# SHAREHOLDER LOAN NOTE
Date: 14 April 2038
Parties: Lender: Eleanor Price of 9 Hawthorn Lane, Bristol BS6 5RD. Borrower: Meriton Design Ltd, company number 09876543, 41 Temple Street, Bristol BS1 6QL, acting by director Oliver Grant.
## 1. Advance and purpose
On 15 April 2038 the lender will transfer £18,000 to the borrower's account ending 4421. The borrower must use it for the laser cutter and installation described in the board minutes dated 12 April 2038, and must retain invoices and the transfer confirmation.
## 2. Interest and repayment
Interest accrues as simple interest at 5.5% per annum on the outstanding principal, calculated on a 12-payment monthly schedule at 5.5% divided by 12 and rounded to pennies for each payment. The company will pay £1,545.06 on 1 June 2038, £1,545.07 on 1 July, £1,545.06 on 1 August, 1 September, 1 October and 1 November, £1,545.07 on 1 December, 1 January 2039 and 1 February, £1,545.06 on 1 March and 1 April, and £1,545.05 on 1 May 2039. The final amount balances the account at £0.00; the checked total is £18,540.75, comprising £18,000.00 principal and £540.75 interest.
## 3. Covenants and prepayment
The company will keep proper accounting records, notify Eleanor within five business days of a proposed insolvency filing, and will not represent this note as secured. It may prepay without a fee by giving five business days' notice; interest then stops on the prepaid principal.
## 4. Default and remedies
A payment more than seven calendar days late is a default after written notice and a further seven-day opportunity to cure. On an uncured default, Eleanor may demand the unpaid principal and accrued interest, subject to any mandatory insolvency restrictions, and recover reasonable documented enforcement costs. No remedy is a guaranteed recovery.
## 5. Law and execution
This note is governed by the law of England and Wales and the courts of England and Wales have jurisdiction, subject to any mandatory rule. Each party received a copy and signed on 14 April 2038: Eleanor Price, Lender; Oliver Grant for and on behalf of Meriton Design Ltd, Borrower. The parties should verify current company, tax and insolvency requirements.