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Promissory Note Credit Agreement

Promissory Note Credit Agreement Template for Qatar

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Key Requirements PROMPT example:

Promissory Note Credit Agreement

"I need a Promissory Note Credit Agreement for a QAR 5 million commercial loan between Qatar National Bank and Al Safa Trading LLC, with quarterly repayments over 3 years starting March 2025, secured by company inventory and personal guarantee from the company director."

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Document background
The Promissory Note Credit Agreement is a specialized financial instrument used in Qatar when parties wish to combine the flexibility of a credit agreement with the enhanced security of a promissory note. This document type is particularly useful in commercial lending scenarios where the lender requires additional protection through a negotiable instrument. The agreement must comply with Qatar's Commercial Code, Civil Code, and Qatar Central Bank regulations, including consideration of Islamic finance principles where applicable. It typically includes detailed terms regarding the credit facility, repayment schedule, security arrangements, and events of default, while incorporating a formal promissory note that can be independently enforced. This structure provides lenders with multiple enforcement options while giving borrowers access to structured credit facilities.
Suggested Sections

1. Parties: Identification of the lender (creditor) and borrower (debtor), including full legal names, addresses, and registration details

2. Background: Context of the credit facility and purpose of the promissory note

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

4. Promise to Pay: Unconditional promise to pay a specific sum, including the principal amount and payment date(s)

5. Interest/Profit Rate: Specification of applicable interest or profit rate (ensuring Sharia compliance if required)

6. Payment Terms: Details of payment schedule, method, and currency of payment

7. Security: Details of any collateral or security provided for the credit facility

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

9. Representations and Warranties: Statements of fact and assurances given by the borrower

10. Governing Law and Jurisdiction: Confirmation of Qatar law as governing law and jurisdiction for disputes

Optional Sections

1. Guarantor Provisions: Used when a third party guarantees the borrower's obligations

2. Islamic Finance Compliance: Required when the agreement needs to explicitly comply with Sharia principles

3. Cross-Default: Included when default under other agreements should trigger default under this agreement

4. Insurance Requirements: Used when specific insurance coverage is required for security assets

5. Assignment and Transfer: Included when transfer rights need to be specifically addressed

6. Additional Borrower Covenants: Used for specific ongoing obligations or restrictions on the borrower

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Security Details: Detailed description of security assets and registration requirements

3. Form of Promissory Note: Template of the actual promissory note to be executed

4. Conditions Precedent: List of documents and conditions required before drawdown

5. Calculation of Interest/Profit: Detailed methodology for calculating interest or profit

6. Required Notices: Forms and templates for various notices under the agreement

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

Banking

Financial Services

Real Estate

Construction

Manufacturing

Trade and Commerce

Retail

Infrastructure

Energy

Telecommunications

Healthcare

Transportation

Hospitality

Relevant Teams

Legal

Finance

Risk Management

Compliance

Treasury

Credit Administration

Corporate Banking

Islamic Banking

Documentation

Commercial

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Credit Manager

Risk Manager

Compliance Officer

Treasury Manager

Banking Relationship Manager

Financial Controller

Company Secretary

Commercial Director

Managing Director

Credit Analyst

Islamic Finance Specialist

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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