The Revolving Credit Agreement is a fundamental financing document used in Saudi Arabia when a borrower requires flexible access to funding over an extended period. This agreement enables the borrower to draw down funds multiple times up to an agreed limit, repay, and reborrow during the facility period. Given Saudi Arabia's legal framework, the agreement must be structured to comply with both Shariah principles and local banking regulations, typically utilizing Islamic financing structures such as Commodity Murabaha or Wakala to avoid conventional interest (riba). The document encompasses key provisions including facility terms, profit calculations, conditions precedent, representations, covenants, and events of default, while incorporating necessary Shariah compliance provisions and SAMA regulatory requirements. It is particularly useful for businesses with fluctuating capital needs or those requiring working capital facilities.
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Key Requirements PROMPT example:
Revolving Credit Agreement
"I need a Shariah-compliant Revolving Credit Agreement for a SAR 50 million facility using a Commodity Murabaha structure, to be made available to a Saudi manufacturing company by March 2025, with quarterly rollovers and multiple-drawing capabilities."
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1. Parties: Identification of the financial institution(s) as financier(s), the borrower, and any guarantors
2. Background: Context of the facility and confirmation of Shariah compliance
3. Definitions and Interpretation: Key terms, financial definitions, and interpretation principles including Shariah principles
4. The Facility: Nature of the revolving facility, purpose, and Islamic structure used
5. Conditions Precedent: Documents and conditions required before utilization
6. Utilization: Process and requirements for drawing down the facility
7. Profit Rate and Fees: Shariah-compliant profit rate structure and associated fees
8. Repayment and Cancellation: Terms for repayment and voluntary/mandatory cancellation
9. Payment Mechanics: Payment procedures, timing, and currency provisions
10. Islamic Finance Provisions: Specific provisions ensuring Shariah compliance
11. Representations: Borrower's representations including Shariah compliance
12. Information Undertakings: Ongoing information obligations of the borrower
13. General Undertakings: Borrower's positive and negative covenants
14. Events of Default: Circumstances constituting default and consequences
15. Changes to Parties: Transfer and assignment provisions
16. Administration: Calculation of payments, notices, and administrative matters
17. Governing Law and Jurisdiction: Saudi law provisions and dispute resolution mechanisms
18. Shariah Override: Confirmation of Shariah principles' precedence over conventional banking terms
1. Security: Required when facility is secured, detailing security arrangements and enforcement
2. Guarantees: Required when third-party guarantees are provided
3. Multiple Currencies: Include when facility can be drawn in different currencies
4. Increased Costs: Protection for lender against regulatory changes, if permissible under Shariah
5. Syndication Provisions: Required for syndicated facilities with multiple lenders
6. Agency Provisions: Required for syndicated facilities with an agent bank
7. Investment Agency Provisions: Required when using Wakala structure for Islamic compliance
8. Commodity Murabaha Provisions: Required when using Commodity Murabaha structure
9. Tax Provisions: Detailed tax provisions if cross-border elements exist
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Utilization Request: Standard form for drawing down the facility
3. Form of Compliance Certificate: Template for periodic compliance certification
4. Shariah-compliant Profit Rate Calculation: Methodology for calculating profit rates
5. Form of Transfer Certificate: Template for transferring participation in the facility
6. Financial Covenants: Detailed financial ratios and calculations
7. Commodity Trading Procedures: If using Commodity Murabaha, procedures for commodity trades
8. Form of Additional Guarantor Accession: Template for adding new guarantors
9. Existing Security: Details of any existing security arrangements
10. Address Details: Contact details for notices and communications
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Islamic Finance
Corporate Finance
Real Estate
Manufacturing
Trading & Commerce
Construction
Healthcare
Technology
Energy & Resources
Infrastructure
Telecommunications
Retail
Transportation & Logistics
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Islamic Banking
Credit Administration
Operations
Documentation
Shariah Advisory
Corporate Finance
Banking Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Shariah Compliance Officer
Credit Risk Manager
Corporate Banking Manager
Relationship Manager
Financial Controller
Islamic Banking Specialist
Corporate Finance Manager
Documentation Manager
Facility Agent
Security Trustee
Investment Manager
Corporate Treasurer
Banking Operations Manager
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