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Loan Receipt Agreement

Loan Receipt Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Loan Receipt Agreement

"I need a Loan Receipt Agreement for a UAE-based manufacturing company borrowing AED 5 million from a conventional bank, with quarterly repayments starting March 2025 and including standard security provisions for equipment collateral."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Retail

Healthcare

Education

Technology

Transportation

Energy

Hospitality

Agriculture

Small and Medium Enterprises

Islamic Banking

Relevant Teams

Legal

Finance

Compliance

Risk Management

Treasury

Credit Administration

Islamic Banking

Corporate Banking

Documentation

Loan Operations

Internal Audit

Corporate Advisory

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Compliance Officer

Credit Risk Manager

Treasury Manager

Banking Relationship Manager

Islamic Finance Specialist

Loan Officer

Corporate Finance Manager

Financial Controller

Legal Director

Banking Operations Manager

Risk Assessment Officer

Document Control Specialist

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): Governs general contractual obligations, loan provisions, and the basic principles of lending and borrowing relationships between parties
UAE Federal Law No. 18 of 1993 (Commercial Transactions Law): Regulates commercial loans and financial transactions between commercial entities, including provisions for commercial papers and securities
UAE Federal Law No. 14 of 2018 (Central Bank Law): Regulates banking operations and financial institutions, including requirements for loan documentation and financial transactions
UAE Federal Law No. 6 of 1985 (Islamic Banking): Provides framework for Islamic banking transactions and compliance with Shariah principles in financial dealings
UAE Federal Law No. 4 of 2000 (Capital Markets): Relevant for secured loans and when financial instruments are used as security
UAE Federal Law No. 20 of 2016 (Pledge of Movable Properties): Applicable when movable assets are used as security for the loan
UAE Federal Law No. 4 of 2012 (Competition Law): May be relevant for commercial loans to ensure compliance with competition regulations
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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