The Project Finance Loan Agreement is a crucial document used in Saudi Arabia for financing large-scale infrastructure and industrial projects through limited or non-recourse financing structures. It combines international project finance principles with local Shariah law requirements, making it suitable for projects requiring substantial capital investment where lenders primarily look to the project's cash flows for repayment. The agreement details the entire financing arrangement, including facility terms, security package, project undertakings, and monitoring requirements. It must comply with Saudi Arabian banking regulations and commercial laws while incorporating appropriate Shariah-compliant structures. This document is particularly important in Saudi Arabia's evolving economic landscape, where project finance plays a vital role in achieving the kingdom's Vision 2030 objectives.
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1. Parties: Identification of the borrower, lender(s), and any other key parties to the agreement
2. Background: Description of the project, purpose of the facility, and context of the financing
3. Definitions and Interpretation: Comprehensive definitions of terms used throughout the agreement and interpretation clauses
4. The Facility: Details of the loan facility, including amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before drawdown of the facility
6. Drawdown Procedures: Process and requirements for requesting and making drawdowns
7. Repayment and Prepayment: Terms of repayment, including schedule, voluntary and mandatory prepayment provisions
8. Profit Rate and Fees: Specification of profit rate (instead of interest, for Shariah compliance), fees, and payment calculations
9. Tax Provisions: Allocation of tax liabilities and requirements for tax payments
10. Project Undertakings: Specific obligations related to the project construction, operation, and maintenance
11. General Undertakings: General covenants and obligations of the borrower
12. Representations and Warranties: Standard and project-specific representations and warranties
13. Events of Default: Circumstances constituting default and consequences
14. Security: Overview of security package and enforcement rights
15. Changes to Parties: Provisions regarding assignments and transfers
16. Administration: Administrative provisions including notices and calculations
17. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction provisions
1. Islamic Finance Provisions: Required if the facility includes Islamic finance tranches, specifying Shariah-compliant structures
2. Intercreditor Provisions: Required for multiple lender transactions to regulate lender relationships
3. Account Bank Provisions: Required if specific project accounts and waterfalls are needed
4. Step-In Rights: Required for projects where lenders may need to take control
5. Insurance Provisions: Detailed insurance requirements if not covered in separate agreement
6. Environmental and Social Requirements: Required for projects with significant environmental or social impact
7. Government Support Provisions: Required if government guarantees or support are part of the structure
8. Hedging Obligations: Required if hedging is part of the financing structure
1. Form of Drawdown Request: Standard form for requesting drawdowns
2. Conditions Precedent Documents: Detailed list of required conditions precedent documents
3. Project Documents: List and copies of key project documents
4. Form of Transfer Certificate: Standard form for transfers between lenders
5. Repayment Schedule: Detailed amortization schedule
6. Financial Covenants: Detailed financial covenants and calculations
7. Project Budget: Approved project budget and cost schedule
8. Technical Specifications: Key technical requirements and specifications
9. Form of Compliance Certificate: Standard form for periodic compliance certification
10. Security Documents: Forms of security documents and perfection requirements
11. Project Timeline: Key project milestones and completion requirements
12. Account Structure: Details of project accounts and payment waterfall
Relevant legal definitions
Clauses
Relevant Industries
Energy and Utilities
Infrastructure
Oil and Gas
Petrochemicals
Manufacturing
Mining
Transportation
Real Estate Development
Healthcare
Education
Telecommunications
Water and Waste Management
Renewable Energy
Industrial Development
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Project Management
Corporate Finance
Investment Banking
Credit
Islamic Banking
Transaction Management
Business Development
Operations
Strategic Planning
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Project Finance Manager
Investment Manager
Risk Manager
Compliance Officer
Project Director
Treasury Manager
Corporate Finance Manager
Banking Relationship Manager
Shariah Compliance Officer
Project Development Manager
Senior Banker
Infrastructure Finance Specialist
Transaction Manager
Investment Analyst
Credit Risk Officer
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