The Revolving Line Of Credit Promissory Note is a crucial document in Saudi Arabian business financing, used when a borrower requires flexible, ongoing access to credit from a financial institution. This document serves as both a promise to pay and a formal agreement outlining the terms of the revolving credit facility. It must comply with Saudi Arabian banking regulations, particularly those issued by the Saudi Arabian Monetary Authority (SAMA), and adhere to Islamic finance principles. The document is typically used by businesses seeking working capital flexibility or ongoing funding needs, and includes specific provisions for credit limits, profit calculations, drawdown procedures, and repayment terms. It's essential for establishing legally binding credit arrangements while ensuring Shariah compliance in the Saudi Arabian jurisdiction.
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1. Header Information: Date, reference number, and document type identification
2. Parties: Full legal names and details of the borrower(s) and the lending institution
3. Credit Amount: Maximum credit limit and currency denomination
4. Promise to Pay: Unconditional promise to pay in accordance with Shariah principles
5. Credit Terms: Revolving nature of the facility, drawdown conditions, and repayment terms
6. Profit Rate: Shariah-compliant profit rate calculation method and payment schedule
7. Payment Mechanics: Details of how and where payments should be made
8. Events of Default: Circumstances under which the full amount becomes immediately due
9. Governing Law: Reference to Saudi Arabian law and Shariah principles
10. Execution Block: Signature blocks with attestation requirements under Saudi law
1. Guarantor Details: Include when there are personal or corporate guarantors for the credit facility
2. Security Provisions: Include when specific assets or collateral are securing the credit facility
3. Cross-Default Provisions: Include when the note is part of a larger financing arrangement
4. Purpose of Facility: Include when the credit line is restricted to specific business purposes
5. Additional Obligors: Include when multiple borrowers are jointly and severally liable
6. Special Conditions: Include when there are specific conditions or covenants attached to the facility
1. Drawdown Schedule: Template form for drawdown requests and procedures
2. Profit Rate Calculation: Detailed methodology for calculating the Shariah-compliant profit rate
3. Payment Schedule: If applicable, schedule of minimum payments or periodic review dates
4. Security Details: If applicable, detailed description of any security or collateral
5. Authorized Signatories: List of persons authorized to request drawdowns and sign related documents
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Retail
Construction
Healthcare
Technology
Transportation and Logistics
Energy
Agriculture
Mining
Telecommunications
Hospitality
Education
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Secretariat
Credit Administration
Banking Operations
Executive Management
Board of Directors
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Credit Manager
Legal Counsel
Corporate Secretary
Compliance Officer
Risk Manager
Banking Relationship Manager
Finance Manager
Accounts Manager
Board Director
Managing Director
Chief Executive Officer
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