Inter Corporate Deposit Agreement

Inter Corporate Deposit Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

I need an Inter Corporate Deposit Agreement for my manufacturing company to deposit AED 50 million with Emirates Islamic Bank for a 12-month term starting March 1, 2025, with Sharia-compliant terms and quarterly profit distribution.

Document background

The Inter Corporate Deposit Agreement is essential for companies operating in the UAE that wish to place deposits with other corporate entities, typically financial institutions. This document is used when a corporation has surplus funds and seeks to deposit them with another corporation, usually a financial institution, for a specified period at agreed interest rates. The agreement must comply with UAE Federal Law No. 14 of 2018 (Central Bank Law) and related banking regulations, addressing key aspects such as deposit terms, interest calculations, regulatory requirements, and potential Sharia compliance considerations. It's particularly relevant for treasury operations of UAE companies and financial institutions, providing a structured framework for corporate deposit arrangements while ensuring adherence to local banking and commercial laws.

Suggested Sections

1. Parties: Identification of the depositor and deposit-taking corporation, including their registration details and addresses

2. Background: Context of the deposit arrangement and confirmation of authority to enter into the agreement

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

4. Deposit Amount and Terms: Specification of the deposit amount, currency, and tenure of the deposit

5. Interest Rate and Calculations: Details of the applicable interest rate, calculation method, and payment frequency

6. Payment Terms: Terms for deposit placement, interest payments, and maturity proceeds

7. Representations and Warranties: Standard representations from both parties regarding capacity, authority, and compliance

8. Covenants: Ongoing obligations of both parties during the deposit term

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

10. Termination: Provisions for termination of the agreement, including early termination rights

11. Notices: Process and requirements for formal communications between parties

12. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

13. General Provisions: Standard boilerplate provisions including amendments, waivers, and severability

Optional Sections

1. Security Arrangements: Required when the deposit is secured by any form of collateral or guarantee

2. Sharia Compliance: Required when the deposit arrangement needs to be Sharia-compliant

3. Tax Provisions: Required when specific tax considerations need to be addressed, particularly for international deposits

4. Regulatory Compliance: Required when specific UAE Central Bank or other regulatory requirements need detailed treatment

5. Roll-over Provisions: Required when automatic renewal of the deposit is contemplated

6. Currency Exchange Provisions: Required when the deposit involves multiple currencies or exchange rate considerations

7. Group Company Provisions: Required when the arrangement involves group company guarantees or cross-default provisions

Suggested Schedules

1. Deposit Details Schedule: Detailed terms of the deposit including amount, tenure, interest rate, and payment dates

2. Interest Calculation Methodology: Detailed explanation of interest calculation methods and examples

3. Form of Deposit Confirmation: Template for confirming deposit placement and terms

4. Security Details: Details of any security or collateral arrangements if applicable

5. Authorized Signatories: List of authorized representatives for both parties

6. Notice Details: Contact information and addresses for notices

7. Form of Renewal Notice: Template for deposit renewal notifications if applicable

8. Compliance Certificates: Templates for any required regulatory or compliance certifications

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��ֱ�� | 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

Financial Services

Investment Management

Corporate Treasury

Insurance

Manufacturing

Real Estate

Energy

Telecommunications

Retail

Healthcare

Relevant Teams

Treasury

Finance

Legal

Compliance

Risk Management

Corporate Banking

Investment

Operations

Regulatory Affairs

Company Secretariat

Relevant Roles

Treasury Manager

Chief Financial Officer

Financial Controller

Corporate Treasurer

Legal Counsel

Compliance Officer

Banking Relationship Manager

Finance Director

Investment Manager

Risk Manager

Corporate Banking Officer

Treasury Operations Manager

Legal Director

Company Secretary

Regulatory Compliance Manager

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