The Credit Agreement Contract is a fundamental document used in Saudi Arabian financial transactions to establish and govern credit facilities between financial institutions and borrowers. It must comply with both Saudi Arabian banking regulations and Islamic (Shariah) law principles, which prohibit conventional interest but allow for alternative profit structures. The agreement is essential for any significant financing arrangement in Saudi Arabia, whether for corporate financing, project development, or major acquisitions. It includes comprehensive details about the credit facility, including the financing structure (such as Murabaha or Ijara), profit rates, payment terms, security arrangements, and the rights and obligations of all parties. The document must be carefully structured to ensure enforceability under Saudi law while maintaining Shariah compliance, making it a critical tool for financial institutions operating in the Kingdom.
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1. Parties: Identification of the lender and borrower with full legal names and details
2. Background: Context of the agreement and confirmation of Shariah compliance
3. Definitions: Definitions of key terms used throughout the agreement
4. Facility Details: Specific details of the credit facility including amount, purpose, and structure (e.g., Murabaha, Ijara)
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Drawdown Mechanics: Procedures and requirements for utilizing the facility
7. Payment Provisions: Terms of repayment, profit rates, and payment schedules
8. Representations and Warranties: Statements of fact and assurances given by the borrower
9. Covenants: Ongoing obligations of the borrower during the facility period
10. Events of Default: Circumstances that constitute default and their consequences
11. Indemnities: Borrower's obligations to compensate the lender for specified losses
12. Costs and Expenses: Allocation of costs related to the facility
13. Notices: Communication procedures between parties
14. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution mechanisms
15. Execution: Signature blocks and execution formalities
1. Security Arrangements: Details of any collateral or security provided - include when facility is secured
2. Guarantee Provisions: Terms of any third-party guarantees - include when guarantors are involved
3. Syndication Provisions: Terms for multiple lenders - include for syndicated facilities
4. Islamic Structure Specifics: Detailed Shariah structure provisions - include when using specific Islamic financing structures
5. Assignment and Transfer: Terms for transferring rights under the agreement - include for transferable facilities
6. Currency Provisions: Foreign currency terms - include for multi-currency facilities
7. Agency Provisions: Terms regarding facility agent - include for syndicated or managed facilities
8. Tax Provisions: Detailed tax implications - include when tax complexities exist
1. Facility Terms Schedule: Detailed terms of the facility including amounts, profit rates, and payment dates
2. Form of Drawdown Notice: Template for borrower to request facility utilization
3. Conditions Precedent Documents: List of required documents and conditions
4. Security Details: Detailed description of security assets and perfection requirements
5. Form of Compliance Certificate: Template for periodic compliance confirmation
6. Shariah Structure Documentation: Specific documentation required for the Islamic financing structure
7. Calculation Methodology: Details of profit and payment calculations
8. Required Authorizations: List of necessary regulatory and corporate approvals
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate & Construction
Manufacturing & Industrial
Retail & Commercial
Healthcare
Technology & Communications
Energy & Resources
Transportation & Logistics
Agriculture & Food
Education
Hospitality & Tourism
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Credit Analysis
Operations
Documentation
Shariah Advisory
Corporate Finance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Credit Risk Manager
Relationship Manager
Corporate Banking Officer
Shariah Compliance Officer
Financial Controller
Legal Director
Corporate Finance Manager
Banking Operations Manager
Credit Analysis Manager
Documentation Specialist
Risk Assessment Officer
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