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Loan Surety Agreement

Loan Surety Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Loan Surety Agreement

I need a Loan Surety Agreement for a UAE-based commercial property development loan of AED 5 million, where a corporate guarantor will provide security for a real estate company's borrowing, with the guarantee period starting from March 2025.

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Document background
The Loan Surety Agreement is a critical legal instrument used in the United Arab Emirates when a third party (surety) agrees to guarantee the repayment obligations of a borrower under a loan agreement. This document is essential in UAE's lending landscape, particularly when additional security is required by lenders to mitigate credit risk. The agreement must comply with UAE Civil Code, Commercial Transactions Law, and where applicable, Shariah principles. It typically includes detailed provisions regarding the scope of the guarantee, trigger events for payment, enforcement mechanisms, and the rights of all parties involved. The Loan Surety Agreement is commonly used in both commercial and personal lending contexts, requiring careful consideration of UAE's specific legal requirements regarding guarantees, security interests, and banking regulations.
Suggested Sections

1. Parties: Identifies and provides full details of the Lender, Borrower, and Surety/Guarantor

2. Background: Explains the context of the underlying loan agreement and the purpose of the surety arrangement

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

4. Scope of Guarantee: Details the extent of the surety's obligations and the specific debts or obligations being guaranteed

5. Nature of Liability: Specifies whether the surety's liability is joint and several, and defines the relationship with the primary debt

6. Surety's Representations and Warranties: Statements by the surety regarding their capacity, authority, and financial condition

7. Duration of Guarantee: Specifies the term of the guarantee and any conditions affecting its duration

8. Payment Obligations: Details the circumstances triggering payment obligations and payment mechanics

9. Enforcement: Procedures and rights for enforcing the guarantee, including notice requirements

10. Indemnity: Surety's obligation to indemnify the lender against losses

11. Rights of Subrogation: Surety's rights against the borrower upon payment of the guaranteed obligations

12. Governing Law and Jurisdiction: Specifies UAE law as governing law and defines jurisdiction for disputes

Optional Sections

1. Islamic Finance Compliance: Required when the arrangement needs to comply with Shariah principles

2. Corporate Authorization: Required when the surety is a corporate entity, detailing corporate approvals

3. Security Interest: Include when additional security is provided alongside the personal guarantee

4. Currency Provisions: Required for cross-border transactions involving multiple currencies

5. Multiple Sureties: Include when there is more than one surety, defining their respective obligations

6. Assignment and Transfer: Include if the parties want to allow transfer of rights under the guarantee

7. Power of Attorney: Include when specific powers need to be granted to the lender for enforcement

Suggested Schedules

1. Principal Loan Agreement: Copy or summary of the underlying loan agreement being guaranteed

2. Guaranteed Obligations: Detailed list of specific obligations covered by the guarantee

3. Surety's Assets Declaration: Statement of the surety's assets and financial position

4. Form of Demand: Template for making a demand under the guarantee

5. Corporate Authorizations: Copies of relevant corporate approvals and resolutions

6. Compliance Certificates: Templates for ongoing compliance certifications

7. Security Documents: Details of any additional security provided under the arrangement

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

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alex.den.21@genieai.co
Relevant Industries

Banking and Financial Services

Real Estate and Construction

Commercial Trading

Manufacturing

Retail

Healthcare

Education

Hospitality

Transportation and Logistics

Industrial

Technology

Small and Medium Enterprises

Relevant Teams

Legal

Finance

Risk Management

Compliance

Treasury

Corporate Banking

Credit Administration

Commercial Operations

Business Development

Corporate Secretariat

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Risk Manager

Credit Manager

Compliance Officer

Banking Relationship Manager

Treasury Manager

Financial Controller

Company Secretary

Commercial Director

Business Development Manager

Contract Manager

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Primary legislation governing civil transactions, contracts, and sureties. Articles 1056-1093 specifically deal with suretyship provisions.
UAE Commercial Transactions Law (Federal Law No. 18 of 1993): Governs commercial aspects of transactions including commercial loans and guarantees, particularly relevant if the loan is for commercial purposes.
UAE Central Bank Law (Federal Law No. 14 of 2018): Regulates banking operations and financial activities, including lending practices and security requirements.
UAE Bankruptcy Law (Federal Law No. 9 of 2016): Relevant for understanding the implications of debtor bankruptcy on the surety agreement and enforcement rights.
Civil Transactions Law regarding Islamic Banking: Provisions ensuring compliance with Shariah principles in banking transactions and guarantees.
UAE Federal Law No. 4 of 2000 (Securities Law): Governs the registration and enforcement of security interests, including personal and corporate guarantees.
UAE Civil Procedure Code: Provides the procedural framework for enforcement of surety agreements and dispute resolution mechanisms.
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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