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Unsecured Convertible Promissory Note
"I need an Unsecured Convertible Promissory Note for a 5 million SAR investment in my technology startup, with a 15% discount rate on conversion and a maturity date of March 1, 2025, ensuring Shariah compliance for our Saudi-based venture capital investor."
1. Parties: Identification of the Issuer (Maker) and the Holder (Payee) of the note
2. Background: Context of the note issuance and relationship between the parties
3. Definitions: Key terms used throughout the document, including conversion-related terminology
4. Promise to Pay: Core promise to repay the principal amount with specified profit rate
5. Payment Terms: Details of payment schedule, method, and currency
6. Conversion Rights: Terms and conditions for converting the note into equity, including conversion price and ratio
7. Conversion Mechanics: Detailed process for exercising conversion rights
8. Events of Default: Circumstances constituting default and consequences
9. Representations and Warranties: Basic representations by the Issuer regarding authority and capacity
10. Notices: Communication requirements and contact details
11. Governing Law and Jurisdiction: Specification of Saudi law governance and dispute resolution mechanism
1. Security Interest: Optional provisions for any collateral or security arrangements, though note is primarily unsecured
2. Shariah Compliance Declaration: Explicit statement of Shariah compliance, recommended for transactions with Islamic institutions
3. Prepayment Terms: Optional provisions allowing early repayment of the note
4. Transfer Restrictions: Restrictions on transfer or assignment of the note, if applicable
5. Tax Provisions: Allocation of tax responsibilities, particularly relevant for international holders
6. Change of Control Provisions: Optional acceleration or conversion rights upon change in issuer ownership
7. Information Rights: Holder's rights to receive financial information, relevant for larger transactions
1. Payment Schedule: Detailed schedule of payment dates and amounts
2. Conversion Calculations: Formula and examples of conversion calculations
3. Form of Conversion Notice: Template notice for exercising conversion rights
4. Shariah Structure Diagram: Visual representation of the Shariah-compliant structure
5. Corporate Authorizations: Copies of relevant corporate approvals and authorizations
Authors
Business Day
Capital Market Authority
Change of Control
Company
Completion
Conversion Date
Conversion Notice
Conversion Price
Conversion Rights
Conversion Shares
Default Event
Discounted Conversion Price
Effective Date
Encumbrance
Equity Securities
Fair Market Value
Governing Law
Holder
Issue Date
Issuer
Maturity Date
Next Equity Financing
Note
Outstanding Amount
Parties
Payment Date
Principal Amount
Profit Rate
Qualified Financing
Regulatory Approvals
Related Party
Shariah Advisor
Shariah Principles
Shares
Subsidiary
Transfer
Valuation Cap
Zakat
Payment Terms
Profit Rate
Conversion Rights
Conversion Price
Maturity
Events of Default
Remedies
Representations and Warranties
Information Rights
Prepayment
Transfer Restrictions
Notices
Amendment and Waiver
Shariah Compliance
Regulatory Compliance
Assignment
Confidentiality
Force Majeure
Governing Law
Dispute Resolution
Entire Agreement
Severability
Costs and Expenses
Further Assurance
Counterparts
Language
Time of Essence
Technology
Financial Services
Healthcare
E-commerce
Manufacturing
Real Estate Development
Renewable Energy
Education Technology
Telecommunications
Professional Services
Biotechnology
Software Development
Legal
Finance
Corporate Development
Treasury
Compliance
Risk Management
Investment
Corporate Secretariat
Executive Leadership
Shariah Advisory
Chief Executive Officer
Chief Financial Officer
Investment Manager
Legal Counsel
Corporate Finance Director
Venture Capital Associate
Investment Banker
Company Secretary
Compliance Officer
Shariah Advisor
Finance Director
Treasury Manager
Corporate Development Manager
Business Development Director
Risk Manager
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