The Promissory Note Settlement Agreement is utilized when parties seek to modify, restructure, or settle an existing promissory note obligation. This document is particularly relevant in Hong Kong's commercial environment where promissory notes are commonly used in business transactions. It becomes necessary when the original payment terms need modification, whether due to financial hardship, business restructuring, or mutual agreement between parties. The agreement must comply with Hong Kong's Bills of Exchange Ordinance (Cap. 19) and Contract and Rights of Third Parties Ordinance (Cap. 623), among other relevant legislation. It typically includes detailed information about the original promissory note, acknowledged debt amount, new payment terms, security arrangements if any, and conditions for final release. This document provides legal certainty for both parties while establishing a clear framework for debt settlement.
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1. Parties: Identification of the parties including the original promissory note issuer and holder
2. Background: Details of the original promissory note, current outstanding amount, and reason for settlement
3. Definitions: Definitions of key terms used in the agreement
4. Acknowledgment of Debt: Formal acknowledgment of the outstanding debt amount and validity of the original promissory note
5. Settlement Terms: Details of the agreed settlement amount and any discount or concessions
6. Payment Terms: Schedule of payments, payment method, and timing
7. Default Provisions: Consequences of default and remedies available to the note holder
8. Representations and Warranties: Standard representations about capacity and authority to enter into the agreement
9. Release: Terms of release upon completion of settlement payments
10. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
11. General Provisions: Standard boilerplate provisions including notices, amendments, and severability
1. Security Arrangements: Include when additional security is being provided for the settlement payments
2. Guarantee: Include when a third party is guaranteeing the settlement payments
3. Interest and Charges: Include when specific interest rates or late payment charges apply to the settlement
4. Condition Precedent: Include when settlement is subject to certain conditions being met
5. Tax Provisions: Include when there are specific tax implications or allocations
6. Confidentiality: Include when parties wish to keep the settlement terms confidential
7. Third Party Rights: Include when third parties have rights under the original note or settlement
1. Schedule 1 - Original Promissory Note: Copy or details of the original promissory note
2. Schedule 2 - Payment Schedule: Detailed schedule of settlement payments including dates and amounts
3. Schedule 3 - Security Details: Details of any security arrangements or collateral
4. Schedule 4 - Form of Release: Form of release to be issued upon completion of settlement
5. Schedule 5 - Related Correspondence: Key correspondence or documents referenced in the settlement
Relevant legal definitions
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Financial Services
Banking
Investment Management
Real Estate
Construction
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Professional Services
Retail
Healthcare
Technology
General Commerce
Relevant Teams
Legal
Finance
Treasury
Credit Control
Risk Management
Debt Recovery
Corporate Secretariat
Commercial
Compliance
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Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Financial Controller
Legal Counsel
Corporate Lawyer
Debt Recovery Manager
Account Manager
Risk Manager
Company Secretary
Collections Manager
Finance Manager
Business Development Manager
Commercial Director
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