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OverFacility Agreement

OverFacility Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Overdraft Facility Agreement

"I need an Overdraft Facility Agreement for my manufacturing company based in Dubai, with a facility limit of AED 5 million, secured by company inventory and personal guarantees from all shareholders, to be effective from March 2025."

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Document background
An Overdraft Facility Agreement is a crucial banking document used in the United Arab Emirates when a bank agrees to provide a borrower with the ability to overdraw their account up to a specified limit. This document is essential for businesses and individuals seeking flexible working capital solutions in the UAE market. The agreement must comply with UAE Federal Law No. 14 of 2018 (Central Bank Law) and related banking regulations, while also adhering to UAE Civil and Commercial Codes. It typically includes detailed provisions about facility limits, interest calculations, security requirements, borrower obligations, and default scenarios. The document is particularly important in the UAE's dynamic business environment where working capital management and short-term financing needs are critical for business operations.
Suggested Sections

1. Parties: Identification of the bank and the borrower with full legal names and details

2. Background: Context of the agreement and brief description of the facility being provided

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. The Facility: Details of the overdraft facility including limit, purpose, and availability

5. Interest and Fees: Interest calculation method, rates, fees, and charges applicable to the facility

6. Utilization: Conditions and procedures for utilizing the overdraft facility

7. Repayment and Payment Mechanics: Terms for repayment, payment procedures, and account operations

8. Representations and Warranties: Standard representations and warranties given by the borrower

9. Information Undertakings: Borrower's obligations to provide financial and other information

10. General Undertakings: General covenants and obligations of the borrower

11. Events of Default: Circumstances constituting default and consequences

12. Changes to Parties: Provisions regarding assignment and transfer rights

13. Notices: Communication procedures between parties

14. Miscellaneous: General legal provisions including amendments, waivers, and severability

15. Governing Law and Jurisdiction: UAE law as governing law and jurisdiction provisions

Optional Sections

1. Security: Required when the overdraft facility is secured by collateral or guarantees

2. Islamic Banking Provisions: Required when the facility needs to comply with Sharia principles

3. Multiple Borrowers: Required when there are joint borrowers or group companies involved

4. Foreign Currency Provisions: Required when the facility can be utilized in multiple currencies

5. Set-off Rights: Optional enhanced set-off rights for banks with multiple relationships

6. Electronic Banking: Required when facility is accessible through electronic banking channels

7. Anti-Money Laundering: Enhanced AML provisions for high-risk clients or situations

8. Force Majeure: Optional detailed force majeure provisions for specific circumstances

Suggested Schedules

1. Conditions Precedent: List of documents and conditions required before facility availability

2. Form of Utilization Request: Standard form for requesting utilization of the facility

3. Calculation of Interest and Fees: Detailed methodology for calculating interest and fees

4. Form of Compliance Certificate: Standard form for periodic compliance certification

5. Security Details: Details of any security or collateral provided

6. Authorized Signatories: List of persons authorized to operate the facility

7. Existing Facilities: Details of any existing facilities or relationships

8. Fee Schedule: Detailed breakdown of all applicable fees and charges

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
Relevant legal definitions




































Clauses




























Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Retail

Healthcare

Hospitality

Trading

Technology

Transportation and Logistics

Professional Services

Energy and Utilities

Education

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Banking

Credit

Operations

Client Relations

Documentation

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Financial Controller

Credit Manager

Relationship Manager

Legal Counsel

Compliance Officer

Risk Manager

Account Manager

Corporate Banking Officer

Finance Manager

Company Secretary

Managing Director

Business Development Manager

Industries







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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