The Director Loan Agreement Template is a crucial document for Australian companies that need to formalize lending arrangements with their directors. It's specifically designed to comply with Australian corporate law requirements, including the Corporations Act 2001 and Division 7A of the Income Tax Assessment Act 1997. This template should be used whenever a company plans to provide a loan to a director, ensuring proper documentation of the loan terms, interest rates, repayment schedules, and any security arrangements. It includes provisions to protect both the company's interests and ensure the director's obligations are clearly defined. The agreement helps companies avoid potential regulatory issues, maintain proper corporate governance, and ensure tax compliance. It's particularly important for private companies where director loans need careful structuring to avoid being deemed as dividend distributions under Division 7A.
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1. Parties: Identifies the company and the director entering into the loan agreement
2. Background: Provides context for the loan agreement, including the director's relationship with the company and the purpose of the loan
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules
4. Loan Amount and Purpose: Specifies the loan amount and permitted use of funds
5. Interest: Details the interest rate (ensuring Division 7A compliance), calculation method, and payment frequency
6. Repayment Terms: Specifies repayment schedule, method, and timing of payments
7. Representations and Warranties: Standard declarations by the director regarding their capacity and authority
8. Events of Default: Defines circumstances constituting default and consequences
9. Termination: Conditions and process for early termination of the agreement
10. General Provisions: Standard boilerplate clauses including notices, amendments, governing law, etc.
1. Security: Details of any security provided for the loan - include when the loan is secured
2. Guarantee: Terms of any personal or third-party guarantee - include when there are guarantors
3. Early Repayment: Terms for early repayment options - include when early repayment is permitted
4. Draw Down Conditions: Conditions precedent for loan disbursement - include for staged or conditional loans
5. Tax Provisions: Specific tax-related obligations - include when specific tax structures are required
6. Insurance Requirements: Required insurance coverage - include when security or specific risks need to be insured
7. Financial Covenants: Financial maintenance requirements - include for larger or complex loans
1. Loan Details Schedule: Detailed breakdown of loan amount, interest rate, and repayment schedule
2. Repayment Schedule: Amortization table showing payment dates and amounts
3. Security Details: Description of any security provided for the loan
4. Division 7A Compliance Declaration: Statement confirming compliance with Division 7A requirements
5. Related Party Transaction Resolution: Copy of board resolution approving the loan
6. Guarantor Details: Information about any guarantors and their obligations
Relevant legal definitions
Agreement
Applicable Rate
Business Day
Company
Completion Date
Default Event
Default Interest Rate
Director
Division 7A
Draw Down Date
Facility
Final Repayment Date
Financial Year
Government Agency
GST
Guarantee
Guarantor
Insurance Policy
Interest Payment Date
Interest Period
Interest Rate
Loan
Loan Amount
Material Adverse Effect
Minimum Annual Repayment
Payment Date
Permitted Purpose
Related Body Corporate
Repayment Schedule
Security
Security Interest
Tax
Term
Trust
Applicable Rate
Business Day
Company
Completion Date
Default Event
Default Interest Rate
Director
Division 7A
Draw Down Date
Facility
Final Repayment Date
Financial Year
Government Agency
GST
Guarantee
Guarantor
Insurance Policy
Interest Payment Date
Interest Period
Interest Rate
Loan
Loan Amount
Material Adverse Effect
Minimum Annual Repayment
Payment Date
Permitted Purpose
Related Body Corporate
Repayment Schedule
Security
Security Interest
Tax
Term
Trust
Clauses
Interpretation
Definitions
Loan Facility
Purpose
Interest
Repayment
Security
Representations and Warranties
Covenants
Events of Default
Acceleration
Tax Provisions
Division 7A Compliance
Assignment
Confidentiality
Notices
Set-off
Amendment
Waiver
Severability
Entire Agreement
Counterparts
Electronic Execution
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Costs and Expenses
GST
Further Assurance
Definitions
Loan Facility
Purpose
Interest
Repayment
Security
Representations and Warranties
Covenants
Events of Default
Acceleration
Tax Provisions
Division 7A Compliance
Assignment
Confidentiality
Notices
Set-off
Amendment
Waiver
Severability
Entire Agreement
Counterparts
Electronic Execution
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Costs and Expenses
GST
Further Assurance
Relevant Industries
Financial Services
Professional Services
Technology
Manufacturing
Retail
Healthcare
Construction
Mining
Agriculture
Education
Real Estate
Hospitality
Transportation
Media and Entertainment
Energy
Relevant Teams
Legal
Finance
Compliance
Corporate Governance
Risk Management
Tax
Board of Directors
Company Secretariat
Treasury
Audit
Relevant Roles
Chief Executive Officer
Managing Director
Company Director
Chief Financial Officer
Financial Controller
Company Secretary
Legal Counsel
Corporate Lawyer
Tax Manager
Compliance Officer
Board Member
Finance Manager
Accounts Manager
Corporate Governance Manager
Risk Manager
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