The Loan Syndication Agreement is utilized for large-scale financing transactions in Saudi Arabia where multiple lenders combine their resources to provide financing to a single borrower or group of borrowers. This document is essential when the size of the financing exceeds the capacity or risk appetite of a single lender, typically in project finance, corporate financing, or major acquisitions. The agreement must comply with Saudi Arabian law, including Sharia principles and SAMA regulations, while incorporating international best practices in syndicated lending. It covers crucial aspects such as facility terms, profit rates (instead of interest), security arrangements, representations and warranties, covenants, and events of default. The document is particularly important in the current Saudi market given the increasing number of large-scale projects under Vision 2030 and the growing sophistication of the Islamic finance sector.
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1. Parties: Identification of the Borrower, Original Lenders, Facility Agent, Security Agent, and any other key parties
2. Background: Context of the transaction and acknowledgment of Sharia compliance
3. Definitions and Interpretation: Comprehensive definitions of terms and interpretation principles, including Sharia-specific terminology
4. The Facilities: Details of the financing structure, commitment amounts, and purpose
5. Conditions Precedent: Documents and conditions required before utilization
6. Utilization: Procedures and requirements for drawing down the facility
7. Profit Rate and Fees: Sharia-compliant profit rate structure and applicable fees
8. Payment Mechanics: Payment procedures, currency provisions, and distribution rules
9. Islamic Finance Provisions: Specific provisions ensuring Sharia compliance
10. Representations and Warranties: Standard and transaction-specific representations
11. Information Undertakings: Reporting and information obligations of the borrower
12. General Undertakings: Positive and negative covenants
13. Events of Default: Default triggers and consequences
14. Changes to Parties: Transfer and assignment provisions
15. Role of the Agents: Rights, duties, and responsibilities of the Facility and Security Agents
16. Administration: Administrative provisions including notices and calculations
17. Governing Law and Jurisdiction: Saudi law provisions and dispute resolution mechanisms
1. Security: Required when the facility is secured, detailing security package and enforcement
2. Intercreditor Provisions: Needed when multiple classes of creditors are involved
3. Investment Agency Provisions: Required for Wakala-based structures
4. Commodity Murabaha Provisions: Included when using commodity murabaha structure
5. Subordination: Required when there is subordinated debt
6. Guarantee: Included when there are guarantors
7. Increased Costs: Optional provisions for dealing with regulatory changes
8. Tax Provisions: Detailed tax provisions if cross-border elements exist
9. Additional Facility Provisions: Required for accordion or incremental facilities
1. Form of Utilization Request: Standard form for drawing requests
2. Conditions Precedent Documents: List of required documentation
3. Form of Transfer Certificate: Standard form for transfers between lenders
4. Form of Compliance Certificate: Template for periodic compliance reporting
5. Commitment Schedule: Details of lenders and their commitments
6. Form of Accession Deed: Template for new parties joining the facility
7. Security Documents: Forms of security documentation
8. Payment Schedule: Repayment schedule and profit payment dates
9. Form of Sharia Compliance Certificate: Template for confirming ongoing Sharia compliance
10. Form of Agency Fee Letter: Template for agent fee arrangements
11. Contact Details: Administrative and notice details for all parties
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Islamic Finance
Infrastructure
Real Estate
Energy & Resources
Manufacturing
Telecommunications
Transportation
Healthcare
Retail & Consumer
Government & Public Sector
Construction & Engineering
Technology
Agriculture
Education
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Islamic Banking
Credit
Documentation
Syndications
Project Finance
Transaction Management
Investment Banking
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Relationship Manager
Credit Risk Manager
Syndications Manager
Islamic Finance Specialist
Transaction Manager
Corporate Finance Manager
Investment Officer
Facility Agent
Documentation Officer
Security Trustee
Project Finance Manager
Sharia Compliance Officer
Senior Banker
Corporate Banking Head
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