Pre-seed / seed · Template 14 of 40
Use it when taking a loan that converts into shares in a later round.
Plus a schedule of the commercial details and signature blocks where the document needs them.
The first part of the template, as it reads in Word. Blanks are shown as lines; the drafting notes sit in the margin of the file.
CONVERTIBLE LOAN NOTE
This Convertible Loan Note (the “Note”) is issued on ____________________ (the “Issue Date”) by:
____________________ LTD, a company registered in England and Wales (registration number ____________) whose registered office is at ______________________________________________ (the “Company”),
in favour of ____________________ of ______________________________________________ (the “Noteholder”).
1. Definitions
“Business Day”: a day other than a Saturday, Sunday or public holiday in England.
“Conversion Price”: the price per share calculated under clause 3.2.
“Event of Default”: any event in clause 5.1.
“Exit”: (a) a sale of all or substantially all of the issued shares in the Company, (b) a sale of all or substantially all of its business and assets, or (c) a listing of the Company’s shares on a recognised investment exchange.
“Maturity Date”: the date stated in the Schedule.
Word template
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8 documents for raising your first outside money.
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All 40 documents, with the index and guide.
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