The Loan With Collateral Agreement is essential for secured financing transactions in Saudi Arabia, where lenders require security interests in specific assets to mitigate lending risks. This document is typically used when a borrower seeks financing while offering valuable assets as security, whether movable or immovable property. The agreement must strictly comply with Saudi Arabian law and Shariah principles, particularly regarding the structure of profit payments and the nature of permissible collateral. It includes detailed provisions for collateral valuation, maintenance, and enforcement, along with specific requirements for registration with relevant Saudi authorities. The document is crucial for both conventional and Islamic financial institutions operating in Saudi Arabia, providing a legally enforceable framework for secured lending while maintaining Shariah compliance.
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1. Parties: Identification of the lender(s) and borrower(s) with full legal names and addresses
2. Background: Context of the loan arrangement and confirmation of Sharia compliance
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Loan Amount and Purpose: Specification of the loan amount, currency, and permitted use of funds
5. Collateral Description and Grant: Detailed description of the collateral and creation of security interest
6. Disbursement Conditions: Conditions precedent for loan disbursement including required documentation
7. Repayment Terms: Payment schedule, profit rate (avoiding interest), and payment mechanics
8. Collateral Maintenance: Obligations regarding maintenance, insurance, and preservation of collateral
9. Representations and Warranties: Standard and transaction-specific representations by the borrower
10. Covenants: Positive and negative obligations of the borrower during the loan term
11. Events of Default: Circumstances constituting default and consequences thereof
12. Enforcement Rights: Lender's rights and remedies regarding collateral upon default
13. Costs and Expenses: Allocation of transaction costs and enforcement expenses
14. Notices: Communication procedures between parties
15. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction
1. Multiple Lenders Provisions: Required when there are multiple lenders, covering voting rights and agent appointments
2. Islamic Finance Structures: Specific provisions for Murabaha, Ijara, or other Islamic financing structures
3. Registration Requirements: Special provisions for registering security interests in specific types of collateral
4. Guarantee Provisions: Required when there are third-party guarantors
5. Currency Provisions: Required for loans in foreign currencies
6. Assignment and Transfer: Optional provisions for transferability of the loan or security interest
7. Additional Collateral: Provisions for adding or substituting collateral during the loan term
8. Environmental Compliance: Required when collateral includes real estate or industrial assets
1. Schedule 1 - Collateral Description: Detailed technical description and documentation of all collateral assets
2. Schedule 2 - Payment Schedule: Detailed repayment schedule with dates and amounts
3. Schedule 3 - Form of Disbursement Request: Template for borrower to request loan disbursement
4. Schedule 4 - Conditions Precedent Documents: List of required documents for loan disbursement
5. Schedule 5 - Permitted Security Interests: List of pre-existing or permitted security interests on collateral
6. Schedule 6 - Form of Compliance Certificate: Template for periodic compliance certification by borrower
7. Appendix A - Collateral Valuation Report: Initial valuation report for the collateral
8. Appendix B - Insurance Requirements: Detailed insurance requirements for different types of collateral
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Manufacturing and Industrial
Energy and Resources
Transportation and Logistics
Technology and Communications
Healthcare and Pharmaceuticals
Retail and Consumer Goods
Agriculture and Food Production
Infrastructure Development
Relevant Teams
Legal
Finance
Risk Management
Compliance
Credit Administration
Treasury
Corporate Banking
Shariah Advisory
Documentation
Collateral Management
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Compliance Officer
Risk Manager
Credit Manager
Treasury Manager
Corporate Banking Officer
Shariah Compliance Officer
Collateral Manager
Senior Loan Officer
Documentation Specialist
Security Trustee
Corporate Secretary
Financial Controller
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