The Shareholder Support Agreement is a crucial document in Saudi Arabian corporate and project finance transactions, typically used when a company requires formal commitment of support from its shareholders. This agreement becomes particularly important in project finance structures, joint ventures, or when lenders require additional comfort regarding the financial stability of a company. The document details the nature, extent, and conditions of shareholder support, whether through direct funding, guarantees, or operational assistance. It must comply with Saudi Arabian law, including the Companies Law of 2015 and relevant Capital Market Authority regulations, while adhering to Sharia principles. The agreement is especially relevant in large-scale projects or corporate ventures where ongoing shareholder support is crucial for success.
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1. Parties: Identification of all parties to the agreement, including the Company, Supporting Shareholders, and any other relevant parties
2. Background: Context of the agreement, including details about the Company, project (if applicable), and purpose of the support arrangement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including Sharia-compliant terminology where relevant
4. Support Obligations: Core section detailing the nature and extent of shareholder support commitments
5. Financial Commitments: Specific financial obligations of supporting shareholders, including funding mechanisms and timing
6. Representations and Warranties: Statements of fact and assurances from each supporting shareholder
7. Duration and Termination: Term of the support arrangement and circumstances for early termination
8. Payment Mechanics: Procedures and requirements for making support payments or contributions
9. Ranking and Subordination: Priority of shareholder support obligations relative to other obligations
10. Events of Default: Circumstances constituting default and consequences
11. Remedies: Available remedies in case of breach or default
12. Governing Law and Dispute Resolution: Saudi law as governing law and dispute resolution mechanisms compliant with local requirements
13. Notices: Communication procedures and contact details
14. General Provisions: Standard boilerplate clauses adapted to Saudi law requirements
1. Project Undertakings: Required when support is linked to specific project completion or performance metrics
2. Step-In Rights: Include when certain shareholders have rights to take control in specific circumstances
3. Shareholder Voting Arrangements: Needed when support obligations are tied to voting commitments
4. Islamic Finance Provisions: Required when support structure must comply with specific Islamic finance requirements
5. Currency and Exchange Rate Provisions: Include when support involves multiple currencies
6. Tax Provisions: Detailed tax arrangements when tax implications are significant
7. Regulatory Compliance: Specific provisions when support arrangement requires regulatory approvals
8. Security Arrangements: When support obligations are secured by specific assets or guarantees
1. Form of Support Letter: Template for formal support commitments
2. Support Payment Schedule: Detailed timeline and amounts of support payments or contributions
3. Shareholder Information: Detailed information about supporting shareholders including ownership structures
4. Calculation of Support Amounts: Methodology and formulas for calculating support obligations
5. Form of Notice: Standard templates for various notices under the agreement
6. Project Details: Technical description of the project (if project-related)
7. Regulatory Approvals: List of required approvals and their status
8. Security Documents: Forms of any security documents required for the support
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