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Directors Loan Agreement

Directors Loan Agreement Template for Ireland

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Key Requirements PROMPT example:

Directors Loan Agreement

"I need a Directors Loan Agreement under Irish law for a €50,000 loan to be used for personal property investment, with monthly repayments over 3 years starting March 2025, secured against the director's shares in the company."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Financial Services

Technology

Manufacturing

Professional Services

Retail

Healthcare

Construction

Real Estate

Media and Entertainment

Education

Non-Profit Organizations

Energy

Transportation

Agriculture

Relevant Teams

Legal

Finance

Compliance

Corporate Governance

Treasury

Tax

Risk Management

Board Secretariat

Internal Audit

Relevant Roles

Director

Chief Executive Officer

Chief Financial Officer

Company Secretary

Financial Controller

Legal Counsel

Corporate Lawyer

Tax Advisor

Compliance Officer

Board Member

Finance Manager

Corporate Governance Officer

Risk Manager

Treasury Manager

Accountant

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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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