The Shareholder Loan Promissory Note is a crucial document in Austrian corporate financing, typically used when a company requires additional funding and shareholders are willing to provide it through a formal loan structure. This document type is particularly important in the Austrian legal context as it must comply with specific requirements under the ABGB, UGB, and EKEG, especially regarding equity replacement rules and arms-length principles. The document captures essential loan terms including amount, interest, repayment schedule, and any security arrangements, while also addressing specific shareholder-company relationship aspects. It's commonly used in various scenarios including growth financing, working capital needs, or specific project funding, and provides both parties with clear documentation of their rights and obligations under Austrian law.
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1. Parties: Identification of the lender (shareholder) and borrower (company), including registration details and addresses
2. Background: Brief context of the shareholder relationship and purpose of the loan
3. Definitions: Key terms used in the document, including Business Day, Default Event, Interest Period, etc.
4. Loan Amount and Disbursement: Principal amount of the loan and disbursement details
5. Interest Rate and Calculation: Applicable interest rate, calculation method, and payment periods
6. Repayment Terms: Schedule and method of principal repayment, including any early repayment provisions
7. Default Interest and Consequences: Provisions for late payment and default scenarios
8. Representations and Warranties: Basic confirmations by both parties regarding capacity and authority
9. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction
1. Security: Details of any collateral or security provided for the loan, if applicable
2. Subordination: Provisions regarding ranking of the loan relative to other creditors, particularly relevant in case of multiple shareholders or external debt
3. Tax Provisions: Specific tax-related provisions, particularly relevant if the shareholder is non-Austrian
4. Transfer Provisions: Rules regarding potential transfer of the promissory note, if transferability is desired
5. Equity Replacement Provisions: Specific provisions addressing EKEG requirements, particularly relevant if company is in crisis
1. Repayment Schedule: Detailed schedule of repayment dates and amounts, if installment repayment is agreed
2. Interest Calculation Examples: Illustrative examples of interest calculations for clarity
3. Form of Disbursement Request: Standard form for requesting loan disbursement, if relevant
4. Corporate Authorizations: Copies of relevant corporate approvals and resolutions
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