Gold Loan Agreement

Gold Loan Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

I need a Gold Loan Agreement for our UAE bank's retail division, compliant with Islamic banking principles, for individual borrowers pledging personal gold jewelry as security, with a maximum loan tenure of 12 months and loan-to-value ratio of 65%.

Document background

The Gold Loan Agreement is a specialized financing document used in the UAE when a borrower seeks to obtain a loan using gold as collateral. This document is particularly relevant in the UAE market, where gold trading and gold-backed financing are significant components of the financial sector. The agreement must comply with UAE Federal Laws, Central Bank regulations, and DMCC requirements for precious metals trading. It includes comprehensive provisions for gold valuation, custody, quality verification, and security enforcement, making it suitable for both individual and institutional borrowers. The document addresses specific UAE regulatory requirements for gold trading and secured lending, including anti-money laundering provisions and consumer protection measures where applicable.

Suggested Sections

1. Parties: Identification of the lender (financial institution) and borrower(s), including full legal names and addresses

2. Background: Context of the agreement, including the borrower's request for the loan and the lender's agreement to provide it against gold security

3. Definitions: Definitions of key terms used throughout the agreement, including technical terms related to gold quality, valuation, and banking terms

4. Loan Amount and Purpose: Details of the loan amount, purpose, and terms of disbursement

5. Gold Security Details: Specifications of the gold being pledged, including weight, purity, form, and agreed valuation

6. Security Creation: Legal provisions creating the security interest over the pledged gold

7. Custody and Storage: Arrangements for the safe custody and storage of the pledged gold

8. Interest and Fees: Interest rate, calculation method, fees, and payment terms

9. Repayment Terms: Loan repayment schedule, prepayment provisions, and consequences of default

10. Borrower's Representations: Warranties regarding ownership and quality of gold, financial status, and legal capacity

11. Borrower's Covenants: Ongoing obligations of the borrower during the loan term

12. Events of Default: Circumstances constituting default and consequences thereof

13. Enforcement Rights: Lender's rights and remedies in case of default, including gold liquidation procedures

14. Governing Law and Jurisdiction: UAE law as governing law and jurisdiction for disputes

Optional Sections

1. Multiple Borrower Provisions: Required when there are multiple borrowers, defining joint and several liability

2. Additional Security: Used when additional security beyond gold is being provided

3. Insurance: Detailed insurance requirements if insurance of the gold is required by the lender

4. Tax Provisions: Special tax considerations and obligations, if applicable

5. Gold Quality Testing: Specific provisions for testing and verifying gold quality during the loan term

6. Partial Release Provisions: Terms for partial release of gold upon partial loan repayment

7. Force Majeure: Provisions for unforeseen circumstances affecting gold storage or valuation

Suggested Schedules

1. Schedule 1 - Gold Specifications: Detailed description of the pledged gold including weight, purity, form, and identification marks

2. Schedule 2 - Valuation Mechanism: Methodology for gold valuation, including price sources and calculation formula

3. Schedule 3 - Storage Requirements: Specific requirements for storage facilities and security measures

4. Schedule 4 - Fees Schedule: Detailed breakdown of all applicable fees and charges

5. Schedule 5 - Repayment Schedule: Detailed loan repayment schedule with dates and amounts

6. Appendix A - Gold Testing Procedures: Procedures for testing and verifying gold quality

7. Appendix B - Required Forms: Standard forms for notices, requests, and other communications

8. Appendix C - Regulatory Compliance Checklist: Checklist of required documentation for UAE regulatory compliance

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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 & Finance

Precious Metals Trading

Jewelry

Mining

Wealth Management

Retail Banking

Islamic Banking

Commodities Trading

Insurance

Relevant Teams

Legal

Credit

Compliance

Risk Management

Operations

Treasury

Precious Metals

Security

Customer Relations

Finance

Due Diligence

Retail Banking

Corporate Banking

Relevant Roles

Legal Counsel

Banking Officer

Credit Manager

Gold Valuation Expert

Compliance Officer

Risk Manager

Treasury Manager

Relationship Manager

Security Officer

Operations Manager

Finance Director

Precious Metals Specialist

Branch Manager

Loan Officer

Due Diligence Officer

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Let's create your Gold Loan Agreement

Authors

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