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Senior Promissory Note

Senior Promissory Note Template for Hong Kong

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Key Requirements PROMPT example:

Senior Promissory Note

"I need a Senior Promissory Note for a HKD 10 million business loan to be repaid in quarterly installments over 3 years starting March 2025, secured against company assets and including early repayment options."

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Document background
A Senior Promissory Note is commonly used in Hong Kong business transactions where parties require a formal, documented debt obligation with senior ranking status. This instrument is particularly valuable in corporate financing, acquisition financing, and other commercial transactions where the lender requires priority over other creditors. The document, governed by Hong Kong law, must comply with the Bills of Exchange Ordinance and typically includes essential elements such as the principal amount, interest rate, payment terms, and maturity date. The senior status of the note provides additional protection to the lender by establishing priority in payment over subordinated debt. This type of document is frequently used in conjunction with larger financing transactions or as standalone debt instruments for business funding needs.
Suggested Sections

1. Identification of Parties: Names, addresses, and roles of the maker (issuer) and payee of the note

2. Background: Brief context of the debt obligation and relationship between parties

3. Definitions: Key terms used throughout the note, including payment-related terms, events of default, and senior status definitions

4. Promise to Pay: Unconditional promise to pay a specified sum, including the principal amount and currency

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

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

7. Senior Status: Provisions establishing and maintaining the senior ranking of the note

8. Events of Default: Circumstances constituting default and consequences thereof

9. Representations and Warranties: Basic statements about the maker's capacity and authority to issue the note

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

Optional Sections

1. Security: Include when the note is secured by specific assets or guarantees

2. Prepayment Terms: Include when early repayment is permitted, specifying any penalties or notice requirements

3. Tax Provisions: Include when tax gross-up or withholding tax provisions are relevant

4. Transfer and Assignment: Include when the note is intended to be transferable

5. Financial Covenants: Include when ongoing financial requirements are imposed on the maker

6. Notice Provisions: Include when formal notice requirements are necessary

7. Amendment Provisions: Include when flexibility for future amendments is desired

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates and amounts if installment payments are involved

2. Interest Calculation Examples: Examples demonstrating how interest will be calculated in various scenarios

3. Security Details: If applicable, detailed description of any security or collateral

4. Form of Notice: Standard form for any notices required under the note

5. Authorized Signatories: List of persons authorized to act on behalf of the maker or payee

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

























Clauses




















Relevant Industries

Banking and Financial Services

Corporate Finance

Investment Management

Real Estate

Manufacturing

Technology

Healthcare

Infrastructure

Energy

Retail and Consumer

Relevant Teams

Legal

Finance

Treasury

Corporate Finance

Risk Management

Compliance

Commercial

Credit

Investment

Company Secretariat

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Corporate Finance Manager

Legal Counsel

Company Secretary

Financial Controller

Credit Manager

Investment Manager

Risk Manager

Compliance Officer

Commercial Director

Business Development Manager

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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