The Loan Settlement Agreement is a crucial document used in the United Arab Emirates when parties wish to formally conclude or restructure an existing loan arrangement. This document becomes necessary when a borrower and lender agree to settle a loan through either a lump sum payment, installment plan, or debt reduction arrangement. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and relevant banking regulations, while respecting Sharia principles regarding financial transactions. It typically includes details of the original loan, the agreed settlement amount, payment terms, release provisions, and default consequences. This type of agreement is particularly important in the UAE market where both conventional and Islamic banking principles need to be considered, and where formal documentation of financial settlements is crucial for legal enforcement.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Recitals detailing the original loan agreement, current outstanding amount, and parties' intention to settle
3. Definitions: Definitions of key terms used throughout the agreement
4. Settlement Amount: Clear statement of the agreed settlement sum and whether it represents a discount from the original amount
5. Payment Terms: Detailed payment schedule, method of payment, and payment instructions
6. Representations and Warranties: Statements by both parties confirming their authority and capacity to enter into the agreement
7. Release and Discharge: Terms of mutual release upon completion of settlement payments
8. Default Provisions: Consequences of failing to meet settlement terms and remedies available
9. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant courts' jurisdiction
10. Notices: Process and addresses for formal communications between parties
11. Entire Agreement: Confirmation that this agreement supersedes all previous agreements regarding the settlement
12. Execution: Signature blocks and execution requirements
1. Security Release: Include when existing security arrangements need to be terminated
2. Confidentiality: Include when parties wish to keep settlement terms private
3. Tax Provisions: Include when tax implications need to be addressed explicitly
4. Third Party Rights: Include when guarantors or other third parties are involved
5. Partial Settlements: Include when settlement allows for partial payments with specific conditions
6. Currency Provisions: Include for cross-border settlements involving multiple currencies
7. Force Majeure: Include when parties want specific provisions for unforeseen circumstances
1. Payment Schedule: Detailed breakdown of payment amounts and due dates
2. Original Loan Documentation: Copy or summary of the original loan agreement being settled
3. Security Documentation: List of security documents to be released upon settlement
4. Bank Account Details: Payment account information for settlement payments
5. Power of Attorney: If applicable, authorization documents for representatives
6. Outstanding Amount Calculation: Detailed calculation of the settlement amount including any discounts
Relevant legal definitions
Agreement
Original Loan Agreement
Settlement Amount
Outstanding Amount
Business Day
Completion Date
Default Event
Effective Date
Encumbrance
Final Settlement Date
Interest
Lender
Borrower
Loan
Original Facility
Payment Date
Relevant Period
Security
Security Documents
Settlement Payment
Settlement Terms
Warranties
Working Day
Governing Law
Confidential Information
Force Majeure Event
Material Adverse Effect
Parties
Released Claims
Representatives
UAE
Default Rate
Discharge Date
Payment Schedule
Related Rights
Release Documents
Original Loan Agreement
Settlement Amount
Outstanding Amount
Business Day
Completion Date
Default Event
Effective Date
Encumbrance
Final Settlement Date
Interest
Lender
Borrower
Loan
Original Facility
Payment Date
Relevant Period
Security
Security Documents
Settlement Payment
Settlement Terms
Warranties
Working Day
Governing Law
Confidential Information
Force Majeure Event
Material Adverse Effect
Parties
Released Claims
Representatives
UAE
Default Rate
Discharge Date
Payment Schedule
Related Rights
Release Documents
Clauses
Interpretation
Definitions
Settlement Terms
Payment Obligations
Conditions Precedent
Representations and Warranties
Release and Discharge
Security Release
Default
Remedies
Interest
Costs and Expenses
Tax
Assignment
Confidentiality
Notices
Amendments
Severability
Waiver
Force Majeure
Further Assurance
Counterparts
Third Party Rights
Entire Agreement
Governing Law
Jurisdiction
Dispute Resolution
Indemnification
Authority
No Set-off
Time of Essence
Survival
Definitions
Settlement Terms
Payment Obligations
Conditions Precedent
Representations and Warranties
Release and Discharge
Security Release
Default
Remedies
Interest
Costs and Expenses
Tax
Assignment
Confidentiality
Notices
Amendments
Severability
Waiver
Force Majeure
Further Assurance
Counterparts
Third Party Rights
Entire Agreement
Governing Law
Jurisdiction
Dispute Resolution
Indemnification
Authority
No Set-off
Time of Essence
Survival
Relevant Industries
Banking & Financial Services
Real Estate
Commercial Trading
Manufacturing
Construction
Retail
Healthcare
Education
Hospitality
Technology
Professional Services
Investment & Capital Markets
Relevant Teams
Legal
Finance
Compliance
Risk Management
Treasury
Credit Control
Collections
Corporate Affairs
Operations
Executive Management
Company Secretariat
Debt Recovery
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Compliance Officer
Credit Manager
Risk Manager
Collections Manager
Treasury Manager
Corporate Lawyer
Banking Relationship Manager
Debt Recovery Officer
Financial Controller
Company Secretary
Managing Director
Chief Executive Officer
Loan Officer
Settlement Officer
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