The Revolving Credit Promissory Note is a vital instrument in Hong Kong's commercial lending landscape, primarily used to document revolving credit facilities where borrowers can repeatedly draw down and repay funds up to a predetermined limit. This document type combines the formal requirements of a promissory note under Hong Kong's Bills of Exchange Ordinance with the flexibility of a revolving credit facility. It's particularly useful for businesses requiring ongoing access to credit for working capital or operational needs. The note typically includes comprehensive terms covering credit limits, interest calculations, drawdown mechanisms, repayment schedules, and default provisions. It serves as both a debt acknowledgment and a binding agreement, providing security for lenders while offering borrowers flexibility in managing their credit needs. The document must comply with Hong Kong banking regulations and financial services requirements, making it a crucial tool in commercial lending transactions.
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1. Parties: Identification of the maker (borrower) and the payee (lender), including full legal names and addresses
2. Background: Brief context of the revolving credit facility and the purpose of the promissory note
3. Definitions: Key terms used throughout the note, including 'Credit Limit', 'Interest Rate', 'Payment Date', etc.
4. Promise to Pay: Unconditional promise to pay the principal amount and interest, stating the revolving nature of the facility
5. Credit Facility Terms: Details of the credit limit, availability period, and conditions for draws and repayments
6. Interest: Interest rate, calculation method, payment periods, and default interest provisions
7. Repayment Terms: Schedule of payments, minimum payment requirements, and prepayment provisions
8. Events of Default: Circumstances constituting default and consequences thereof
9. Representations and Warranties: Basic representations regarding capacity and authority to enter into the note
10. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction for disputes
1. Security: Include when the note is secured by collateral, specifying the security arrangements
2. Guarantee: Include when there is a guarantor for the obligations under the note
3. Tax Provisions: Include when specific tax considerations need to be addressed, such as withholding tax
4. Transfer and Assignment: Include when transfer rights need to be specifically addressed or restricted
5. Notices: Include when formal notice requirements need to be specified
6. Electronic Execution: Include when the note may be executed electronically under the Electronic Transactions Ordinance
1. Drawdown and Repayment Schedule: Detailed schedule showing drawdown periods, repayment dates, and amounts
2. Interest Calculation Examples: Examples demonstrating how interest is calculated under various scenarios
3. Form of Drawdown Notice: Standard form for requesting draws under the revolving facility
4. Form of Repayment Notice: Standard form for notifying repayments under the facility
5. Security Details: If applicable, detailed description of any collateral or security arrangements
6. Guarantee Agreement: If applicable, the form of guarantee or actual guarantee agreement
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