The Credit Loan Agreement is essential for documenting financial facilities in the UAE, where banking transactions are regulated by the UAE Central Bank and various federal laws. This document is used when a financial institution extends credit to individuals or businesses, requiring careful consideration of both conventional and Islamic banking principles. The agreement must comply with UAE banking regulations regarding interest rates, fees, and consumer protection, while also addressing security requirements and enforcement mechanisms under UAE law. It typically includes comprehensive details about the facility, repayment terms, borrower obligations, and default provisions, structured to be enforceable in UAE courts.
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1. Parties: Identification of the lender (financial institution) and borrower(s), including full legal names, addresses, and registration details
2. Background: Context of the loan agreement, relationship between parties, and purpose of the facility
3. Definitions: Detailed definitions of terms used throughout the agreement, including financial terms, dates, and technical references
4. Facility Details: Specification of loan amount, currency, purpose, and availability period
5. Interest/Profit Rate: Details of applicable interest or profit rates, calculation methods, and payment periods
6. Repayment Terms: Schedule of repayments, payment methods, and prepayment conditions
7. Conditions Precedent: Prerequisites that must be satisfied before the loan becomes available
8. Representations and Warranties: Statements of fact and assurances given by the borrower
9. Borrower Covenants: Positive and negative obligations of the borrower during the loan term
10. Events of Default: Circumstances that constitute default and consequences thereof
11. Security: Details of any collateral or security arrangements securing the loan
12. Fees and Expenses: All applicable fees, charges, and cost allocation between parties
13. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
1. Islamic Banking Provisions: Required for Sharia-compliant loans, including specific terminology and structures
2. Guarantor Provisions: Required when there are third-party guarantors for the loan
3. Insurance Requirements: Detailed when specific insurance coverage is required for the loan or collateral
4. Cross-Default Provisions: Used when the borrower has multiple facilities with the lender
5. Change of Control: Relevant for corporate borrowers to address ownership changes
6. Assignment and Transfer: Required if the loan may be transferred or syndicated
7. Multiple Borrowers: Required when there are joint borrowers or co-borrowers
8. Foreign Currency Provisions: Needed for loans denominated in non-UAE currency
1. Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Fee Schedule: Comprehensive list of all applicable fees and charges
3. Security Details: Detailed description of all security/collateral provided
4. Conditions Precedent Documents: List of required documents and conditions to be satisfied
5. Form of Drawdown Notice: Template for requesting disbursement of the loan
6. Form of Compliance Certificate: Template for periodic compliance reporting
7. Interest/Profit Rate Calculation: Detailed methodology for calculating interest/profit
8. Know Your Customer Requirements: List of required KYC documents and verification requirements
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Construction
Manufacturing
Trading & Commerce
Healthcare
Education
Hospitality
Technology
Transportation & Logistics
Retail
Professional Services
Relevant Teams
Legal
Credit
Risk Management
Compliance
Finance
Treasury
Corporate Banking
Retail Banking
Islamic Banking
Operations
Documentation
Relevant Roles
Legal Counsel
Credit Manager
Relationship Manager
Risk Officer
Compliance Officer
Chief Financial Officer
Finance Manager
Treasury Manager
Corporate Banking Officer
Retail Banking Manager
Islamic Banking Specialist
Credit Analyst
Legal Director
Banking Operations Manager
Document Controller
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