The Promissory Note And Deed Of Trust is a sophisticated legal instrument used in Hong Kong when parties require a structured debt arrangement with additional security and asset management features. It combines the straightforward debt acknowledgment of a promissory note with the security and flexibility of a trust structure, making it particularly useful for complex financial transactions or when multiple creditors are involved. The document complies with Hong Kong's legal framework, including the Bills of Exchange Ordinance and Trustee Ordinance, and is commonly used in corporate finance, real estate transactions, and other scenarios requiring secured lending with professional asset management. It provides mechanisms for debt enforcement while protecting the interests of all parties through the trust structure.
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1. Parties: Identifies the Maker (borrower), Payee (lender), and Trustee
2. Background: Explains the context of the loan and trust arrangement
3. Definitions: Defines key terms used throughout the document
4. Promise to Pay: Core promissory note provision stating the amount, interest rate, and payment terms
5. Trust Arrangements: Establishes the trust, defines the trust property and beneficiaries
6. Trustee Powers and Duties: Details the specific powers and obligations of the trustee
7. Security Provisions: Describes any security or collateral securing the promissory note
8. Events of Default: Lists circumstances that constitute default and consequences
9. Enforcement Rights: Details rights and remedies upon default
10. Representations and Warranties: Standard declarations by the maker regarding capacity and authority
11. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction for disputes
1. Multiple Lenders Provisions: Required when there are multiple payees/beneficiaries, detailing their respective rights and interests
2. Guarantee: Include when there is a guarantor for the promissory note
3. Assignment Provisions: Include when the note is intended to be transferable
4. Tax Provisions: Include when specific tax arrangements or implications need to be addressed
5. Security Trustee Provisions: Required when the trustee holds specific security interests for beneficiaries
6. Priority Arrangements: Include when there are multiple secured parties or competing interests
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and interest calculations
2. Security Details: Specific description of any security or collateral provided
3. Form of Transfer: Standard form for transferring interests in the promissory note
4. Beneficiary Details: List of beneficiaries and their respective interests (if multiple)
5. Trust Property Schedule: Detailed description of all property held in trust
6. Trustee Compensation: Schedule of trustee fees and reimbursable expenses
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Investment Management
Corporate Finance
Private Equity
Asset Management
Commercial Lending
Property Development
Infrastructure
Manufacturing
Trading & Commerce
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Corporate Secretarial
Investment
Asset Management
Debt Collection
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Trust Manager
Credit Manager
Investment Manager
Fund Manager
Risk Manager
Compliance Officer
Company Secretary
Financial Controller
Asset Manager
Debt Collection Manager
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