A Novation Of Promissory Note is typically used when there is a need to substitute either the debtor or creditor in an existing promissory note arrangement under Hong Kong law. This document is essential in scenarios such as corporate restructuring, debt refinancing, or the sale of loan portfolios. It ensures a clean break from the original promissory note while preserving the commercial terms of the underlying obligation. The document must comply with Hong Kong's legal requirements, particularly the Bills of Exchange Ordinance and Stamp Duty Ordinance. It includes crucial details such as the original note's terms, the identities of all parties involved, consideration for the novation, and any security arrangements. This type of document is commonly used in commercial and financial transactions where formal documentation of debt transfer is required while maintaining legal certainty and enforceability.
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1. Parties: Identification of all parties: Original Promissor, Original Promissee, and New Party
2. Background: Details of the existing promissory note and the context for the novation
3. Definitions: Definitions of key terms used in the agreement including 'Original Promissory Note', 'Novation Date', etc.
4. Novation: Core provisions detailing the novation arrangement, including discharge of original obligations and creation of new obligations
5. Consideration: Details of any consideration paid for the novation
6. Representations and Warranties: Standard representations from all parties regarding their capacity and authority to enter into the novation
7. Effective Date: Specification of when the novation takes effect
8. Governing Law and Jurisdiction: Confirmation of Hong Kong law as governing law and jurisdiction for disputes
1. Security Arrangements: Required if there are any security interests associated with the original promissory note that need to be addressed
2. Stamp Duty Declaration: Include if specific stamp duty declarations are required for the novation
3. Conditions Precedent: Include if the novation is subject to certain conditions being met
4. Costs and Expenses: Include if there are specific arrangements for bearing the costs of the novation
5. Regulatory Compliance: Required if the novation needs to comply with specific regulatory requirements
6. Notices: Include if ongoing notices or communications are required between parties
1. Schedule 1 - Original Promissory Note: Copy or details of the original promissory note being novated
2. Schedule 2 - Payment Terms: Detailed payment terms and schedule under the novated arrangement
3. Schedule 3 - Form of Notices: Standard forms for any notices required under the agreement
4. Appendix A - Security Documents: Copies of any relevant security documents if applicable
5. Appendix B - Required Authorizations: List of any required authorizations or consents for the novation
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