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Novation Of Promissory Note
"I need a Novation of Promissory Note to transfer a HKD 5 million promissory note from ABC Trading Limited to XYZ Investments Limited as the new creditor, with the original payment terms to remain unchanged and completion scheduled for March 15, 2025."
1. Parties: Identification of all parties: Original Promissor, Original Promissee, and New Party
2. Background: Details of the existing promissory note and the context for the novation
3. Definitions: Definitions of key terms used in the agreement including 'Original Promissory Note', 'Novation Date', etc.
4. Novation: Core provisions detailing the novation arrangement, including discharge of original obligations and creation of new obligations
5. Consideration: Details of any consideration paid for the novation
6. Representations and Warranties: Standard representations from all parties regarding their capacity and authority to enter into the novation
7. Effective Date: Specification of when the novation takes effect
8. Governing Law and Jurisdiction: Confirmation of Hong Kong law as governing law and jurisdiction for disputes
1. Security Arrangements: Required if there are any security interests associated with the original promissory note that need to be addressed
2. Stamp Duty Declaration: Include if specific stamp duty declarations are required for the novation
3. Conditions Precedent: Include if the novation is subject to certain conditions being met
4. Costs and Expenses: Include if there are specific arrangements for bearing the costs of the novation
5. Regulatory Compliance: Required if the novation needs to comply with specific regulatory requirements
6. Notices: Include if ongoing notices or communications are required between parties
1. Schedule 1 - Original Promissory Note: Copy or details of the original promissory note being novated
2. Schedule 2 - Payment Terms: Detailed payment terms and schedule under the novated arrangement
3. Schedule 3 - Form of Notices: Standard forms for any notices required under the agreement
4. Appendix A - Security Documents: Copies of any relevant security documents if applicable
5. Appendix B - Required Authorizations: List of any required authorizations or consents for the novation
Authors
Banking & Financial Services
Investment Management
Corporate Finance
Real Estate
Manufacturing
Trading & Commerce
Professional Services
Construction
Private Equity
Asset Management
Legal
Finance
Treasury
Corporate Finance
Risk Management
Compliance
Credit Administration
Company Secretarial
Investment
Portfolio Management
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Financial Controller
Credit Manager
Risk Manager
Company Secretary
Compliance Officer
Investment Manager
Portfolio Manager
Debt Restructuring Officer
Corporate Finance Manager
Transaction Manager
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