Amended And Restated Promissory Note for Hong Kong

Amended And Restated Promissory Note Template for Hong Kong

An Amended and Restated Promissory Note under Hong Kong law is a formal financial instrument that modifies and replaces an existing promissory note while maintaining the continuity of the debt obligation. It incorporates both the original terms and the agreed modifications into a single, comprehensive document. The note must comply with Hong Kong's Bills of Exchange Ordinance and related financial regulations, clearly stating the unconditional promise to pay a specific sum, payment terms, interest rates, and any security arrangements. This document is particularly useful when significant changes to the original note are required, providing a clean, consolidated version of the debt obligation.

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What is a Amended And Restated Promissory Note?

The Amended and Restated Promissory Note is utilized when parties need to make substantial modifications to an existing promissory note while maintaining the underlying debt obligation. Common scenarios include changes in payment terms, interest rates, maturity dates, or security arrangements. This document type is particularly relevant in Hong Kong's dynamic financial market, where it must comply with the Bills of Exchange Ordinance and other local regulations. It serves to streamline documentation by consolidating all amendments and original terms into a single, clear instrument, thereby avoiding the need to reference multiple amendment documents. The document is commonly used in commercial lending, corporate finance, and private transactions, providing a comprehensive record of the modified debt obligation while preserving the original debt's continuity.

What sections should be included in a Amended And Restated Promissory Note?

1. Date and Parties: Identifies the date of execution and the parties: Maker (debtor/promissor) and Payee (creditor/promissee)

2. Background: Recitals explaining the existence of the original promissory note and the reasons for amendment and restatement

3. Definitions: Key terms used throughout the note, including references to the Original Note, Amendment Date, and any specific payment or financial terms

4. Promise to Pay: Unconditional promise to pay the principal amount, including the specified currency and payment details

5. Interest Rate: Specification of interest rate, calculation method, and payment frequency

6. Payment Terms: Details of payment schedule, including maturity date and any installment arrangements

7. Amendment and Restatement: Express provision that this note amends and restates the original note in its entirety

8. Events of Default: Circumstances that constitute default and consequences thereof

9. Representations and Warranties: Basic representations regarding capacity and authority to execute the note

10. Governing Law: Specification of Hong Kong law as governing law and jurisdiction

What sections are optional to include in a Amended And Restated Promissory Note?

1. Security Provisions: Include when the note is secured by collateral or guarantees

2. Prepayment Terms: Include when early payment is permitted, including any prepayment penalties or notices

3. Tax Provisions: Include when there are specific tax considerations or withholding requirements

4. Transfer and Assignment: Include when there are specific restrictions or permissions regarding transfer of the note

5. Currency Protection: Include for cross-border transactions involving multiple currencies

6. Notice Requirements: Include when specific notice procedures are required beyond standard communications

7. Subordination Provisions: Include when the note is subordinated to other debt obligations

What schedules should be included in a Amended And Restated Promissory Note?

1. Original Promissory Note: Copy or details of the original promissory note being amended and restated

2. Payment Schedule: Detailed schedule of payment dates and amounts, particularly for installment payments

3. Interest Calculation Examples: Examples of interest calculations if complex interest provisions apply

4. Security Details: Description of any collateral or security arrangements if applicable

5. Amendment History: Summary of previous amendments to the original note, if any

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Hong Kong

Publisher

Genie AI

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions
Relevant Industries

Banking and Financial Services

Real Estate

Commercial Lending

Private Equity

Investment Management

Corporate Finance

Small and Medium Enterprises

Manufacturing

Trading and Distribution

Technology and StartUps

Professional Services

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Secretarial

Credit Administration

Investment

Business Development

Operations

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Financial Controller

Corporate Lawyer

Legal Counsel

Compliance Officer

Credit Manager

Investment Manager

Corporate Secretary

Loan Officer

Business Development Manager

Risk Manager

Account Manager

Transaction Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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