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Directors Loan Agreement

Directors Loan Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Directors Loan Agreement

I need a Directors Loan Agreement for our UAE-based technology company to provide an unsecured loan of AED 500,000 to our Managing Director, with monthly repayments over 24 months starting March 2025 and an interest rate of 2% per annum.

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Document background
The Directors Loan Agreement is a crucial document used when a company registered in the UAE enters into a lending arrangement with one of its directors. This agreement is particularly important in the UAE context due to specific requirements under the Commercial Companies Law and corporate governance regulations regarding related party transactions. The document typically becomes necessary when a director requires funding for personal or business purposes, or when the company is providing financial support to its leadership. The agreement must carefully balance the interests of the company, its shareholders, and the borrowing director while ensuring compliance with UAE interest rate restrictions and disclosure requirements. It includes detailed terms about the loan amount, purpose, interest calculations, repayment schedule, and any security arrangements, all structured to comply with UAE legal requirements and banking regulations.
Suggested Sections

1. Parties: Identification of the Company and the Director entering into the loan agreement

2. Background: Context of the loan agreement, including company details and purpose of the loan

3. Definitions: Definitions of key terms used throughout the agreement

4. Loan Amount and Purpose: Specification of the loan amount and its intended use

5. Interest Rate: Interest rate applicable to the loan, ensuring compliance with UAE interest rate restrictions

6. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule

7. Representations and Warranties: Statements of fact by both parties regarding their capacity and authority to enter into the agreement

8. Company's Obligations: Obligations of the company regarding the loan, including payment and reporting requirements

9. Director's Obligations: Obligations of the director, including any restrictions on use of funds

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

11. Termination: Circumstances under which the agreement can be terminated and the consequences

12. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

Optional Sections

1. Security: Details of any security provided for the loan - include if the loan is secured

2. Board Approval: Reference to board resolution approving the loan - include for public joint stock companies or when required by articles

3. Early Repayment: Terms for early repayment of the loan - include if early repayment is permitted

4. Assignment: Rights to assign the loan - include if assignment is to be permitted

5. Shareholder Approval: Reference to shareholder approval - include if required under articles or for material loans

6. Tax Provisions: Treatment of any tax implications - include if tax considerations are relevant

7. Subordination: Subordination to other company debts - include if loan is to be subordinated

Suggested Schedules

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

2. Form of Draw Down Notice: Template for requesting disbursement of the loan if being drawn in tranches

3. Security Details: Details of any security or collateral provided for the loan

4. Board Resolution: Copy of board resolution approving the loan

5. Calculation of Interest: Detailed methodology for calculating interest

6. Related Party Transaction Disclosure: Required disclosures under UAE corporate governance rules

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
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Relevant Industries

Financial Services

Real Estate

Technology

Manufacturing

Retail

Professional Services

Healthcare

Construction

Energy

Telecommunications

Transportation

Hospitality

Education

Relevant Teams

Legal

Finance

Compliance

Corporate Governance

Treasury

Risk Management

Internal Audit

Board Secretariat

Corporate Affairs

Relevant Roles

Chief Executive Officer

Managing Director

Board Member

Company Secretary

Chief Financial Officer

Financial Controller

Legal Counsel

Compliance Officer

Corporate Governance Officer

Finance Director

Treasury Manager

Board Secretary

Risk Manager

Internal Auditor

External Auditor

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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