The Facilities Agreement is a fundamental document used in Saudi Arabian financing transactions to establish and govern credit arrangements between financial institutions and borrowers. It must be structured to comply with both Saudi Arabian law and Islamic (Shariah) principles, typically utilizing Islamic financing structures such as Murabaha, Ijara, or Wakala. The agreement covers essential elements including facility terms, profit calculations, security arrangements, representations, covenants, and events of default. It's particularly important in corporate financing, project finance, and general commercial lending scenarios where traditional interest-based lending is not permissible. The document needs to address specific Saudi Arabian regulatory requirements, including Saudi Arabian Monetary Authority (SAMA) regulations and the Banking Control Law, while ensuring enforceability under local courts and dispute resolution mechanisms.
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1. Parties: Identification of the finance parties and the obligors
2. Background: Context of the facility and key commercial terms
3. Definitions and Interpretation: Defined terms, interpretation principles, and Shariah compliance declarations
4. The Facilities: Details of the facility types, purposes, and availability
5. Conditions Precedent: Documentation and conditions required before utilization
6. Utilization: Process and requirements for drawing down the facilities
7. Profit Rate and Fees: Profit rate calculations, fees, and payment provisions (structured to be Shariah-compliant)
8. Payment Mechanics: Payment procedures, currencies, and set-off provisions
9. Islamic Structure: Specific Islamic finance structure being used (e.g., Murabaha, Ijara)
10. Representations and Warranties: Standard and transaction-specific representations
11. Information Undertakings: Reporting and information obligations
12. General Undertakings: Positive and negative covenants
13. Financial Covenants: Financial maintenance and testing requirements
14. Events of Default: Default triggers and consequences
15. Changes to Parties: Transfer and assignment provisions
16. Administration: Administrative and mechanical provisions
17. Governing Law and Enforcement: Saudi law as governing law and enforcement provisions
1. Security: Include when the facility is secured, detailing security package and enforcement
2. Guarantee: Include when there are guarantors providing guarantees
3. Agency Provisions: Include for syndicated facilities with an agent bank
4. Investment Agency Provisions: Include when using Wakala structure
5. Commodity Murabaha Provisions: Include when using Commodity Murabaha structure
6. Ijara Provisions: Include when using Ijara structure
7. Intercreditor Provisions: Include when multiple creditor classes exist
8. Account Bank Provisions: Include when specific account management is required
9. Purchase Undertaking: Include in Islamic structures requiring purchase undertakings
10. Service Agency Provisions: Include when assets require management under Islamic structures
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Utilization Request: Standard form for drawing requests
3. Form of Transfer Certificate: Template for transfers between lenders
4. Form of Compliance Certificate: Template for periodic compliance reporting
5. Security Documents: Forms of security documents and perfection requirements
6. Islamic Transaction Documents: Forms of Islamic structure documents (e.g., Murabaha contracts)
7. Profit Rate Calculations: Detailed profit rate calculation methodologies
8. Form of Accession Deed: Template for new parties joining the agreement
9. Financial Covenants Calculations: Detailed financial covenant calculation methodologies
10. Contact Details: Administrative and notice details for all parties
11. Existing Security: Details of any existing security arrangements
12. Form of Shariah Compliance Certificate: Template for periodic Shariah compliance confirmation
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