The Director's Loan Agreement is a crucial document used when a company provides financial assistance to its director or when a director loans money to the company under Irish law. This agreement is essential for compliance with the Companies Act 2014 and Irish tax legislation, requiring careful documentation of loan terms, interest rates, and repayment schedules. The agreement helps prevent issues related to unauthorized loans, ensures proper corporate governance, and maintains transparency for shareholders and regulatory authorities. It must address specific Irish legal requirements regarding director's duties, conflicts of interest, and disclosure obligations, while also considering tax implications, particularly benefit-in-kind considerations under Irish tax law.
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1. Parties: Identifies the company and the director entering into the loan agreement
2. Background: Sets out the context of the loan agreement and the director's relationship with the company
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the amount being loaned and its intended use
5. Interest Rate: Details the applicable interest rate and calculation method
6. Repayment Terms: Specifies the repayment schedule, method, and any early repayment provisions
7. Security: Details any security or guarantees required for the loan
8. Company's Representations and Warranties: Company's confirmations regarding its authority to enter into the agreement
9. Director's Representations and Warranties: Director's confirmations regarding their status and authority
10. Events of Default: Defines circumstances constituting default and consequences
11. Termination: Conditions under which the agreement can be terminated
12. Governing Law and Jurisdiction: Specifies Irish law as governing law and jurisdiction for disputes
1. Tax Provisions: Detailed tax implications and responsibilities - include when loan amount is significant or tax treatment is complex
2. Change of Control: Provisions dealing with change in company ownership or director's status - include for longer-term loans
3. Personal Guarantee: Additional security provisions - include when required by company policy or loan amount warrants
4. Insurance Requirements: Obligations to maintain life or other insurance - include for larger loans or when director is key to company
5. Subordination: Provisions regarding priority of this loan compared to other company debt - include when company has other significant debt
6. Company Board Approval: Details of board approval process - include when required by company constitution or for larger loans
1. Repayment Schedule: Detailed breakdown of repayment dates and amounts
2. Board Resolution: Copy of board resolution approving the loan
3. Security Details: Detailed description of any security provided
4. Company Constitution Extract: Relevant extracts showing authority to make director loans
5. Tax Compliance Certificate: Current tax compliance certificate of the director
6. Disclosure Statement: Statement of director's existing loans and financial obligations to the company
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