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
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