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A Promissory Note With Interest is a fundamental financial instrument widely used in Hong Kong's business and lending environment. This document is essential when there's a need to formally document a loan or debt obligation where one party promises to pay another a specific sum of money plus interest. It's particularly valuable in situations ranging from commercial lending to private financial arrangements, providing a legally enforceable record of the debt obligation. The document, governed by Hong Kong law, must comply with the Bills of Exchange Ordinance and related regulations, particularly regarding interest rate calculations and enforcement provisions. It serves as evidence of debt in legal proceedings and can be used as a negotiable instrument if properly structured.

1. Date and Place of Execution: Specifies the date and location where the promissory note is executed, which is crucial for determining jurisdiction and enforcement

2. Parties: Identifies the maker (promisor) and payee (promisee) with their full legal names and addresses

3. Promise to Pay: Contains the unconditional promise to pay a specific sum of money, which is a fundamental requirement of a promissory note

4. Principal Amount: States the principal amount of the loan in both figures and words to avoid any ambiguity

5. Interest Rate: Specifies the interest rate, basis of calculation (simple or compound), and frequency of interest payments

6. Payment Terms: Details the payment schedule, including due dates, installment amounts, and method of payment

7. Events of Default: Defines circumstances that constitute default and the consequences thereof

8. Governing Law: Specifies that Hong Kong law governs the promissory note