The Promissory Note With Personal Guarantee is commonly used in Hong Kong's business environment when a lender requires additional security beyond the primary borrower's promise to pay. This document is particularly valuable in situations where the borrower's creditworthiness alone may not be sufficient to secure the loan, or where the lender seeks additional comfort through a personal guarantee from a third party (often a director, shareholder, or related party). The document combines the straightforward nature of a promissory note with the added security of a personal guarantee, making it a powerful tool in commercial lending. It's governed by Hong Kong law, particularly the Bills of Exchange Ordinance, and typically includes detailed terms about the debt obligation, payment terms, interest rates, default provisions, and the scope of the guarantee. This structure is commonly used in both corporate and individual lending scenarios, providing lenders with multiple recourse options for debt recovery.
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1. Parties: Identification of the Maker (borrower), Payee (lender), and Guarantor(s)
2. Background: Brief context of the debt obligation and reason for the guarantee
3. Definitions: Key terms used throughout the document
4. Promise to Pay: Core promise to pay the principal sum, including the specific amount and currency
5. Interest Rate: Interest rate details, calculation method, and payment frequency
6. Payment Terms: Payment schedule, method of payment, and due dates
7. Default Provisions: Consequences of default, including acceleration of the debt
8. Guarantee Provisions: Terms of the personal guarantee, including scope and nature of the guarantee
9. Guarantor's Obligations: Specific obligations and responsibilities of the guarantor
10. Representations and Warranties: Statements of fact by both maker and guarantor
11. Notices: How and where notices must be delivered to all parties
12. Governing Law: Specification of Hong Kong law as governing law
1. Security Interest: Used when specific assets are pledged as additional security
2. Prepayment Terms: Include when early payment options are allowed, with any associated penalties or benefits
3. Multiple Guarantors: Additional provisions when there is more than one guarantor, defining joint and several liability
4. Assignment: Include if the note is intended to be transferable or assignable
5. Currency Provisions: Required for cross-border transactions involving multiple currencies
6. Additional Covenants: Include when specific ongoing obligations or restrictions are required
7. Subordination: Used when this note needs to be subordinated to other debts
1. Payment Schedule: Detailed breakdown of payment dates and amounts if installment payments are involved
2. Guarantor Information: Detailed information about guarantor(s) including address and contact details
3. Security Details: Description of any security or collateral if applicable
4. Calculation of Interest: Detailed methodology for interest calculation if complex arrangements apply
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