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Co Borrower Agreement

Co Borrower Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Co Borrower Agreement

I need a Co-Borrower Agreement for a property purchase in Dubai, where three family members will jointly borrow AED 2.5 million from Emirates NBD, with the loan to commence on March 1, 2025.

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Document background
The Co-Borrower Agreement is essential in UAE lending practices where multiple parties seek to jointly obtain financing. This document is commonly used in situations ranging from family home purchases to business partnerships requiring shared financial responsibilities. It must comply with UAE Federal Law No. 5 of 1985 (Civil Code), UAE Federal Law No. 14 of 2018 (Central Bank Law), and other relevant banking regulations. The agreement specifically details the rights, obligations, and liabilities of all borrowers, establishing their joint responsibility for the loan while protecting the lender's interests. It includes crucial information about loan terms, repayment schedules, default provisions, and communication requirements, making it a fundamental document in UAE lending transactions.
Suggested Sections

1. Parties: Identifies all co-borrowers and the lender, including full legal names and addresses

2. Background: Explains the context of the loan arrangement and relationship between co-borrowers

3. Definitions: Defines key terms used throughout the agreement

4. Loan Details: Specifies the loan amount, purpose, and key financial terms

5. Joint and Several Liability: Establishes that all co-borrowers are jointly and severally liable for the entire loan amount

6. Representations and Warranties: Statements of fact and assurances from each co-borrower about their financial status and ability to repay

7. Payment Terms: Details of repayment schedule, method of payment, and allocation between co-borrowers

8. Default Provisions: Consequences of default by any co-borrower and remedies available to the lender

9. Rights and Obligations: Specific rights and obligations of each co-borrower in relation to the loan

10. Communications: Requirements for notices and communications between parties

11. Governing Law and Jurisdiction: Confirms UAE law as governing law and specifies jurisdiction for disputes

12. Execution: Signature blocks for all parties and witnessing requirements

Optional Sections

1. Islamic Finance Compliance: Required when the loan must comply with Sharia principles

2. Security Arrangements: Include when specific assets are being provided as security for the loan

3. Insurance Requirements: Include when insurance is required for secured assets or life insurance for borrowers

4. Cross-Default Provisions: Include when co-borrowers have other lending relationships with the lender

5. Contribution Rights: Include to specify rights of co-borrowers to seek contribution from each other

6. Death or Incapacity: Include specific provisions for handling death or incapacity of any co-borrower

7. Early Repayment: Include if early repayment options are available

Suggested Schedules

1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rates, and payment schedule

2. Schedule 2 - Payment Allocation: Specification of how payments are to be allocated between co-borrowers

3. Schedule 3 - Security Details: Description of any security assets and their valuation

4. Schedule 4 - Contact Information: Detailed contact information for all parties and authorized representatives

5. Schedule 5 - Required Documents: List of documents required from each co-borrower

6. Appendix A - Payment Schedule: Detailed amortization schedule showing payment dates and amounts

7. Appendix B - Form of Notices: Standard forms for various notices under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Banking & Financial Services

Real Estate

Construction

Small & Medium Enterprises

Retail

Professional Services

Family Business

Manufacturing

Healthcare

Education

Relevant Teams

Legal

Credit Risk

Compliance

Corporate Banking

Retail Banking

Documentation

Risk Management

Corporate Finance

Mortgage Services

Legal Documentation

Relevant Roles

Legal Counsel

Loan Officer

Credit Manager

Risk Assessment Manager

Compliance Officer

Banking Relationship Manager

Corporate Finance Manager

Mortgage Advisor

Legal Documentation Specialist

Financial Services Manager

Corporate Banking Officer

Chief Legal Officer

Chief Risk Officer

Industries






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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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