The Intercompany Loan Agreement is essential for corporate groups operating in Saudi Arabia who need to establish formal lending arrangements between affiliated companies. This document is specifically designed to comply with Saudi Arabian law and Sharia principles, making it suitable for both domestic and international corporate groups with Saudi operations. It provides a comprehensive framework for documenting group financing activities, including facility terms, profit-sharing structures (rather than interest), security arrangements, and compliance requirements. The agreement is particularly important for maintaining proper corporate governance, satisfying regulatory requirements, and establishing clear financial obligations between group entities. It should be used whenever there is a need to document and formalize internal group lending in Saudi Arabia, whether for operational funding, project financing, or strategic investments.
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1. Parties: Identification of the lender and borrower companies, including registration details and addresses
2. Background: Context of the loan arrangement and relationship between the parties
3. Definitions: Key terms used throughout the agreement, including Sharia-compliant financing terminology
4. Facility: Details of the loan amount, purpose, and drawdown mechanisms
5. Sharia Compliance: Specific provisions ensuring the loan structure complies with Islamic finance principles
6. Profit Rate and Fees: Sharia-compliant profit sharing arrangement or administrative fees structure
7. Repayment Terms: Schedule and mechanism for repayment of the principal amount
8. Conditions Precedent: Requirements to be met before the loan becomes effective
9. Representations and Warranties: Statements of fact and assurances from both parties
10. Covenants: Ongoing obligations of the borrower during the loan term
11. Events of Default: Circumstances that would trigger default and remedies
12. Termination: Conditions and process for ending the agreement
13. Governing Law and Jurisdiction: Specification of Saudi law and relevant courts
14. Notices: Communication procedures between parties
15. Miscellaneous: Standard boilerplate provisions including severability and amendments
1. Security: Details of any collateral or security arrangements, used when the loan is secured
2. Corporate Guarantee: Terms of parent company or third-party guarantee, if applicable
3. Tax Provisions: Specific tax arrangements and responsibilities, relevant for cross-border loans
4. Currency Provisions: Required for loans not denominated in Saudi Riyals
5. Assignment and Transfer: Rules for transferring loan rights, if transfers are to be permitted
6. Agent Provisions: Required if multiple lenders are involved requiring an agent
7. Regulatory Compliance: Special provisions for regulated entities or cross-border transactions
1. Facility Details: Detailed terms of the facility including amounts, profit rates, and payment dates
2. Form of Drawdown Notice: Template for requesting loan disbursements
3. Repayment Schedule: Detailed schedule of repayment dates and amounts
4. Conditions Precedent Documents: List of required documents and conditions to be satisfied
5. Form of Compliance Certificate: Template for periodic compliance reporting
6. Corporate Authorizations: Required corporate approvals and resolutions
7. Security Documents: Forms of security documents if loan is secured
8. Calculation of Profit Rate: Methodology for calculating Sharia-compliant profit or fees
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