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Non Recourse Promissory Note

Non Recourse Promissory Note Template for Hong Kong

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Key Requirements PROMPT example:

Non Recourse Promissory Note

"I need a Non-Recourse Promissory Note for a HKD 15 million real estate development loan secured by a commercial property in Kowloon, with quarterly interest payments and a maturity date of March 15, 2025."

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Document background
The Non-Recourse Promissory Note is a crucial document in secured financing transactions under Hong Kong law where lenders agree to limit their recovery rights to specific collateral. It is commonly used in real estate financing, project finance, and asset-based lending where the underlying assets have substantial value. The document must comply with Hong Kong's Bills of Exchange Ordinance while incorporating specific non-recourse provisions that prevent the lender from pursuing the borrower's other assets or personal liability. This type of note is particularly useful in situations where parties want to ring-fence risk to specific assets, making it popular in property development and structured finance transactions. The document typically includes detailed collateral descriptions, payment terms, interest calculations, and enforcement mechanisms, all structured within Hong Kong's legal framework.
Suggested Sections

1. Promise to Pay: Clear statement of the unconditional promise to pay a specific sum of money, including the principal amount and currency

2. Payment Terms: Details of payment schedule, interest rate, maturity date, and method of payment

3. Non-Recourse Provision: Explicit limitation of lender's recourse to specified collateral only, with no personal liability of the maker beyond the collateral

4. Collateral Description: Detailed description of the specific assets serving as collateral for the note

5. Default Provisions: Circumstances constituting default and lender's rights regarding the collateral upon default

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

7. Execution: Signature blocks, date, and witnessing requirements

Optional Sections

1. Prepayment Terms: Include when early payment options are permitted, specifying any penalties or conditions

2. Security Agreement: Include when additional documentation of security interest in collateral is needed

3. Assignment Provisions: Include when the note may be transferred or assigned to other parties

4. Tax Provisions: Include when specific tax considerations need to be addressed

5. Notice Requirements: Include when formal notice procedures need to be specified

6. Force Majeure: Include when protection against unforeseen circumstances is needed

Suggested Schedules

1. Schedule A - Collateral Description: Detailed inventory and description of the specific assets serving as collateral

2. Schedule B - Payment Schedule: Amortization table or detailed payment schedule if installment payments are involved

3. Schedule C - Interest Calculation: Method and examples of interest calculation if complex interest provisions apply

4. Appendix 1 - Collateral Valuation: Independent valuation of the collateral assets if required

5. Appendix 2 - Required Notices: Forms of any required notices or certificates

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























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Relevant Industries

Real Estate

Project Finance

Asset-Based Lending

Infrastructure Development

Commercial Banking

Investment Banking

Private Equity

Property Development

Equipment Finance

Shipping and Maritime

Relevant Teams

Legal

Finance

Credit

Risk Management

Treasury

Compliance

Investment

Real Estate

Project Finance

Transaction Management

Relevant Roles

Legal Counsel

Finance Director

Credit Manager

Investment Manager

Real Estate Manager

Project Finance Manager

Risk Manager

Corporate Treasurer

Lending Officer

Securities Manager

Transaction Manager

Compliance Officer

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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