The Receivables Purchase Agreement is a key document used in trade finance and working capital solutions in South Africa, enabling businesses to monetize their accounts receivable. This agreement is particularly relevant when companies seek to improve their working capital position by selling their receivables to financial institutions or specialized purchasers. It comprehensively addresses all aspects of the receivables purchase program, including detailed provisions for the identification and sale of eligible receivables, purchase price calculations, servicing arrangements, and compliance with South African regulatory requirements. The document is structured to comply with South African law, particularly considering the requirements of the National Credit Act, Financial Intelligence Centre Act, and other relevant legislation that may impact receivables transfers and collections.
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1. Parties: Identification of the Seller and Purchaser, including registration details as required under South African law
2. Background: Context of the transaction and brief description of the receivables being sold
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including specific South African legal terms
4. Sale and Purchase: Core provisions regarding the sale and assignment of receivables, including true sale provisions
5. Purchase Price and Payment: Calculation of purchase price, payment mechanics, and any adjustments
6. Eligibility Criteria: Criteria that receivables must meet to be eligible for purchase
7. Representations and Warranties: Seller's representations regarding the receivables and general corporate matters
8. Undertakings: Ongoing obligations of the Seller, including delivery of information and maintenance of systems
9. Servicing: Provisions regarding the collection and administration of the receivables
10. Events of Default: Circumstances constituting default and consequences
11. Termination: Circumstances allowing termination and consequences
12. Confidentiality: Protection of confidential information and permitted disclosures
13. Notices: Process for giving notices and contact details
14. General Provisions: Standard boilerplate provisions including governing law, jurisdiction, and assignment
1. Security Arrangements: Required if any security is being provided for the Seller's obligations
2. Data Protection: Required if personal information is involved in the receivables
3. Credit Insurance: Include if credit insurance is part of the arrangement
4. Third Party Rights: Required if any third parties have specific rights under the agreement
5. Tax Gross-up and Indemnities: Include if tax gross-up provisions are required
6. Currency Provisions: Required if multiple currencies are involved
7. Sanctions and Anti-Money Laundering: Include for cross-border transactions or if required by purchaser's compliance policies
1. Form of Transfer Notice: Template for notifying purchase of specific receivables
2. Eligibility Criteria: Detailed criteria for eligible receivables
3. Form of Servicer Report: Template for periodic reporting on collections and receivables status
4. Operating Procedures: Detailed procedures for identifying, offering, and transferring receivables
5. Form of Data Transfer: Template for transmission of receivables data
6. Pricing Schedule: Detailed purchase price calculations and adjustments
7. Required Information: List of required documentation for each receivable
8. Form of Compliance Certificate: Template for periodic compliance certification
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Manufacturing
Retail
Wholesale Distribution
Technology
Healthcare
Construction
Automotive
Energy
Telecommunications
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit
Compliance
Risk Management
Operations
Accounts Receivable
Commercial
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Credit Manager
Accounts Receivable Manager
Legal Counsel
Compliance Officer
Risk Manager
Operations Manager
Commercial Director
Business Development Manager
Portfolio Manager
Relationship Manager
Transaction Manager
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