The Revolving Promissory Note is commonly used in Hong Kong's commercial lending landscape when parties require a flexible financing arrangement that allows for multiple drawdowns and repayments over time. This document type is particularly useful for businesses with cyclical cash flow needs or ongoing working capital requirements. Governed by Hong Kong law, particularly the Bills of Exchange Ordinance, it must contain an unconditional promise to pay and meet specific legal requirements for negotiable instruments. The revolving nature distinguishes it from standard promissory notes by allowing the borrower to repeatedly access funds up to the facility limit, provided previous drawdowns have been repaid. The document typically includes detailed provisions on interest calculation, payment mechanisms, events of default, and enforcement rights, making it a crucial tool for both financial institutions and corporate borrowers in various financing arrangements.

1. Header Information: Date, note number, and title of the instrument

2. Parties: Clear identification of the maker (promisor) and payee (promisee) with full legal names and addresses

3. Promise to Pay: Unconditional promise to pay a specific sum or up to a maximum facility amount

4. Revolving Nature: Terms specifying the revolving nature of the facility, including drawdown and repayment mechanisms

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

6. Payment Terms: Details of payment schedule, method, and place of payment

7. Events of Default: Circumstances under which the note becomes immediately due and payable

8. Governing Law: Specification of Hong Kong law as governing law

9. Execution Block: Signature blocks for maker and witness, with date of execution