Overdraft Agreement

OverAgreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Need to draft an Overdraft Agreement for a UAE-based manufacturing company with a facility limit of AED 5 million, including security over company assets and personal guarantees from two directors, to be effective from March 2025.

Document background

An Overdraft Agreement is a crucial banking document used in the UAE when a bank agrees to extend credit facilities to a customer beyond their account balance. This agreement is essential for businesses and individuals requiring flexible working capital management and is structured to comply with UAE Federal Laws and Central Bank regulations. The document details the terms of the facility, including credit limits, interest/profit rates, security requirements, and operating conditions. It can be structured for both conventional and Islamic banking systems, making it versatile for use across the UAE's dual banking sector. The agreement includes specific provisions required by UAE banking regulations, such as customer protection measures, reporting requirements, and compliance with anti-money laundering laws.

Suggested Sections

1. Parties: Identification of the bank and the customer, including full legal names, addresses, and registration details

2. Background: Context of the agreement, including the customer's banking relationship and purpose of the overdraft facility

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

4. Facility Terms: Core terms including facility limit, duration, purpose, and renewal conditions

5. Interest and Fees: Interest rates, calculation methods, fees, charges and payment terms

6. Drawing and Operation: Conditions and procedures for drawing on the facility

7. Customer Obligations: Key obligations including financial covenants, reporting requirements, and operational constraints

8. Representations and Warranties: Customer's confirmations regarding their legal and financial status

9. Events of Default: Circumstances constituting default and consequences

10. Bank's Rights and Remedies: Bank's rights in case of default or breach

11. Security: Details of security arrangements and guarantees

12. Communications: Methods and requirements for formal communications between parties

13. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction details

Optional Sections

1. Islamic Banking Provisions: Required for Sharia-compliant overdraft facilities, including specific terminology and structures

2. Foreign Currency Provisions: Required when the facility is provided in currencies other than AED

3. Multiple Account Provisions: Required when the overdraft facility covers multiple accounts

4. Corporate Guarantee Provisions: Required when the facility is supported by corporate guarantees

5. Set-off Rights: Detailed set-off provisions when the customer maintains multiple accounts or facilities

6. Insurance Requirements: Specific insurance requirements for secured facilities

7. Assignment and Transfer: Required when either party may need to transfer rights or obligations

8. Joint and Several Liability: Required for joint accounts or multiple borrowers

Suggested Schedules

1. Facility Summary: Summary of key commercial terms including limits, rates, and fees

2. Conditions Precedent: List of documents and conditions required before facility availability

3. Security Details: Detailed description of security arrangements and guarantees

4. Fee Schedule: Detailed breakdown of all applicable fees and charges

5. Drawing Notice Form: Standard form for requesting drawings under the facility

6. Compliance Certificate: Template for periodic compliance certification

7. Customer Authorization List: List of authorized signatories and their signing powers

8. Know Your Customer (KYC) Requirements: List of required KYC documentation and updates

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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 and Financial Services

Retail

Manufacturing

Trading and Distribution

Construction

Professional Services

Healthcare

Hospitality

Real Estate

Small and Medium Enterprises

E-commerce

Import/Export

Technology

Relevant Teams

Legal

Finance

Treasury

Credit

Compliance

Risk Management

Corporate Banking

Retail Banking

Operations

Islamic Banking

Customer Service

Documentation

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Financial Controller

Relationship Manager

Credit Officer

Legal Counsel

Compliance Officer

Risk Manager

Corporate Banking Manager

Branch Manager

Account Manager

Banking Operations Manager

Islamic Banking Specialist

Credit Risk Analyst

Company Secretary

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Authors

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