The Balloon Promissory Note is a specialized financial instrument commonly used in Hong Kong's commercial and private lending landscape. This document type is particularly useful when the borrower prefers or requires lower periodic payments with a larger final payment, making it popular in business financing, real estate transactions, and asset purchases. The Balloon Promissory Note must comply with Hong Kong's Bills of Exchange Ordinance and related financial regulations, incorporating specific requirements for validity and enforceability. It typically details the principal amount, payment schedule, interest rates, and the final balloon payment terms, while also addressing default scenarios and acceleration clauses. This structure provides flexibility for businesses and individuals while maintaining legal protection for all parties involved.
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1. Parties: Identification of the Maker (borrower/promisor) and Payee (lender/promisee) with full legal names and addresses
2. Promise to Pay: Clear statement of the unconditional promise to pay, including the principal amount in both numbers and words
3. Payment Terms: Details of regular payments and the balloon payment, including dates, amounts, and payment method
4. Interest Rate: Specification of the interest rate, calculation method, and payment frequency
5. Place of Payment: Designation of where and how payments should be made
6. Default and Acceleration: Consequences of default and the payee's right to accelerate the note
7. Governing Law: Specification that Hong Kong law governs the promissory note
8. Execution: Signature blocks and date of execution
1. Security: Include when the note is secured by collateral or assets
2. Guarantor Provisions: Include when there is a guarantor for the note
3. Prepayment Terms: Include when early payment is allowed, specifying any penalties or conditions
4. Late Payment Penalties: Include when specific late payment fees or penalties apply
5. Assignment: Include when the note may be assigned or transferred to other parties
6. Notice Provisions: Include when specific notice requirements are needed for communications between parties
1. Payment Schedule: Detailed breakdown of all regular payments and the balloon payment, including dates and amounts
2. Interest Calculation Method: Detailed explanation of interest calculation, including examples if necessary
3. Security Details: If applicable, detailed description of any security or collateral
4. Guarantor Information: If applicable, detailed information about the guarantor and terms of guarantee
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Real Estate
Banking
Commercial Lending
Private Lending
Property Development
Small Business
Corporate Finance
Investment
Asset Management
Relevant Teams
Legal
Finance
Treasury
Credit
Compliance
Risk Management
Corporate Banking
Commercial Lending
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Corporate Lawyer
Financial Controller
Credit Manager
Treasury Manager
Loan Officer
Business Development Manager
Contract Administrator
Risk Manager
Compliance Officer
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