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Amended And Restated Promissory Note for United Arab Emirates

Amended And Restated Promissory Note Template for United Arab Emirates

A formal financial instrument governed by UAE law, specifically UAE Federal Law No. 18 of 1993 (Commercial Transactions Law), that modifies and replaces an existing promissory note while maintaining the continuity of the underlying obligation. This document represents a legally binding promise to pay a specified sum of money, incorporating any agreed changes to the original terms such as payment schedule, interest rates, or other conditions. It must comply with UAE commercial law requirements for promissory notes while clearly documenting the amendment and restatement of the previous arrangement.

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What is a Amended And Restated Promissory Note?

An Amended and Restated Promissory Note is commonly used in the UAE when parties need to modify the terms of an existing promissory note while preserving the underlying debt obligation. This document type is particularly useful in debt restructuring, payment rescheduling, or when other material terms of the original note need modification. The document must comply with UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and related regulations, which set specific requirements for validity and enforceability. The Amended and Restated Promissory Note consolidates all changes into a single, clear document that supersedes the original note, providing a comprehensive record of the modified obligation while maintaining the security and enforceability of the original instrument.

What sections should be included in a Amended And Restated Promissory Note?

1. Original Note Details: Reference to the original promissory note being amended, including its date, parties, and principal amount

2. Amendment and Restatement: Clear statement that this document amends and restates the original note in its entirety

3. Promise to Pay: Unconditional promise to pay a specific sum of money, including the amount in both numbers and words

4. Payment Terms: Detailed payment schedule, including due date(s), installment amounts if applicable, and payment method

5. Interest Rate: Specification of any applicable interest rate, calculation method, and payment schedule

6. Place of Payment: Specific location or method where/how payment should be made

7. Maker Details: Full legal name and address of the person/entity making the promise to pay

8. Payee Details: Full legal name and address of the person/entity to whom payment is to be made

9. Date and Place of Issuance: Date when and place where the amended note is issued

10. Governing Law: Explicit statement that UAE law governs the promissory note

What sections are optional to include in a Amended And Restated Promissory Note?

1. Security Provisions: Include when the note is secured by collateral or guarantees

2. Default Provisions: Include when specific consequences of default need to be outlined

3. Prepayment Terms: Include when early payment options are allowed

4. Transfer Rights: Include when specific restrictions or permissions for transfer need to be documented

5. Notice Requirements: Include when specific notice procedures need to be established

6. Currency Conversion: Include when payment may be made in multiple currencies

7. Force Majeure: Include when specific circumstances that might affect payment need to be addressed

What schedules should be included in a Amended And Restated Promissory Note?

1. Schedule A - Payment Schedule: Detailed breakdown of payment installments, dates, and amounts if payment is to be made in installments

2. Schedule B - Original Note: Copy of the original promissory note being amended and restated

3. Schedule C - Security Details: Details of any collateral or security arrangements if the note is secured

4. Appendix 1 - Calculation Method: Detailed explanation of interest calculation method if complex interest arrangements apply

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

Publisher

Ƶ

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions






























Clauses
























Relevant Industries

Banking and Financial Services

Real Estate and Construction

Commercial Trading

Manufacturing

Investment and Private Equity

Small and Medium Enterprises

Professional Services

Retail

Healthcare

Education

Relevant Teams

Legal

Finance

Treasury

Credit Management

Risk Management

Compliance

Corporate Secretariat

Accounts Receivable

Business Development

Investment

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Legal Counsel

Corporate Secretary

Credit Manager

Financial Controller

Accounts Receivable Manager

Risk Manager

Compliance Officer

Managing Director

Business Development Manager

Investment 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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