Kindergarten Class B Debenture Conditions

    1. This debenture has a nominal value of HK$7,000.
    2. This debenture does not bear any interest and is not secured on any of the assets or properties of the ESF Educational Services Limited (“ESL”). ESL may create any mortgage or charge ranking in priority to this debenture. ESL may at any time resolve to issue further debentures on such terms as it may consider appropriate in its absolute discretion.
    3. This debenture is not transferable.
    4. The name of the holder of this debenture shall be registered in the Register of Debentures. ESL shall recognise and treat the person in whose name this debenture is registered in the Register of Debentures (“Registered Holder”) as the sole absolute owner of this debenture. Only the Registered Holder shall be entitled to receive and give effectual discharge for the moneys under this debenture. ESL shall not be affected by notice of any trust or of a right title or claim of any person other than the Registered Holder of this debenture.
    5. ESL will redeem this debenture on the earlier of (a) the date the child (for whom this debenture was acquired) graduates from the Kindergarten, which is normally at the end of K2, but which may be at such later date as ESL may agree; or (b) the expiry of 1 month’s withdrawal notice via the ESF App provided that all fees due to ESL have been fully paid at that date.
    6. If neither of the above is satisfied then this debenture will not be redeemed.
    7. On redemption of this debenture in accordance with clause 5 above, subject to the Registered Holder having surrendered this debenture to ESL for cancellation, ESL shall refund (in such manner it may determine from time to time) to the Registered Holder the amount that was paid to ESL under this debenture (as specified in clause 1 above) without interest or compensation.
    8. The Registered Holder of this debenture shall have no right to demand or otherwise seek repayment of this debenture, other than in accordance with the terms of this debenture.
    9. Notices under this debenture may be served by the Registered Holder or by ESL by posting the same in a prepaid letter addressed to the Kindergarten at its registered office or to the Registered Holder at its address as shown in the Register of Debentures, and shall be deemed to have been received 48 hours after the time of posting in the case of notices sent to an address in Hong Kong, and five days after the time of posting in the case of notices sent to an address outside Hong Kong.
    10. This debenture and these conditions shall be governed by and construed in accordance with the laws of Hong Kong.

Updated on: 15 June 2022