The Promissory Note Loan Agreement is commonly used in Saudi Arabia for both commercial and personal financing transactions where a formal, enforceable debt obligation is required. This document type is particularly valuable when the lender needs strong security in the form of a negotiable instrument while ensuring Shariah compliance. It combines elements of conventional loan documentation with Islamic finance principles and includes the issuance of a promissory note as security for the loan. The agreement must comply with Saudi Arabian law, particularly the Commercial Papers Regulation and Banking Control Law, while adhering to Islamic Shariah principles. It's typically used in commercial lending, real estate financing, and business expansion scenarios where documented proof of debt and clear enforcement mechanisms are essential.
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1. Parties: Identification of the lender and borrower with full legal names, addresses, and registration details if applicable
2. Background: Context of the loan arrangement and confirmation of Shariah compliance
3. Definitions: Key terms used in the agreement, including Islamic finance terminology
4. Loan Amount and Purpose: Specification of the principal amount and permitted use of funds
5. Promissory Note Terms: Specific terms of the promissory note including payment date, place of payment, and unconditional promise to pay
6. Repayment Terms: Schedule of repayment, payment method, and currency
7. Security and Guarantees: Details of any security or guarantees provided to secure the loan
8. Representations and Warranties: Statements of fact and assurances from the borrower
9. Events of Default: Circumstances constituting default and consequences
10. Enforcement: Rights and remedies of the lender in case of default
11. Governing Law and Jurisdiction: Confirmation of Saudi law governance and jurisdiction of Saudi courts
12. Execution: Signature blocks and attestation requirements
1. Profit Rate: For Islamic finance structures using profit instead of interest - used when the loan includes a Shariah-compliant profit mechanism
2. Early Payment: Terms for early repayment of the loan - included when early repayment is permitted
3. Additional Borrower Covenants: Specific obligations of the borrower - included for complex commercial loans
4. Assignment Provisions: Terms regarding transfer of rights - included when transfer rights are contemplated
5. Joint and Several Liability: Used when there are multiple borrowers
6. Costs and Expenses: Allocation of transaction costs - included in larger commercial loans
1. Form of Promissory Note: Template of the promissory note meeting Saudi legal requirements
2. Repayment Schedule: Detailed schedule of payment dates and amounts
3. Security Details: Detailed description of any security or collateral provided
4. Required Documents: List of supporting documents required for the loan
5. Shariah Structure: Detailed explanation of the Islamic finance structure used
6. Specimen Signatures: Authenticated signatures of authorized signatories
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Islamic Finance
Commercial Lending
Real Estate
Construction
Manufacturing
Retail
Healthcare
Education
Transportation
Small & Medium Enterprises
Relevant Teams
Legal
Finance
Compliance
Risk Management
Treasury
Credit Administration
Islamic Banking
Corporate Secretariat
Business Development
Operations
Relevant Roles
Legal Counsel
Finance Manager
Credit Manager
Compliance Officer
Shariah Advisor
Risk Manager
Corporate Treasurer
Banking Relationship Manager
Chief Financial Officer
Legal Director
Loan Officer
Corporate Secretary
Financial Controller
Business Development Manager
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