المادة 2: Definitions

Second: Definitions

a) Any reference to the “Law” in these Instructions shall mean the Capital Market Law issued by Royal Decree No. M/30 dated 2/6/1424H.

b) Subject to paragraph (d) of this Clause, words and phrases used in these Instructions shall have the meanings assigned in the Capital Market Law and in the Glossary of Defined Terms used in the Regulations and Rules of the Capital Market Authority, unless the context requires otherwise.

c) The definitions of terms used in the Investment Funds Regulations, as stipulated in the Glossary of Defined Terms used in the Regulations and Rules of the Capital Market Authority, shall apply to the words and phrases mentioned in these Instructions, unless the context requires otherwise

d) For the purpose of implementing the requirements of these Instructions, words and phrases shall have the meaning assigned thereto, unless the context requires otherwise: - Financing Fund: A Direct Financing Fund and an Indirect Financing Fund. - Direct Financing Fund: An investment fund established for the purpose of carrying out the activity of direct financing for legal persons and investment funds. - Indirect Financing Fund: An investment fund established for the purpose of carrying out the indirect financing. - Default: The beneficiary’s full or partial failure to pay any amount due under the financing contract for a period of 90 days or more from its due date. - Beneficiary :The beneficiary of the financing. - Fund size: The total asset value of the Fund plus any capital pledged to be paid by the unitholders.