The Financing Contract Agreement is a fundamental legal document used in Saudi Arabia to establish and govern financing arrangements between financial institutions and borrowers. This document is essential when parties seek to enter into Sharia-compliant financing transactions, whether for corporate financing, project financing, or asset financing purposes. The agreement must comply with Islamic principles, particularly the prohibition of riba (interest), and incorporate profit-sharing or asset-based financing structures. It needs to align with Saudi Arabian law, including regulations from the Saudi Arabian Monetary Authority (SAMA) and recent reforms under Vision 2030. The document typically includes detailed provisions on facility terms, security arrangements, payment mechanisms, and enforcement procedures, all structured to ensure Sharia compliance while protecting the interests of all parties involved.
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1. Parties: Identification of the financing institution and the customer/borrower, including full legal names and registration details
2. Background: Context of the financing arrangement and purpose of the facility
3. Definitions: Comprehensive definitions of terms used throughout the agreement, including Sharia-compliant financing terms
4. Facility: Details of the financing facility, structure, and Sharia-compliant mechanism (e.g., Murabaha, Ijara, etc.)
5. Conditions Precedent: Prerequisites that must be satisfied before the facility becomes effective
6. Payment Terms: Structure and schedule of payments, ensuring Sharia compliance
7. Customer Representations and Warranties: Statements of fact and assurances from the customer regarding their legal and financial status
8. Customer Undertakings: Ongoing obligations and commitments of the customer during the facility period
9. Events of Default: Circumstances constituting default and consequences thereof
10. Security: Details of security/collateral provided to secure the facility
11. Costs and Expenses: Allocation of costs related to the facility and its documentation
12. Notices: Communication procedures between parties
13. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution mechanisms
14. Sharia Compliance: Explicit confirmation of Sharia compliance and related provisions
1. Additional Security Provider Provisions: Required when third-party security providers are involved
2. Syndication: Included when the facility may be syndicated to multiple financiers
3. Assignment and Transfer: Detailed provisions for transfer rights when assignment is contemplated
4. Agency Provisions: Required for multi-lender facilities with an agent bank
5. Account Bank Provisions: Specific provisions when designated accounts are required
6. Takaful (Islamic Insurance): Insurance requirements when specific assets need to be insured
7. Early Payment: Provisions for early settlement of the facility
8. Force Majeure: Specific provisions for unforeseen circumstances affecting performance
1. Facility Details: Detailed breakdown of the facility amount, payment schedule, and profit rate
2. Form of Drawdown Notice: Template for requesting disbursement of the facility
3. Security Documents: List and copies of all security documents
4. Conditions Precedent Documents: Detailed list of required documents and conditions
5. Form of Compliance Certificate: Template for periodic compliance certification
6. Payment Schedule: Detailed payment dates and amounts
7. Property Schedule: Details of any property or assets involved in the financing
8. Designated Account Details: Banking information for payments and disbursements
9. Form of Promissory Note: Template for required promissory notes under Saudi law
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Manufacturing and Industrial
Healthcare
Education
Retail and Commercial
Technology and Communications
Energy and Utilities
Transportation and Logistics
Hospitality and Tourism
Relevant Teams
Legal
Finance
Compliance
Risk Management
Treasury
Corporate Banking
Islamic Banking
Credit
Operations
Business Development
Corporate Finance
Contracts Administration
Executive Management
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Compliance Officer
Credit Manager
Risk Manager
Treasury Manager
Corporate Finance Manager
Islamic Finance Specialist
Relationship Manager
Contract Manager
Financial Controller
Company Secretary
Chief Executive Officer
Business Development Manager
Corporate Banking Officer
Sharia Compliance Officer
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