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LOAN NOVATION AGREEMENT

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LOAN NOVATION AGREEMENT

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Basic Info

  • Applicable Region UAE
  • Available Languages
    English
    English & Arabic
  • Document No 0000330
  • Version V 1.0
  • Last Updated 07-06-2023
  • Reviews 0
Document Summary

This is an agreement between a Creditor, a Debtor, an Assignee and a Guarantor under which the assignee replaces the debtor in its rights and obligations under an existing loan agreement towards the creditor.

The debtor will be completely discharged of its rights and obligations towards the creditor and the assignee will instead assume the same rights and obligations under the same terms towards the creditor with a guarantee from the Guarantor in favor of the Creditor.

Description

This agreement contains the following sections :

1.   Transfer and Assignment

2.   Due Diligence

3.   Effect of the Transfer and Assignment

4.   Amendments and Waivers

5.   Counterparts

6.   Governing Law and Jurisdiction

7.   Language

Jurisdiction

This document is intended for use in the United Arab Emirates.

Before Execution

- The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.

- Please delete this front page together with the information contained in the headers, footers and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.

- Please remove the square brackets and all highlighting prior to signature.