Document background
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.
