From the standpoint of the borrower, a promissory note is a debt obligation where the full amount if borrowed at one point in time and the payment obligation and interest are set forth in the note itself. Usually it will be due at some future maturity date, with the note being able to be called during certain contingencies. You may or may not be able to prepay it and it may or may not be secured (i.e., if you default, they may be able to have a priority interest in claiming secured assets or they may be pari passu with other unsecured creditors).

A line of credit is an arrangement where a certain maximum can be borrowed and you only pay interest on the amount borrowed (its sort of like a credit card).

A revolver is a variant of a line of credit where you pay a commitment fee on the maximum amount that may be borrowed and that otherwise is like a line of credit. They are not mutually exclusive in the sense that a revolving credit agreement is a type of line of credit. A promissory note is not a line of credit nor a revolver.

Often when banks lend to companies they’ll put together a credit facility that will consist of a set of term loans (so essentially, promissory notes — set amounts borrowed up front at stated maturities) and a revolver.

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