Forward Flow Agreements are utilized in the South African financial services sector to establish long-term arrangements for the systematic sale of receivables or debt portfolios. These agreements are particularly relevant when a financial institution or creditor wants to regularly dispose of certain types of receivables to a purchaser on pre-agreed terms. The document provides a comprehensive framework covering multiple future sales, detailing eligibility criteria, pricing mechanisms, transfer procedures, and compliance requirements. The agreement must comply with South African legislation, including the National Credit Act, POPIA, and financial services regulations. It typically includes detailed provisions for data protection, consumer protection, and debt collection practices specific to the South African regulatory environment. This type of agreement is commonly used in various contexts, from consumer debt sales to commercial receivables transfers, and can be adapted for different asset classes while maintaining its core forward-flow structure.
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1. Parties: Identifies the seller and purchaser with their full legal details and registration information
2. Background: Sets out the context of the agreement, including the seller's business, the nature of the receivables, and the parties' intentions
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. Sale and Purchase Structure: Establishes the framework for recurring sales, including frequency, commitment levels, and basic criteria
5. Eligibility Criteria: Defines the specific requirements that receivables must meet to be eligible for sale
6. Purchase Price and Payment: Details the pricing mechanism, calculation methods, and payment terms
7. Transfer Process: Outlines the procedures for each transfer, including notice requirements and documentation
8. Representations and Warranties: States the ongoing representations and warranties given by each party
9. Seller's Undertakings: Sets out the ongoing obligations of the seller regarding the receivables and operations
10. Purchaser's Undertakings: Establishes the purchaser's obligations, including compliance with collection practices
11. Data Protection and Confidentiality: Addresses POPIA compliance and confidentiality obligations
12. Term and Termination: Specifies the duration of the agreement and termination rights
13. Consequences of Termination: Details what happens upon termination, including treatment of in-process transfers
14. Indemnities: Sets out the indemnification obligations of each party
15. Governing Law and Jurisdiction: Specifies South African law as governing law and jurisdiction for disputes
16. General Provisions: Contains standard boilerplate clauses including notices, amendments, and assignment
1. Servicing Arrangements: Required if the seller continues to service the sold receivables or if special servicing arrangements are needed
2. Security Arrangements: Included if any form of security is required to support the seller's obligations
3. Put-Back Rights: Optional section defining circumstances where the purchaser can require the seller to repurchase receivables
4. Third Party Rights: Required if any third parties have rights under the agreement or if third party rights should be explicitly excluded
5. Competition Law Compliance: Needed if the transaction size or nature requires competition law considerations
6. True Sale Provisions: Enhanced provisions needed if true sale characterization is particularly important for the transaction
7. Credit Enhancement: Required if any form of credit enhancement or reserve account is part of the structure
8. Sub-Participation: Included if sub-participation rights are granted to the purchaser as an alternative to true sale
1. Eligibility Criteria Details: Detailed specifications of all eligibility requirements and exceptions
2. Form of Transfer Notice: Template for the formal notice initiating each transfer under the agreement
3. Purchase Price Calculation: Detailed methodology and formulae for calculating the purchase price
4. Operational Procedures: Detailed procedures for execution of transfers and related operations
5. Data Fields and Format: Specifications for data tape format and required data fields
6. Form of Power of Attorney: Standard form of power of attorney for post-transfer actions
7. Reporting Requirements: Templates and specifications for required reporting
8. Service Levels: Detailed service levels and performance metrics if applicable
9. System Specifications: Technical requirements for any systems integration or data transfer
10. Compliance Requirements: Detailed regulatory compliance requirements and procedures
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Debt Collection
Credit Management
Asset Management
Consumer Finance
Commercial Finance
Insurance
Telecommunications
Utilities
Relevant Teams
Legal
Finance
Risk Management
Compliance
Operations
Credit Management
Portfolio Management
Treasury
Data Protection
Collections
Commercial
Mergers & Acquisitions
Relevant Roles
Chief Financial Officer
Head of Debt Sales
Portfolio Manager
Legal Counsel
Compliance Officer
Credit Risk Manager
Operations Director
Collections Manager
Finance Director
Commercial Director
Head of Acquisitions
Risk Manager
Data Protection Officer
Treasury Manager
Account Manager
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