Article 9: Credit Information of the Beneficiary in the Direct Financing Fund

Ninth: Credit Information of the Beneficiary in the Direct Financing Fund

a) The fund manager shall review the credit record of the beneficiary, upon obtaining the necessary authorization, to verify the financial solvency, repayment capacity, and credit behavior of the beneficiary, and shall document such procedures in the financing file.

b) The fund manager shall, upon obtaining the necessary authorization, register the credit information of the beneficiary with one or more licensed credit information collection companies in accordance with the Credit Information Law and its Implementing Regulations, and shall update such information throughout the duration of the relationship with the beneficiary.

c) In the event that the fund manager is unable to implement the provisions of paragraphs (a) and (b) of this Clause, financing shall not be provided.

d) The fund manager shall follow clear and transparent written standards and procedures to assess the creditworthiness and repayment capacity of the beneficiary, and shall update them as necessary. Such standards and any updates thereto shall be approved by the Board of Directors of the Fund. The fund manager shall implement these procedures prior to granting financing and shall document such procedures in the financing file.

e) Subject to Article 59 of the Regulations of Capital Market Institutions, the fund manager may contract with finance companies licensed by the Saudi Central Bank (SAMA) to delegate any of the duties described in these Instructions. PUBLIC FINANCING FUNDS