The following terms and phrases, wherever mentioned herein, shall have the meanings assigned thereto unless the context otherwise requires:

SAMA : Saudi Central Bank.

Instructions: Instructions for Handling Promissory Notes.

Financing Entity: Banks, and financing companies are subject to supervision and regulation of SAMA.

Customer: An individual or legal entity receiving a financing product from a financing entity.

Default: The failure of the customer to pay the agreed-upon monthly installments in the financing contract for three consecutive months, or for more than five non-consecutive months during the financing period, or as stipulated in the financing contract for non-monthly payments.

Third Party: An entity contracted to perform services on behalf of the financing entity that were previously carried out by the financing entity or to provide a new service intended for implementation. This may be a unit within the financing entity, an affiliated company, or an independent company.

Documented Communication: A recorded means of communication that can be verified and retrieved in written or electronic form.