED, the undersigned, [Credit Union Name] (Borrower) promises
to pay to the order of the National Credit Union Administration as administrator of the
Community Development Revolving Loan Fund for credit unions (NCUA), the
principal sum of $[Loan Amount] in accordance with the repayment schedule set out
below, together with accrued interest from the date of this note at the rate of [Loan
Interest Rate] % 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
Twelve months from the date of
this note
Eighteen months from the date of
this Note, and every six months
thereafter until Maturity

Accrued interest on the unpaid balance
Accrued interest on the unpaid balance
Accrued interest on the unpaid balance
Accrued interest on the unpaid balance,
together with the entire unpaid principal
balance then outstanding.

On the maturity date

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.

1

Office of Credit Union Resources and Expansion
CDRLF Promissory Note • 2018
OMB Control Number 3133-0138

3. Maturity Date:
The obligation evidenced by this note matures on [Loan Maturity Date], 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 at the following address:
National Credit Union Administration
Community Development Revolving Loan Fund
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 [Loan Effective Date].
[Credit Union Name]
By: ______________________

Name: ____________________

Title: _____________________

2

Office of Credit Union Resources and Expansion
CDRLF Promissory Note • 2018
OMB Control Number 3133-0138