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An Interest Promissory Note is a formal financial instrument used to document debt obligations with interest components under Hong Kong law. It is commonly utilized in business and personal lending situations where one party (the maker) promises to pay a specific sum of money to another party (the payee) with interest. The document is particularly useful in situations requiring documented proof of debt with clear interest terms, such as business loans, personal loans, or installment payment arrangements. The note must comply with the Hong Kong Bills of Exchange Ordinance and related regulations, including requirements for interest rate calculations and disclosure. It typically includes details about the principal amount, interest rate, payment schedule, and consequences of default, providing a clear framework for both parties in the lending arrangement.

1. Parties: Identifies the maker (promisor) and the payee (promisee) of the promissory note with their full legal names and addresses

2. Promise to Pay: Contains the unconditional promise to pay a specific sum of money, including the principal amount written both in numbers and words

3. Interest Rate: Specifies the interest rate, calculation method, and payment frequency

4. Payment Terms: Details of when and how payments will be made, including the maturity date and any installment arrangements

5. Place of Payment: Specifies where the payment is to be made or where the note is payable

6. Default Provisions: Outlines what constitutes a default and the consequences of default

7. Governing Law: States that the note is governed by Hong Kong law