The Forward Flow Agreement serves as the primary contractual framework for ongoing debt portfolio transfers in Saudi Arabia. It is typically used when financial institutions wish to establish a regular program of debt sales to manage their balance sheets and maintain regulatory compliance. The agreement must carefully balance commercial objectives with religious and regulatory requirements, incorporating both international best practices and local Sharia principles. The document includes detailed provisions for portfolio selection, pricing mechanisms, transfer procedures, and ongoing obligations of both parties. Key considerations include compliance with SAMA regulations, data protection requirements, and Islamic finance principles. The agreement is particularly important in the Saudi Arabian context where all financial transactions must conform to Islamic law while meeting modern commercial needs.
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1. Parties: Identification of the seller (typically a financial institution) and buyer (debt purchaser) with full legal names and registration details
2. Background: Context of the agreement, nature of the debt portfolios, and general commercial intent of the parties
3. Definitions: Key terms used throughout the agreement, including technical and financial terminology
4. Sale and Purchase: Core provisions regarding the transfer of debt portfolios, including Sharia-compliant structure
5. Purchase Price and Payment: Pricing mechanism, payment terms, and calculation methods compliant with Islamic finance principles
6. Selection and Transfer Process: Procedures for selecting eligible accounts and completing transfers
7. Conditions Precedent: Prerequisites that must be satisfied before each portfolio transfer
8. Representations and Warranties: Standard and specific warranties regarding the debt portfolios and parties' capacity
9. Seller's Ongoing Obligations: Continuing duties of the seller regarding information, documentation, and support
10. Buyer's Undertakings: Commitments regarding collection practices, compliance, and treatment of customer data
11. Data Protection: Compliance with PDPL and data handling requirements
12. Confidentiality: Protection of confidential information and trade secrets
13. Term and Termination: Duration of the agreement and termination rights
14. Governing Law and Jurisdiction: Saudi law as governing law and jurisdiction provisions
1. Sharia Compliance: Detailed provisions ensuring compliance with Islamic finance principles, required when one or both parties require explicit Sharia compliance
2. Put-Back Rights: Provisions allowing return of specific accounts to the seller, included when negotiated by parties
3. Service Level Agreement: Detailed performance metrics and standards, included for more complex operational arrangements
4. Third Party Rights: Provisions regarding rights of third parties, included when relevant to the structure
5. Competition Requirements: Specific provisions addressing competition law compliance, required for larger portfolio sales
6. True Sale Opinion: Requirements for legal opinions confirming true sale, included for regulatory compliance
7. Interim Servicing: Provisions for temporary servicing by seller, included when operational transfer is gradual
1. Eligibility Criteria: Detailed criteria for accounts that can be included in portfolio transfers
2. Form of Transfer Notice: Template for formal notification of portfolio transfers
3. Pricing Schedule: Detailed pricing methodology and calculations
4. Operating Procedures: Detailed procedures for account selection, transfer, and post-transfer operations
5. Required Documentation: List of documents required for each account transfer
6. Form of Data File: Template and specifications for account data transfers
7. Compliance Requirements: Detailed regulatory and Sharia compliance requirements
8. Power of Attorney: Form of power of attorney for account transfers and collections
9. Service Levels: Detailed service level requirements and measurements
10. Form of Sharia Certificate: Template for Sharia compliance certification if required
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Debt Collection
Credit Management
Islamic Finance
Consumer Finance
Asset Management
Financial Technology
Relevant Teams
Legal
Finance
Risk Management
Compliance
Operations
Data Protection
Treasury
Credit Risk
Collections
Portfolio Management
Islamic Finance Advisory
Customer Services
Information Technology
Relevant Roles
Chief Financial Officer
Head of Debt Sale
Legal Counsel
Sharia Compliance Officer
Portfolio Manager
Risk Manager
Collections Director
Data Protection Officer
Operations Manager
Credit Risk Manager
Finance Director
Compliance Manager
Treasury Manager
Account Manager
Portfolio Analyst
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