The Loan Receipt Agreement is a critical financial document used in the United Arab Emirates to formalize lending arrangements and provide legal protection for both lenders and borrowers. This document is essential when any form of loan is extended, whether in a conventional or Islamic finance context, and must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and Federal Law No. 18 of 1993 (Commercial Transactions Law). The agreement serves as official acknowledgment of the loan's receipt and outlines all crucial terms including repayment schedule, profit/interest mechanisms, and any security arrangements. It's particularly important in the UAE market where both traditional and Sharia-compliant financing options coexist, requiring careful consideration of applicable regulatory frameworks 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: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount and intended purpose of the funds
5. Disbursement Terms: Conditions and procedure for disbursement of the loan
6. Repayment Terms: Schedule, method, and conditions of loan repayment
7. Interest/Profit Rate: Specification of applicable interest or profit rate (ensuring compliance with UAE laws)
8. Events of Default: Circumstances constituting default and consequences thereof
9. Representations and Warranties: Standard declarations by the borrower regarding their capacity and authority
10. Covenants: Ongoing obligations of the borrower during the loan term
11. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
1. Security Provisions: Required when the loan is secured by collateral or guarantees
2. Islamic Finance Compliance: Required when the loan must comply with Sharia principles
3. Insurance Requirements: Required when specific insurance coverage is mandatory for the loan
4. Assignment and Transfer: Include when rights to the loan may be transferred
5. Tax Provisions: Required when specific tax implications need to be addressed
6. Currency Provisions: Required for loans involving multiple currencies
7. Force Majeure: Optional clause addressing unforeseeable circumstances affecting loan performance
1. Repayment Schedule: Detailed schedule of repayment dates and amounts
2. Security Details: Description and documentation of any collateral or security provided
3. Disbursement Schedule: If loan is disbursed in tranches, schedule of disbursement dates and conditions
4. Form of Promissory Note: Standard form of promissory note to be executed
5. Conditions Precedent Checklist: List of conditions to be satisfied before loan disbursement
6. Required Documents: List of documents required from borrower
7. Calculation of Interest/Profit: Detailed methodology for calculating interest or profit
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