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Demand Promissory Note Loan Agreement

Demand Promissory Note Loan Agreement Template for United Arab Emirates

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Demand Promissory Note Loan Agreement

I need a Demand Promissory Note Loan Agreement for a UAE-based commercial loan of AED 5 million to a manufacturing company, with both corporate guarantees and equipment as security, to be disbursed by March 2025.

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Document background
The Demand Promissory Note Loan Agreement is a crucial financing instrument in the United Arab Emirates, commonly used by banks, financial institutions, and businesses for securing loan transactions. This document type combines the comprehensive terms of a loan agreement with the immediate enforceability of a demand promissory note, making it particularly valuable in the UAE's business environment. It is specifically structured to comply with UAE Federal Laws, including Civil Code (Federal Law No. 5 of 1985) and Commercial Code (Federal Law No. 18 of 1993), while also considering Central Bank regulations and optional Sharia compliance requirements. The agreement is typically used when lenders require additional security and swift enforcement mechanisms, as it allows for immediate demand of repayment without the need for extensive legal proceedings, subject to UAE jurisdiction and enforcement procedures.
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 relationship between parties

3. Definitions: Key terms used throughout the agreement including 'Demand Promissory Note', 'Loan Amount', 'Interest Rate' (or 'Profit Rate' for Sharia compliance)

4. Loan Terms: Details of the loan amount, purpose, and disbursement conditions

5. Interest/Profit Rate: Specification of applicable interest or profit rate in compliance with UAE Central Bank regulations

6. Promissory Note Terms: Specific terms regarding the demand promissory note, including conditions for demand and payment

7. Representations and Warranties: Borrower's confirmations regarding their legal capacity, authority, and financial condition

8. Payment Terms: Details of repayment mechanism, payment schedule, and demand conditions

9. Events of Default: Circumstances constituting default and consequences thereof

10. Enforcement: Procedures for enforcing the promissory note and seeking repayment

11. Governing Law and Jurisdiction: Confirmation of UAE law governance and jurisdiction of UAE courts

Optional Sections

1. Security: Include when additional security or collateral is provided for the loan

2. Guarantor Provisions: Required when a third party guarantor is involved in securing the loan

3. Insurance: Include when specific insurance requirements are imposed on the borrower

4. Assignment: Include when either party needs the right to assign the agreement to third parties

5. Sharia Compliance Declaration: Include when the agreement needs to explicitly comply with Islamic finance principles

6. Cross-Default: Include when the default should trigger defaults under other agreements

7. Early Repayment: Include when early repayment terms need to be specified

Suggested Schedules

1. Schedule 1 - Demand Promissory Note: The actual promissory note document with all required elements under UAE law

2. Schedule 2 - Disbursement Schedule: If the loan is to be disbursed in multiple tranches

3. Schedule 3 - Security Details: Details of any security or collateral provided

4. Schedule 4 - Form of Demand Notice: Template for the formal demand notice

5. Schedule 5 - Payment Schedule: If there is an agreed indicative payment schedule despite being a demand instrument

6. Appendix A - Required Documents: List of documents required from the borrower

7. Appendix B - Conditions Precedent: List of conditions to be satisfied before loan disbursement

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

Corporate Finance

Real Estate & Construction

Trading & Commerce

Manufacturing

Healthcare

Hospitality & Tourism

Technology & Communications

Energy & Resources

Professional Services

Relevant Teams

Legal

Finance

Treasury

Credit

Compliance

Risk Management

Corporate Banking

Commercial Banking

Documentation

Corporate Finance

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Credit Manager

Legal Counsel

Compliance Officer

Risk Manager

Banking Relationship Manager

Corporate Finance Manager

Financial Controller

Commercial Director

Managing Director

CEO

Head of Legal

Senior Finance Manager

Credit Risk Officer

Corporate Banking Officer

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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