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This document outlines the terms and conditions for a convertible loan made by a lender to a borrower, detailing loan amount, interest rates, repayment terms, conversion rights, and representations
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Instructions and help about Convertible Loan Agreement Template
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How to fill out Convertible Loan Agreement Template
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All you need to know about Convertible Loan Agreement Template
This section outlines the key aspects of the Convertible Loan Agreement Template, explaining its importance and usage.
What is a Convertible Loan Agreement Template?
A Convertible Loan Agreement Template is a legal document that outlines the terms and conditions under which a loan can be converted into equity. This agreement is typically used in startup financing, where investors provide funds that can later convert into company shares.
Definition and key provisions of a Convertible Loan Agreement
This section highlights the fundamental aspects of a Convertible Loan Agreement Template that investors and borrowers should understand.
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1.Loan Amount: The total sum lent to the borrower.
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2.Interest Rate: The percentage charged on the borrowed amount.
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3.Conversion Terms: Details on how the loan may be converted into equity, including valuation caps and discounts.
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4.Maturity Date: The date by which the loan must either be repaid or converted.
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5.Default Conditions: Circumstances under which the borrower is considered in default of the agreement.
When is a Convertible Loan Agreement used?
A Convertible Loan Agreement is primarily used during startup financing rounds when companies seek initial funding from investors who may wish to convert their loan into equity at a later date. It allows businesses to secure capital while deferring valuation discussions until a future funding round.
Main sections and clauses of a Convertible Loan Agreement
Understanding the main sections and clauses is crucial for parties entering into a Convertible Loan Agreement. Here are the key components:
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1.Introduction: Outlines the parties involved and the purpose of the agreement.
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2.Loan Terms: Details regarding the loan amount, interest rate, and repayment schedule.
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3.Equity Conversion: Criteria and mechanics of converting the loan into equity.
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4.Representations and Warranties: Legal assurances provided by both parties.
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5.Governing Law: Specifies the jurisdiction governing the agreement.
What needs to be included in a Convertible Loan Agreement?
Ensuring that all necessary elements are included in the Convertible Loan Agreement is vital for its effectiveness. Consider including the following:
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1.Parties' full legal names and contact information.
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2.Details of the loan amount and interest rate.
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3.Specific terms for conversion into equity, including thresholds and timelines.
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4.Conditions under which the loan must be repaid or can be converted.
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5.Legal disclaimers and affirmations from both parties.
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