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Promissory Note Sale Agreement

Promissory Note Sale Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Promissory Note Sale Agreement

"I need a Promissory Note Sale Agreement for the sale of a single promissory note worth AED 5 million from Emirates NBD to Abu Dhabi Commercial Bank, with the closing date set for March 15, 2025."

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Document background
The Promissory Note Sale Agreement is utilized in the UAE financial market when a holder of promissory notes wishes to transfer their rights to another party, typically for liquidity purposes or as part of debt trading operations. This document type is crucial in the UAE's commercial landscape, where promissory notes are commonly used as debt instruments and security. The agreement must comply with UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and UAE Central Bank regulations, particularly regarding the transfer of negotiable instruments. It includes detailed provisions for the sale process, representations about the validity of the promissory notes, and mechanisms for transfer, making it essential for debt trading, refinancing operations, and secondary market transactions in the UAE financial sector.
Suggested Sections

1. Parties: Identification of the Seller and Purchaser of the promissory note(s), including full legal names and addresses

2. Background: Context of the transaction, including the existence of the promissory note(s) and the parties' intention to enter into a sale transaction

3. Definitions: Key terms used throughout the agreement, including 'Promissory Note(s)', 'Purchase Price', 'Closing Date', etc.

4. Sale and Purchase: Core transaction terms, including the agreement to sell and purchase the promissory note(s)

5. Purchase Price and Payment: Details of the purchase price and payment terms, including payment method and timing

6. Closing: Conditions precedent, closing mechanics, and delivery requirements

7. Representations and Warranties: Seller's representations regarding ownership, validity, and status of the promissory note(s)

8. Transfer and Assignment: Mechanics of transferring the promissory note(s) and associated rights

9. Notices: Communication procedures between parties

10. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

Optional Sections

1. Security: Used when additional security or collateral is provided for the transaction

2. Tax Provisions: Include when tax implications need to be specifically addressed or allocated between parties

3. Further Assurance: Used when additional documentation or actions may be required post-closing

4. Confidentiality: Include when transaction details need to be kept confidential

5. Force Majeure: Include when parties want to address circumstances preventing performance

6. Anti-Money Laundering Compliance: Include when transaction involves significant sums or cross-border elements

Suggested Schedules

1. Schedule 1 - Promissory Note Details: Details of the promissory note(s) being sold, including date, amount, maker, and maturity

2. Schedule 2 - Form of Transfer Instrument: Template for the physical transfer/endorsement of the promissory note

3. Schedule 3 - Closing Checklist: List of documents and actions required for closing

4. Schedule 4 - Payment Details: Bank account and payment instruction details

5. Appendix A - Copy of Promissory Note(s): Copies of the actual promissory notes being sold

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 legal definitions
Agreement
Business Day
Closing
Closing Date
Encumbrance
Event of Default
Governmental Authority
Law
Original Issuer
Payment Date
Promissory Note
Purchase Price
Purchaser
Related Rights
Seller
Transfer Instrument
Transfer Date
UAE
UAE Dirhams
Material Adverse Effect
Security Interest
Transaction Documents
Warranties
Central Bank
Commercial Transactions Law
Default Interest Rate
Endorsement
Face Value
Maturity Date
Notice
Outstanding Amount
Parties
Representatives
Confidential Information
Relevant Industries

Banking

Financial Services

Investment Management

Commercial Lending

Trade Finance

Debt Trading

Asset Management

Corporate Finance

Private Equity

Commercial Real Estate

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Finance

Investment

Credit Administration

Commercial Operations

Documentation

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Investment Manager

Legal Counsel

Commercial Director

Credit Manager

Risk Manager

Portfolio Manager

Transaction Manager

Compliance Officer

Banking Relationship Manager

Corporate Finance Manager

Investment Banker

Industries
UAE Federal Law No. 18 of 1993 (Commercial Transactions Law): Primary legislation governing commercial transactions, including specific provisions for commercial papers and negotiable instruments (Articles 478-537 specifically deal with promissory notes)
UAE Federal Law No. 5 of 1985 (Civil Transactions Law): Governs general contractual principles, obligations, and the transfer of rights that would apply to the sale agreement aspect
UAE Federal Law No. 14 of 2018 (UAE Central Bank Law): Regulates banking operations and financial activities, relevant for transactions involving financial instruments
UAE Federal Law No. 20 of 2018 (Anti-Money Laundering Law): Compliance requirements for financial transactions and transfer of monetary instruments
UAE Federal Law No. 19 of 2018 (Foreign Direct Investment Law): May be relevant if the transaction involves foreign parties or cross-border elements
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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