A Revolving Line of Credit Promissory Note is commonly used in Hong Kong's business environment when a borrower requires flexible access to credit on an ongoing basis. This document is essential when establishing a revolving credit facility where the borrower needs to draw down funds multiple times up to an agreed limit, make repayments, and maintain the ability to reborrow the repaid amounts. The document must comply with Hong Kong's legal framework, particularly the Bills of Exchange Ordinance and Money Lenders Ordinance, and typically includes details about credit limits, interest calculations, repayment terms, events of default, and enforcement rights. It's particularly useful for businesses with cyclical cash flow needs or those requiring working capital flexibility. The note serves as both evidence of debt and a binding agreement, providing security for the lender while offering borrowing flexibility to the debtor.
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1. Date and Parties: Identifies the date of execution and the parties: Borrower (Maker) and Lender (Payee)
2. Promise to Pay: The fundamental promise to pay, specifying the maximum credit limit and revolving nature of the facility
3. Definitions: Key terms used in the note including 'Credit Limit', 'Draw Down', 'Interest Rate', 'Payment Date'
4. Interest Rate: Specification of interest rate, calculation method, and payment frequency
5. Revolving Nature: Terms governing the revolving nature of the facility, including draw-down and repayment procedures
6. Repayment Terms: Payment schedule, minimum payments, method of payment, and application of payments
7. Events of Default: Circumstances constituting default and consequences thereof
8. Enforcement: Rights and remedies of the lender upon default
9. Governing Law: Specification of Hong Kong law as governing law and jurisdiction
1. Security: Required if the note is secured by collateral or guarantees
2. Prepayment Provisions: Include if early repayment is allowed, specifying any penalties or conditions
3. Late Payment Charges: Include if additional charges apply for late payments
4. Assignment: Include if the note can be assigned or transferred to other parties
5. Credit Review: Include if periodic credit review provisions are required
6. Insurance Requirements: Include if borrower must maintain specific insurance coverage
1. Schedule 1 - Draw Down and Repayment Schedule: Template for recording draw downs and repayments under the facility
2. Schedule 2 - Interest Rate Calculation Examples: Examples showing how interest is calculated in various scenarios
3. Schedule 3 - Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Appendix A - Form of Draw Down Request: Standard form for requesting draws under the facility
5. Appendix B - Direct Debit Authorization: Form for setting up automatic payments if applicable
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