The Simple Convertible Loan Agreement serves as a critical financing tool in the Austrian business landscape, particularly for startups and growing companies seeking flexible funding options. This document type bridges the gap between traditional debt and equity financing by allowing companies to receive immediate funding while deferring complex valuation discussions to a future date. Under Austrian law, the agreement must comply with specific regulatory requirements, including those set forth in the Austrian Civil Code (ABGB), Commercial Code (UGB), and relevant corporate laws. The Simple Convertible Loan Agreement typically includes provisions for interest rates, conversion triggers (such as qualified financing rounds or exits), conversion price calculations, and investor rights. It's particularly useful for bridge financing, pre-Series A rounds, or when companies need quick access to capital without immediately determining a company valuation.
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1. Parties: Identification of the Lender and the Company (Borrower), including registration details as required under Austrian law
2. Background: Context of the agreement, including the Company's business and purpose of the loan
3. Definitions: Key terms used throughout the agreement, including financial and conversion-related definitions
4. Loan Amount and Disbursement: Specification of the principal amount and disbursement conditions
5. Interest: Interest rate, calculation method, and payment terms
6. Repayment: Terms and conditions for repayment of the loan
7. Conversion Rights: Conditions and mechanics for converting the loan into equity
8. Conversion Price: Formula or fixed price for conversion and any adjustment mechanisms
9. Representations and Warranties: Standard statements of fact from both parties
10. Information Rights: Company's obligations to provide financial and other information to the Lender
11. Events of Default: Circumstances constituting default and consequences
12. Boilerplate Provisions: Standard legal provisions including governing law, jurisdiction, and notices
1. Security: Include when the loan is secured by company assets or guarantees
2. Subordination: Include when the convertible loan needs to be subordinated to other debt
3. Board Observer Rights: Include when the lender is granted rights to attend board meetings
4. Anti-dilution Protection: Include when additional protection against dilution is granted
5. Tag-Along Rights: Include when the lender is granted tag-along rights post-conversion
6. Most Favored Nation: Include when the lender should benefit from better terms given to future convertible loan holders
7. Prepayment Terms: Include when early repayment is allowed and its conditions
8. Transfer Restrictions: Include when specific restrictions on transfer of the loan or converted shares are needed
1. Schedule 1 - Conversion Notice: Form of notice to be used when exercising conversion rights
2. Schedule 2 - Cap Table: Current capitalization table of the Company
3. Schedule 3 - Calculation of Conversion Price: Detailed methodology for calculating the conversion price
4. Schedule 4 - Company Information: Key company details including registration numbers and shareholder information
5. Schedule 5 - Accounts: Latest financial statements of the Company
6. Appendix A - Shareholders' Resolution: Pre-approved shareholders' resolution authorizing the conversion
7. Appendix B - Board Resolution: Board resolution approving the convertible loan
Relevant legal definitions
Clauses
Relevant Industries
Technology
Software
Biotechnology
Financial Services
E-commerce
Clean Technology
Healthcare
Manufacturing
Consumer Goods
Professional Services
Media and Entertainment
Real Estate
Agriculture Technology
Education Technology
Relevant Teams
Legal
Finance
Corporate Development
Treasury
Executive Leadership
Investment
Compliance
Corporate Secretariat
Risk Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Legal Officer
General Counsel
Investment Manager
Corporate Lawyer
Finance Director
Company Secretary
Investment Director
Venture Capital Associate
Corporate Development Manager
Treasury Manager
Financial Controller
Legal Counsel
Startup Founder
Managing Director
Board Member
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