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CM Advocates - Nigeria > Convertible Loan Agreement

Convertible Loan Agreement

A convertible loan agreement is loan agreement which is subject to two (2) main conditions:

  • A mutual understanding and agreement of the terms and conditions under which the Lender agrees to lend to the Borrower and the Borrower agrees to borrow from the Lender.
  • An understanding that should the repayment amount not be paid on the repayment date, the amount owing by the Borrower shall be converted from a loan to equity in favour of the Lender.

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Table of Contents

1. DEFINITIONS AND INTERPRETATION 1
2. THE LOAN 3
3. PURPOSE 4
4. INTEREST 4
5. TERM 4
6. CONVERTIBLE LOAN 4
7. FURTHER LENDING 4
8. REPAYMENT 5
9. BORROWER’S UNDERTAKINGS, REPRESENTATIONS AND WARRANTIES 5
10. LEGAL COSTS AND EXPENSES 6
11. DISPUTE RESOLUTION 6
12. GENERAL 7
13. ENTIRE AGREEMENT 9

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