The Basic Loan Agreement is a fundamental legal instrument used in the United Arab Emirates for documenting lending transactions between parties. It serves as the primary contract governing the lending of money, whether in a commercial or personal context, and must comply with UAE Civil Code (Federal Law No. 5 of 1985) and UAE Commercial Transactions Law (Federal Law No. 18 of 1993). This document is essential when any form of lending occurs, whether between financial institutions and businesses, or in private lending arrangements. The agreement covers crucial elements including loan amount, interest/profit rates, repayment terms, security arrangements, and default provisions, while ensuring compliance with both UAE law and, where applicable, Islamic financing principles. The document's structure accommodates various types of loans while maintaining the necessary legal protections for all parties involved.
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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: Specifies the principal amount and permitted use of the loan funds
5. Interest Rate: Details of interest rate, calculation method, and payment periods in compliance with UAE law
6. Repayment Terms: Schedule of repayments, payment methods, and prepayment provisions
7. Conditions Precedent: Conditions that must be satisfied before the loan is advanced
8. Representations and Warranties: Standard declarations by the Borrower about their legal and financial status
9. Borrower Covenants: Ongoing obligations of the Borrower during the loan term
10. Events of Default: Circumstances that would trigger default and remedies available to the Lender
11. Governing Law and Jurisdiction: Specifies UAE law as governing law and jurisdiction for disputes
12. Notices: Process for formal communications between parties
13. Execution: Signature blocks and execution requirements
1. Security: Include when the loan is secured by collateral or guarantees
2. Islamic Finance Provisions: Include for Sharia-compliant loans, replacing conventional interest provisions
3. Assignment and Transfer: Include if either party may transfer their rights or obligations
4. Tax Provisions: Include if tax implications need to be addressed explicitly
5. Currency Provisions: Include for loans involving multiple currencies
6. Force Majeure: Include if specific force majeure events need to be addressed
7. Costs and Expenses: Include if there are specific provisions about who bears various costs
8. Additional Guarantor Provisions: Include when there are third-party guarantors
1. Repayment Schedule: Detailed schedule of repayment dates and amounts
2. Conditions Precedent Documents: List of required documents and conditions to be satisfied
3. Form of Drawdown Notice: Template for requesting loan disbursement
4. Security Details: Details of any collateral or security arrangements
5. Form of Compliance Certificate: Template for periodic compliance certification
6. Permitted Security Interests: List of pre-approved security interests if applicable
7. Contact Details: Detailed contact information for all parties
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