The Simple Loan Agreement is a fundamental legal document used in the United Arab Emirates for documenting straightforward lending arrangements between parties. This agreement is particularly suitable for corporate or individual lending scenarios where the loan structure is uncomplicated and doesn't require complex financial covenants or security arrangements. The document must comply with UAE Civil Code (Federal Law No. 5 of 1985) and Central Bank regulations, including interest rate restrictions and potential Shariah compliance requirements. It typically includes essential terms such as loan amount, repayment schedule, interest calculations (within UAE legal limits), events of default, and enforcement provisions. This agreement type is commonly used for business loans, personal lending, or intra-company financing where a clear and legally enforceable record of the lending arrangement is required.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Brief context of the loan arrangement and purpose
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the principal amount and intended use of the loan
5. Interest Rate: Interest rate details, calculation method, and compliance with UAE interest rate caps
6. Repayment Terms: Payment schedule, method of payment, and repayment period
7. Representations and Warranties: Standard declarations by the Borrower regarding their capacity and ability to repay
8. Borrower's Covenants: Ongoing obligations of the Borrower during the loan term
9. Events of Default: Circumstances constituting default and consequences
10. Remedies: Lender's rights and remedies upon default
11. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
1. Security: Required if the loan is secured by any assets or guarantees
2. Islamic Finance Provisions: Required if the loan needs to be Shariah-compliant
3. Insurance: Required if specific insurance coverage is needed for secured assets
4. Guarantor Provisions: Required if a third-party guarantor is involved
5. Prepayment Terms: Optional section detailing early repayment options and any associated penalties
6. Assignment and Transfer: Required if either party needs the right to assign the agreement
7. Force Majeure: Optional section addressing unforeseeable circumstances preventing performance
1. Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Security Details: Description of any assets or collateral securing the loan
3. Condition Precedent Documents: List of documents required before loan disbursement
4. Form of Drawdown Notice: Template for requesting loan disbursement
5. Form of Compliance Certificate: Template for periodic confirmation of compliance with loan terms
6. Contact Details: List of authorized representatives and their contact information
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Commercial Trading
Manufacturing
Retail
Construction
Professional Services
Small & Medium Enterprises
Technology
Healthcare
Education
Relevant Teams
Legal
Finance
Compliance
Risk Management
Treasury
Credit Administration
Corporate Banking
Business Development
Operations
Document Management
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Compliance Officer
Credit Manager
Risk Manager
Treasury Manager
Corporate Lawyer
Banking Relationship Manager
Financial Controller
Loan Officer
Contract Administrator
Company Secretary
Business Development Manager
Account Manager
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