The Promissory Note and Security Agreement is a crucial document in UAE commercial and financial transactions, typically used when a party requires both documentary evidence of a debt and collateral security for its repayment. This document type is particularly relevant in the UAE market where secured lending practices must align with both civil law traditions and Islamic finance principles. The document must comply with UAE Federal Law No. 18 of 1993 for promissory note requirements and Federal Law No. 20 of 2016 for security interests, making it a specialized instrument that combines debt acknowledgment with asset security. It's commonly used in business financing, asset purchases, and restructuring scenarios where the creditor requires both a liquid debt instrument and tangible security.
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1. Parties: Identification of the maker (promisor) and payee (promisee) of the note, including full legal names and addresses
2. Background: Context of the underlying transaction and relationship between the parties
3. Definitions: Key terms used throughout the agreement, including definition of the secured obligations and collateral
4. Promissory Note Provisions: The unconditional promise to pay, including principal amount, interest rate, payment date(s), and place of payment
5. Grant of Security Interest: Express creation and grant of the security interest in the collateral
6. Description of Collateral: Detailed description of the assets serving as collateral
7. Representations and Warranties: Maker's representations regarding ownership and right to pledge collateral
8. Covenants: Maker's ongoing obligations regarding maintenance and protection of collateral
9. Events of Default: Circumstances constituting default under both the note and security provisions
10. Remedies: Rights and remedies of the secured party upon default
11. Execution: Signature blocks and execution requirements compliant with UAE law
1. Additional Interest Provisions: Used when there are complex interest calculations or default interest provisions
2. Prepayment Terms: Include when early payment is permitted or restricted
3. Insurance Requirements: Used when specific insurance must be maintained on the collateral
4. Registration and Perfection: Include when security interest requires registration under UAE law
5. Secondary Security Provisions: Used when there are multiple tiers of security or backup collateral
6. Assignment and Transfer: Include when note transferability needs specific restrictions or permissions
1. Schedule A - Collateral Description: Detailed itemization and description of all assets serving as collateral
2. Schedule B - Payment Schedule: If installment payments, detailed schedule of payment dates and amounts
3. Schedule C - Existing Liens: List of any pre-existing liens or encumbrances on the collateral
4. Appendix 1 - Registration Forms: Required forms for registering the security interest with relevant UAE authorities
5. Appendix 2 - Collateral Valuation: Independent valuation reports or assessments of the collateral
6. Appendix 3 - Insurance Certificates: Copies of required insurance policies covering the collateral
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Commercial Trading
Manufacturing
Construction
Healthcare
Technology
Retail
Industrial
Professional Services
Energy and Resources
Transport and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Commercial
Corporate Secretariat
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Credit Manager
Risk Manager
Treasury Manager
Commercial Director
Compliance Officer
Financial Controller
Banking Relationship Manager
Security Trustee
Corporate Secretary
Business Development Manager
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