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Loan Servicing Agreement
I need a Loan Servicing Agreement for my UAE-based Islamic bank to engage a third-party servicer to manage our retail mortgage portfolio, ensuring Shariah compliance and including specific provisions for digital payment processing.
1. Parties: Identification of the loan servicer and the loan owner/financial institution
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Key terms used throughout the agreement including regulatory and technical terminology
4. Appointment and Scope: Formal appointment of servicer and detailed scope of services
5. Servicer's Duties and Responsibilities: Comprehensive list of core servicing obligations and responsibilities
6. Service Levels: Performance standards and metrics for service delivery
7. Fees and Expenses: Compensation structure and reimbursement terms
8. Compliance Requirements: Obligations to comply with UAE banking laws and regulations
9. Reporting and Documentation: Required reports, records, and documentation maintenance
10. Representations and Warranties: Standard declarations by both parties
11. Term and Termination: Duration of agreement and termination provisions
12. Confidentiality: Protection of confidential information and data
13. Liability and Indemnification: Risk allocation between parties
14. Dispute Resolution: Process for resolving disputes under UAE law
15. General Provisions: Standard boilerplate clauses including governing law, notices, etc.
1. Shariah Compliance: Required when dealing with Islamic banking products
2. Sub-contracting: Include when servicer may need to delegate certain functions
3. Business Continuity: Detailed disaster recovery provisions for critical services
4. Data Protection: Enhanced data protection clauses for international transactions
5. Foreign Currency Provisions: Required for cross-border lending arrangements
6. Special Asset Management: Include for non-performing loan servicing
7. Transfer Provisions: Include when portfolio transfers are contemplated
1. Schedule 1 - Services Description: Detailed description of all servicing activities
2. Schedule 2 - Fee Schedule: Detailed breakdown of fees and payment terms
3. Schedule 3 - Service Levels: Specific performance metrics and KPIs
4. Schedule 4 - Required Reports: Format and frequency of required reporting
5. Schedule 5 - Operating Procedures: Detailed procedures for loan servicing activities
6. Schedule 6 - Compliance Checklist: Specific UAE regulatory requirements and checks
7. Schedule 7 - Contact Details: Key personnel and escalation contacts
8. Appendix A - Document Forms: Standard forms and templates for servicing activities
9. Appendix B - Systems Requirements: Technical specifications for systems integration
10. Appendix C - Regulatory Licenses: Copies of required UAE licenses and permits
Authors
Applicable Law
Borrower
Business Day
Central Bank
Collection Account
Confidential Information
Default
Effective Date
Electronic Records
Facility Agreement
Fees
Force Majeure Event
Governing Law
Interest Period
Islamic Finance Rules
Loan
Loan Documentation
Loan Portfolio
Material Adverse Effect
Maturity Date
Payment Date
Performance Standards
Principal Amount
Regulatory Requirements
Repayment Schedule
Reporting Period
Security
Service Levels
Services
Servicer
Servicing Fee
Shariah Board
Term
Territory
UAE
UAE Dirham
Authority
Service Scope
Duties and Responsibilities
Service Levels
Fees and Expenses
Payment Terms
Compliance
Regulatory Reporting
Record Keeping
Data Protection
Confidentiality
Intellectual Property
Performance Standards
Quality Control
Default Management
Collections
Representations and Warranties
Covenants
Term
Termination
Force Majeure
Liability
Indemnification
Insurance
Assignment
Subcontracting
Notice
Amendment
Waiver
Severability
Entire Agreement
Governing Law
Dispute Resolution
Anti-Money Laundering
Islamic Finance Compliance
Business Continuity
Audit Rights
Security
Systems and Technology
Personnel
Banking & Financial Services
Islamic Banking
Fintech
Real Estate Finance
Consumer Finance
Commercial Lending
Asset Management
Debt Collection
Financial Technology
Credit Services
Legal
Compliance
Risk Management
Operations
Finance
Credit Administration
Collections
Portfolio Management
Treasury
Client Relations
Loan Administration
Islamic Banking
Contract Management
Chief Financial Officer
Head of Loan Operations
Loan Servicing Manager
Compliance Officer
Legal Counsel
Risk Manager
Operations Director
Portfolio Manager
Credit Manager
Relationship Manager
Treasury Manager
Collections Manager
Chief Operating Officer
Contracts Manager
Financial Controller
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