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Credit Facility Agreement

This Credit Facility Agreement ("Agreement") is made and entered into on this 07/12/2024 by and between:
  • 1. Innov8 Products FZC, a company incorporated under the laws of the UAE, having its principal place of business at M6-10, SAIF Zone, Sharjah, UAE ("Lender");
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  • 2. , a company incorporated under the laws of the UAE, having its principal place of business at ("Borrower").
WHEREAS:
  • 1. The Lender agrees to provide a credit facility to the Borrower under the terms and conditions set forth herein.
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  • 2. The Borrower agrees to utilize the credit facility provided by the Lender under the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties agree as follows:

1. Credit Facility

  • 1.1 Amount: The Lender agrees to provide the Borrower with a credit facility up to a principal amount of (the "Credit Facility"). Any increase in the credit limit after the date of signing this agreement will only becomes effective upon the Lenders review at the request of the Borrower. The Borrower agrees that this Agreement will cover the full amount of any increased credit limit.
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  • 1.2 Credit Limit Review: The credit limit may be reviewed, increased or revoked based on the Borrower's order and repayment history, at the sole discretion of the Lender.

2. Repayment

  • 2.1 Repayment Schedule: The Borrower shall repay the outstanding balance of the Credit Facility within [30 days from the date of invoice].

3. Documentation Requirements

  • 3.1 Trade License: The Borrower must submit a valid UAE trade license.
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  • 3.2 Emirates ID: For credit amounts exceeding AED 50,000, the Borrower must submit a copy of the owner's Emirates ID.

4. Default

  • 4.1 Events of Default:The following events shall constitute an event of default under this Agreement:

    • (a) Failure to make any payment when due under this Agreement.
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    • (b) The Borrower becomes insolvent or makes an assignment for the benefit of creditors.
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  • 4.2 Remedies: Upon the occurrence of an event of default:

    • (a) The Lender may declare the outstanding principal amount of the Credit Facility and all accrued interest thereon to be immediately due and payable.
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    • (b) If the default persists for more than 3 months, the matter will be escalated to legal proceedings, and the Borrower shall be responsible for all associated legal fees and costs.

5. Representations and Warranties

  • 5.1 Representations and Warranties of the Borrower: The Borrower represents and warrants to the Lender that:

    • (a) It is duly organized and validly existing under the laws of its jurisdiction of incorporation.
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    • (b) It has the power and authority to enter into and perform its obligations under this Agreement.

6. Miscellaneous

  • 6.1 Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the UAE.
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  • 6.2 Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.


Innov8 Products FZC
Nicole Cairns - Authorized Signatory - Authorized Signatory






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