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Basic Loan Agreement

Basic Loan Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Basic Loan Agreement

"I need a Basic Loan Agreement for a secured commercial loan of AED 2 million from ABC Bank to my manufacturing company, with quarterly repayments over 3 years starting March 2025, including machinery as collateral."

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Document background
The Basic Loan Agreement is a fundamental legal instrument used in the United Arab Emirates for documenting lending transactions between parties. It serves as the primary contract governing the lending of money, whether in a commercial or personal context, and must comply with UAE Civil Code (Federal Law No. 5 of 1985) and UAE Commercial Transactions Law (Federal Law No. 18 of 1993). This document is essential when any form of lending occurs, whether between financial institutions and businesses, or in private lending arrangements. The agreement covers crucial elements including loan amount, interest/profit rates, repayment terms, security arrangements, and default provisions, while ensuring compliance with both UAE law and, where applicable, Islamic financing principles. The document's structure accommodates various types of loans while maintaining the necessary legal protections for all parties involved.
Suggested Sections

1. Parties: Identification of the Lender and Borrower with full legal names and addresses

2. Background: Brief context of the loan arrangement and purpose

3. Definitions: Key terms used throughout the agreement

4. Loan Amount and Purpose: Specifies the principal amount and permitted use of the loan funds

5. Interest Rate: Details of interest rate, calculation method, and payment periods in compliance with UAE law

6. Repayment Terms: Schedule of repayments, payment methods, and prepayment provisions

7. Conditions Precedent: Conditions that must be satisfied before the loan is advanced

8. Representations and Warranties: Standard declarations by the Borrower about their legal and financial status

9. Borrower Covenants: Ongoing obligations of the Borrower during the loan term

10. Events of Default: Circumstances that would trigger default and remedies available to the Lender

11. Governing Law and Jurisdiction: Specifies UAE law as governing law and jurisdiction for disputes

12. Notices: Process for formal communications between parties

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Security: Include when the loan is secured by collateral or guarantees

2. Islamic Finance Provisions: Include for Sharia-compliant loans, replacing conventional interest provisions

3. Assignment and Transfer: Include if either party may transfer their rights or obligations

4. Tax Provisions: Include if tax implications need to be addressed explicitly

5. Currency Provisions: Include for loans involving multiple currencies

6. Force Majeure: Include if specific force majeure events need to be addressed

7. Costs and Expenses: Include if there are specific provisions about who bears various costs

8. Additional Guarantor Provisions: Include when there are third-party guarantors

Suggested Schedules

1. Repayment Schedule: Detailed schedule of repayment dates and amounts

2. Conditions Precedent Documents: List of required documents and conditions to be satisfied

3. Form of Drawdown Notice: Template for requesting loan disbursement

4. Security Details: Details of any collateral or security arrangements

5. Form of Compliance Certificate: Template for periodic compliance certification

6. Permitted Security Interests: List of pre-approved security interests if applicable

7. Contact Details: Detailed contact information for all parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






































Clauses






























Relevant Industries

Banking & Financial Services

Real Estate

Construction

Manufacturing

Retail

Healthcare

Technology

Transportation & Logistics

Energy

Small and Medium Enterprises

Agriculture

Professional Services

Relevant Teams

Legal

Finance

Compliance

Treasury

Risk Management

Credit

Corporate Banking

Operations

Administrative

Company Secretarial

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Finance Manager

Credit Manager

Risk Manager

Compliance Officer

Treasury Manager

Loan Officer

Banking Relationship Manager

Contract Administrator

Financial Controller

Company Secretary

Business Development Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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