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Credit Application Agreement
"I need a Credit Application Agreement for a Saudi Arabian manufacturing company seeking a commercial credit facility of 5 million SAR, with specific provisions for equipment financing and multiple disbursement phases starting March 2025."
1. Parties: Identification of the financial institution and the credit applicant(s), including full legal names and details
2. Background: Context of the application and relationship between the parties
3. Definitions: Key terms used throughout the agreement, including financial and technical terms
4. Purpose of Credit Facility: Detailed description of the intended use of the credit facility
5. Credit Facility Terms: Core terms including amount, profit rate (Shariah-compliant), payment terms, and duration
6. Conditions Precedent: Prerequisites that must be satisfied before the credit facility becomes effective
7. Representations and Warranties: Statements of fact and assurances made by the applicant
8. Covenants: Ongoing obligations of the applicant during the term of the facility
9. Events of Default: Circumstances that constitute default and their consequences
10. Shariah Compliance Declaration: Statement confirming the agreement's compliance with Islamic principles
11. Fees and Charges: Breakdown of all applicable fees and charges in compliance with SAMA regulations
12. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction
13. Execution: Signature blocks and execution requirements
1. Security Arrangements: Details of any collateral or security required, used when the credit facility is secured
2. Guarantor Provisions: Terms applicable to guarantors, included when a guarantee is required
3. Insurance Requirements: Specific insurance obligations, included for certain types of credit facilities
4. Special Conditions: Additional terms specific to particular types of credit facilities or borrower circumstances
5. Early Payment Provisions: Terms for early repayment or settlement, included when early payment is permitted
6. Co-Applicant Provisions: Additional terms for joint applications, included when there are multiple applicants
7. Electronic Communications: Terms for digital communications and notices, included when electronic services are offered
1. Schedule 1 - Application Form: Detailed credit application form with all required information fields
2. Schedule 2 - Fee Schedule: Comprehensive list of all applicable fees and charges
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment dates and amounts
4. Schedule 4 - Required Documents: List of supporting documents required for the application
5. Schedule 5 - Terms and Conditions: Detailed terms and conditions of the credit facility
6. Appendix A - KYC Documentation: Required Know Your Customer documentation checklist
7. Appendix B - Credit Assessment Criteria: Standard criteria used for credit assessment
8. Appendix C - Shariah Principles Statement: Detailed explanation of applicable Shariah principles
Authors
Applicable Law
Application
Business Day
Credit Facility
Confidential Information
Conditions Precedent
Default Event
Effective Date
Facility Amount
Facility Period
Fees
Financial Statements
Force Majeure
Guarantor
Islamic Finance Principles
Material Adverse Effect
Murabaha
Notice
Obligations
Payment Date
Profit Rate
Purpose
Prohibited Activities
Relevant Authority
SAMA
Sanctions
Security
Security Documents
Shariah Board
Shariah Principles
Supporting Documents
Takaful
Taxes
Term
Terms and Conditions
Transaction Documents
Definitions
Purpose of Facility
Credit Facility Terms
Conditions Precedent
Representations and Warranties
Covenants
Security
Fees and Charges
Payment Terms
Events of Default
Remedies
Shariah Compliance
Confidentiality
Force Majeure
Assignment
Notices
Amendment
Termination
Governing Law
Dispute Resolution
Severability
Entire Agreement
Anti-Money Laundering
Know Your Customer
Data Protection
Electronic Communications
Language
Consumer Rights
Insurance
Set-Off Rights
Early Payment
Documentation Requirements
Change in Circumstances
Indemnification
Waiver
Banking and Financial Services
Islamic Finance
Retail
Commercial and Industrial
Real Estate and Construction
Healthcare
Education
Manufacturing
Technology
Transportation and Logistics
Agriculture
Energy and Utilities
Professional Services
Legal
Finance
Compliance
Risk Management
Credit Assessment
Corporate Banking
Retail Banking
Operations
Documentation
Treasury
Shariah Advisory
Customer Relations
Underwriting
Chief Financial Officer
Finance Manager
Credit Risk Officer
Compliance Officer
Legal Counsel
Shariah Compliance Officer
Relationship Manager
Credit Analyst
Treasury Manager
Corporate Banking Officer
Retail Banking Manager
Risk Assessment Manager
Documentation Specialist
Branch Manager
Operations Manager
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