The Shareholder Loan Note is a vital instrument used when a company requires additional financing from its shareholders, offering an alternative to traditional bank financing or equity injection. This document is particularly relevant in the Nigerian business context where companies may face challenges accessing conventional funding sources. The agreement must comply with Nigerian law, specifically the Companies and Allied Matters Act (CAMA) 2020, Investment and Securities Act 2007, and relevant corporate governance regulations. It's commonly used during company expansion, working capital needs, or specific project financing, providing a structured approach to documenting shareholder loans while protecting both parties' interests. The document includes essential elements such as loan terms, interest rates, repayment schedules, and security arrangements, with careful consideration given to related party transaction requirements under Nigerian law.
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1. Parties: Identification of the Lender (Shareholder) and Borrower (Company)
2. Background: Context of the loan arrangement and relationship between the parties
3. Definitions: Definitions of key terms used throughout the document
4. Loan Amount and Purpose: Specification of the loan amount and its intended use
5. Interest: Interest rate, calculation method, and payment terms
6. Repayment Terms: Schedule and method of repayment, including any early repayment provisions
7. Conditions Precedent: Conditions that must be satisfied before the loan becomes effective
8. Representations and Warranties: Standard corporate representations and specific confirmations by the borrower
9. Covenants: Ongoing obligations of the borrower during the loan period
10. Events of Default: Circumstances that constitute default and consequences
11. Governing Law and Jurisdiction: Specification of Nigerian law and jurisdiction
12. Notices: Process for formal communications between parties
13. Assignment: Restrictions on transfer of rights under the loan note
14. Execution: Signature blocks and execution formalities
1. Security: Details of any security or collateral provided for the loan - include if the loan is secured
2. Guarantees: Terms of any guarantees provided - include if there are third-party guarantors
3. Subordination: Provisions regarding ranking of the loan - include if there are other creditors requiring subordination arrangements
4. Conversion Rights: Terms for converting the loan to equity - include if convertible note features are desired
5. Tax Provisions: Specific tax-related provisions - include if there are complex tax implications
6. Currency Provisions: Exchange rate and currency risk provisions - include for foreign currency loans
7. Board Approval: Specific requirements for board approval - include if required by company constitution
8. Shareholder Approval: Requirements for shareholder approval - include if required by size of loan or company constitution
1. Repayment Schedule: Detailed amortization table or repayment dates
2. Form of Drawdown Notice: Standard form for requesting disbursement of the loan
3. Conditions Precedent Documents: List of required documents and conditions to be satisfied
4. Security Details: Detailed description of any security or collateral (if applicable)
5. Corporate Authorizations: Copies of relevant board and shareholder resolutions
6. Calculation of Interest: Detailed methodology for interest calculations
7. Form of Compliance Certificate: Template for periodic compliance certification
Relevant legal definitions
Agreement
Applicable Law
Business Day
Company
Conditions Precedent
Default Interest Rate
Default Notice
Drawdown
Drawdown Date
Drawdown Notice
Event of Default
Final Repayment Date
Financial Indebtedness
Financial Year
Governing Law
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Naira
Notice
Outstanding Amount
Parties
Permitted Security Interest
Potential Event of Default
Prepayment Notice
Principal Amount
Relevant Jurisdiction
Repayment Date
Repayment Schedule
Security
Security Documents
Shareholder
Subsidiary
Tax
Transaction Documents
Warranties
Applicable Law
Business Day
Company
Conditions Precedent
Default Interest Rate
Default Notice
Drawdown
Drawdown Date
Drawdown Notice
Event of Default
Final Repayment Date
Financial Indebtedness
Financial Year
Governing Law
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Naira
Notice
Outstanding Amount
Parties
Permitted Security Interest
Potential Event of Default
Prepayment Notice
Principal Amount
Relevant Jurisdiction
Repayment Date
Repayment Schedule
Security
Security Documents
Shareholder
Subsidiary
Tax
Transaction Documents
Warranties
Clauses
Interpretation
Loan Facility
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Representations and Warranties
Information Undertakings
General Undertakings
Financial Covenants
Events of Default
Security
Set-off
Changes to Parties
Payment Mechanics
Notices
Calculations and Certificates
Partial Invalidity
Remedies and Waivers
Amendments and Waivers
Confidentiality
Counterparts
Governing Law
Enforcement
Jurisdiction
Service of Process
Loan Facility
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Representations and Warranties
Information Undertakings
General Undertakings
Financial Covenants
Events of Default
Security
Set-off
Changes to Parties
Payment Mechanics
Notices
Calculations and Certificates
Partial Invalidity
Remedies and Waivers
Amendments and Waivers
Confidentiality
Counterparts
Governing Law
Enforcement
Jurisdiction
Service of Process
Relevant Industries
Financial Services
Technology
Manufacturing
Real Estate
Energy
Mining
Agriculture
Telecommunications
Healthcare
Retail
Construction
Transportation
Professional Services
Entertainment
Education
Relevant Teams
Legal
Finance
Treasury
Corporate Secretariat
Compliance
Risk Management
Corporate Finance
Board of Directors
Executive Management
Investment
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Finance Director
Legal Counsel
Company Secretary
Financial Controller
Treasury Manager
Corporate Finance Manager
Investment Director
Risk Manager
Compliance Officer
Board Director
Managing Director
Investment Manager
Corporate Governance Officer
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