The Promissory Loan Agreement is a essential financial instrument used in the United Arab Emirates for both corporate and individual lending transactions. It combines a standard loan agreement with a promissory note component, providing additional security and easier enforcement under UAE law. This document is particularly valuable when lenders require enhanced security for their loans while maintaining compliance with UAE Civil Code, Commercial Code, and Central Bank regulations. The agreement can be structured to accommodate both conventional and Islamic financing principles, making it versatile for various financial transactions in the UAE market. It includes detailed provisions for loan disbursement, repayment terms, security arrangements, and enforcement mechanisms, while ensuring alignment with local legal requirements and banking practices.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Context of the loan agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the principal amount and intended use of funds
5. Interest Rate and Calculation: Details of interest rate, calculation method, and payment periods
6. Repayment Terms: Schedule of repayments, payment methods, and dates
7. Security: Details of any collateral or security provided for the loan
8. Representations and Warranties: Standard declarations by the borrower regarding their capacity and authority
9. Events of Default: Circumstances constituting default and consequences
10. Governing Law and Jurisdiction: Specification of UAE law and jurisdiction
11. Notices: Communication methods and addresses for formal notices
12. Execution: Signature blocks and execution requirements
1. Islamic Finance Provisions: Required if the loan needs to be Sharia-compliant
2. Guarantor Provisions: Required if there is a third-party guarantor for the loan
3. Assignment and Transfer: Include if the parties want to allow transfer of rights under the agreement
4. Insurance Requirements: Include if specific insurance is required for the loan or collateral
5. Financial Covenants: Include for business loans requiring ongoing financial commitments
6. Early Repayment: Terms for early loan settlement if permitted
7. Force Majeure: Include if parties want specific provisions for unforeseen circumstances
1. Repayment Schedule: Detailed schedule of payment dates and amounts
2. Promissory Note Form: Template of the promissory note to be issued
3. Security Details: Detailed description of any collateral or security
4. Calculation of Interest: Detailed methodology for interest calculation
5. Required Documents: List of documents required for loan disbursement
6. Conditions Precedent: List of conditions to be met before loan disbursement
Relevant legal definitions
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Relevant Industries
Banking & Finance
Real Estate
Construction
Manufacturing
Retail
Healthcare
Education
Technology
Transportation
Hospitality
Professional Services
Energy
Trading
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Credit Administration
Corporate Banking
Retail Banking
Operations
Company Secretariat
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Corporate Lawyer
Bank Manager
Credit Officer
Risk Manager
Compliance Officer
Treasury Manager
Financial Controller
Banking Operations Manager
Loan Officer
General Counsel
Company Secretary
Business Development Manager
Account Manager
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