The Paying Agency Agreement is essential for organizations operating in Saudi Arabia that require professional payment processing services. This document is typically used when a company needs to appoint a financial institution to manage and process payments on its behalf, whether for securities, sukuk (Islamic bonds), corporate payments, or other financial obligations. The agreement must align with Saudi Arabian law, including compliance with Sharia principles and SAMA regulations. It establishes the scope of the paying agent's authority, payment processing procedures, compliance requirements, and fee structures. The document is particularly important in the Saudi Arabian context due to specific regulatory requirements and the need to ensure all financial arrangements comply with Islamic finance principles.
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Key Requirements PROMPT example:
Paying Agency Agreement
"I need a Paying Agency Agreement for our Saudi-based investment company to appoint ABC Bank as paying agent for our upcoming sukuk issuance planned for March 2025, with specific provisions for digital payment processing and Sharia compliance."
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1. Parties: Identification of the Principal, the Paying Agent, and any other relevant parties to the agreement
2. Background: Context of the agreement and general purpose of the paying agency arrangement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including Sharia compliance declarations
4. Appointment and Duration: Formal appointment of the paying agent, scope of authority, and term of the agreement
5. Duties and Responsibilities of the Paying Agent: Detailed obligations regarding payment processing, record keeping, and reporting
6. Payment Processing Procedures: Specific procedures for processing payments, including timing and method of payments
7. Fees and Expenses: Compensation structure for the paying agent and allocation of expenses
8. Compliance Requirements: Obligations regarding AML/CTF regulations, SAMA requirements, and other applicable laws
9. Records and Reporting: Requirements for maintaining records and providing reports to the principal
10. Representations and Warranties: Standard representations and warranties from both parties
11. Liability and Indemnification: Scope of liability and indemnification obligations
12. Termination: Grounds for termination and consequences
13. Confidentiality: Obligations regarding confidential information
14. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction for disputes
15. General Provisions: Standard boilerplate provisions including notices, amendments, and assignment
1. Electronic Payment Systems: Specific provisions for electronic payment processing when digital payment methods are used
2. Multi-Currency Provisions: Additional provisions when payments are processed in multiple currencies
3. Sub-Agents: Provisions regarding the appointment and management of sub-agents if permitted
4. Force Majeure: Specific provisions for force majeure events affecting payment processing
5. Business Continuity: Provisions for ensuring continuous operation in case of disruptions
6. Tax Provisions: Specific tax-related provisions when cross-border payments are involved
7. Insurance: Requirements for specific insurance coverage by the paying agent
8. Data Protection: Specific provisions for handling personal data when applicable
1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and compensation
2. Schedule 2 - Payment Processing Procedures: Detailed operational procedures for processing payments
3. Schedule 3 - Reporting Requirements: Specific format and timing of required reports
4. Schedule 4 - Authorized Signatories: List of authorized signatories and specimen signatures
5. Schedule 5 - Service Level Agreement: Detailed service levels and performance metrics
6. Schedule 6 - Compliance Procedures: Detailed AML/CTF and other compliance procedures
7. Appendix A - Forms and Notices: Standard forms and notices to be used under the agreement
8. Appendix B - Technical Requirements: Technical specifications for payment systems and interfaces
Authors
Relevant legal definitions
Account
Agency Fee
Applicable Law
Authorized Person
Banking Day
Business Day
Confidential Information
Effective Date
Electronic Payment System
Event of Default
Force Majeure Event
Governing Law
Instructions
Islamic Banking Principles
Material Adverse Effect
Notice
Payment Date
Payment Instruction
Payment Obligation
Principal
Paying Agent
Payment Account
Payment Currency
Payment Record
Regulatory Authority
SAMA
SAMA Regulations
Sanctions
Security Holder
Services
Sharia Committee
Sharia Principles
Sub-Agent
Term
Transaction
Transfer
Working Hours
Agency Fee
Applicable Law
Authorized Person
Banking Day
Business Day
Confidential Information
Effective Date
Electronic Payment System
Event of Default
Force Majeure Event
Governing Law
Instructions
Islamic Banking Principles
Material Adverse Effect
Notice
Payment Date
Payment Instruction
Payment Obligation
Principal
Paying Agent
Payment Account
Payment Currency
Payment Record
Regulatory Authority
SAMA
SAMA Regulations
Sanctions
Security Holder
Services
Sharia Committee
Sharia Principles
Sub-Agent
Term
Transaction
Transfer
Working Hours
Clauses
Appointment
Duration
Services
Payment Processing
Fees and Expenses
Authority and Instructions
Representations and Warranties
Duties and Obligations
Compliance
Anti-Money Laundering
Islamic Finance Compliance
Record Keeping
Reporting
Confidentiality
Data Protection
Force Majeure
Liability
Indemnification
Electronic Systems
Security
Sub-Contracting
Assignment
Termination
Consequences of Termination
Notices
Amendments
Governing Law
Dispute Resolution
Severability
Entire Agreement
Language
Counterparts
Duration
Services
Payment Processing
Fees and Expenses
Authority and Instructions
Representations and Warranties
Duties and Obligations
Compliance
Anti-Money Laundering
Islamic Finance Compliance
Record Keeping
Reporting
Confidentiality
Data Protection
Force Majeure
Liability
Indemnification
Electronic Systems
Security
Sub-Contracting
Assignment
Termination
Consequences of Termination
Notices
Amendments
Governing Law
Dispute Resolution
Severability
Entire Agreement
Language
Counterparts
Relevant Industries
Banking and Financial Services
Investment Services
Corporate Services
Capital Markets
Islamic Finance
Payment Processing
Financial Technology
Treasury Services
Securities Services
International Trade
Relevant Teams
Legal
Finance
Treasury
Compliance
Operations
Risk Management
Corporate Services
Payment Operations
Islamic Banking
Corporate Banking
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Compliance Officer
Operations Director
Payment Services Manager
Islamic Finance Specialist
Financial Controller
Relationship Manager
Head of Corporate Banking
Investment Manager
Risk Manager
Company Secretary
Corporate Finance Manager
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