A Loan Note is a fundamental financing instrument used in the United Arab Emirates to document and formalize debt obligations between parties. This document is typically employed when a lender provides financing to a borrower and requires a formal acknowledgment of debt that can be easily transferred or used as security. The Loan Note must comply with UAE Federal Laws, including the Civil Code and Commercial Code, while also considering Sharia principles, particularly in relation to interest (riba) structures. It serves as evidence of debt and includes essential terms such as principal amount, profit rate, repayment terms, and security arrangements. The document is commonly used in both corporate and personal lending scenarios and can be structured to accommodate both conventional and Islamic financing requirements.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Context of the loan, including purpose and any relevant relationship between parties
3. Definitions: Key terms used throughout the document, including financial terms and calculation methods
4. Principal Amount: Clear statement of the loan amount and currency
5. Interest/Profit Rate: Specification of the profit rate (ensuring Sharia compliance) and calculation method
6. Repayment Terms: Payment schedule, method, and currency of repayment
7. Events of Default: Circumstances constituting default and consequences
8. Representations and Warranties: Standard declarations by the Borrower about their legal and financial status
9. Security: Details of any security or collateral securing the loan
10. Governing Law and Jurisdiction: Specification of UAE law and relevant courts
1. Guarantor Provisions: Include when there is a third-party guarantor for the loan
2. Assignment: Include if the note may be transferred or assigned to other parties
3. Tax Provisions: Include when tax implications need to be addressed explicitly
4. Islamic Finance Provisions: Include specific provisions for Islamic finance structures if required
5. Multiple Currencies: Include when the loan involves multiple currencies or currency conversion
6. Late Payment Charges: Include specific provisions for late payment handling (ensuring Sharia compliance)
7. Prepayment Terms: Include if early repayment is permitted and any associated conditions
1. Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Calculation of Profit Rate: Detailed methodology for calculating the profit rate
3. Form of Transfer Certificate: Standard form for transferring the note if assignable
4. Security Details: Detailed description of any security or collateral
5. Conditions Precedent: List of documents and conditions required before drawdown
6. Notice Details: Contact information and methods for formal notices
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Construction
Manufacturing
Trading & Commerce
Healthcare
Education
Hospitality
Technology
Infrastructure
Energy
Retail
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Islamic Banking
Corporate Banking
Credit
Commercial
Company Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Finance Manager
Credit Manager
Risk Manager
Compliance Officer
Islamic Finance Specialist
Commercial Director
Business Development Manager
Company Secretary
Financial Controller
Banking Relationship Manager
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