The Founder Loan Agreement is commonly used in Indian companies when a founder wishes to provide additional capital to their company through a loan rather than equity investment. This arrangement may be preferred for various reasons, including temporary funding needs, tax efficiency, or maintaining existing shareholding ratios. The agreement must comply with Indian corporate law, particularly the Companies Act, 2013, which has specific provisions regarding loans involving directors. The document typically includes detailed terms about the loan amount, interest rate, repayment schedule, and any security or conversion rights. It may require board approval and, in some cases, shareholder approval depending on the loan amount and company type. The agreement should also address tax implications and ensure compliance with Reserve Bank of India guidelines if applicable.
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1. Parties: Identification of the company and the founder entering into the loan agreement
2. Background: Context of the loan, relationship between parties, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Disbursement: Specification of the loan amount and terms of disbursement
5. Interest Rate and Calculation: Details of interest rate, calculation method, and payment frequency
6. Repayment Terms: Schedule and method of repayment, including prepayment provisions
7. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority
8. Covenants: Ongoing obligations of the founder during the loan term
9. Events of Default: Circumstances constituting default and consequences thereof
10. Taxation: Treatment of taxes applicable to the loan and interest payments
11. Notices: Process for formal communications between parties
12. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction
13. Miscellaneous: Standard boilerplate provisions including amendments, waivers, and severability
1. Security: Details of any collateral or security provided for the loan - include if the loan is secured
2. Conversion Rights: Terms for converting the loan into equity - include if convertible features are desired
3. Board Approval: Specific terms of board approval - include for listed companies or when required by articles
4. Shareholders' Approval: Terms of shareholders' approval - include if required under Companies Act thresholds
5. Insurance: Requirements for insurance of any secured assets - include if loan is secured by physical assets
6. Key Person Insurance: Requirements for founder's life insurance - include if loan is significant or long-term
7. Change of Control: Provisions dealing with change in founder's position - include for longer-term loans
8. Subordination: Terms of subordination to other debts - include if there are other corporate loans
1. Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Form of Disbursement Request: Template for requesting loan disbursement
3. Corporate Authorizations: Copies of relevant board and shareholder resolutions
4. Security Details: Detailed description of any security or collateral (if applicable)
5. KYC Documents: List and copies of required Know Your Customer documents
6. Related Party Disclosures: Declarations and disclosures required under Companies Act
Relevant legal definitions
Clauses
Relevant Industries
Technology
Manufacturing
Professional Services
Retail
E-commerce
Healthcare
Education
Financial Services
Real Estate
Media and Entertainment
Agriculture
Infrastructure
Consumer Goods
Energy
Relevant Teams
Legal
Finance
Compliance
Corporate Secretarial
Tax
Treasury
Board of Directors
Corporate Governance
Risk Management
Relevant Roles
Chief Executive Officer
Managing Director
Company Secretary
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Compliance Officer
Board Director
Financial Controller
Tax Manager
Company Founder
Startup Founder
Business Owner
Corporate Governance Officer
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