The Prepaid Forward Purchase Agreement is a specialized financial instrument used when a buyer wishes to secure future delivery of assets by making an upfront payment. This document type is particularly relevant in Irish jurisdiction and must comply with both Irish financial services law and EU regulations, including MiFID II. It's commonly used in commodities trading, financial services, and corporate transactions where parties seek to lock in future prices while managing cash flow and risk exposure. The agreement includes detailed provisions for payment mechanics, delivery obligations, regulatory compliance, and risk allocation. It's essential for transactions requiring certainty of future delivery while accommodating upfront payment structures, and typically involves sophisticated parties operating under Irish financial services regulatory framework.
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1. Parties: Identification of the forward purchaser and forward seller, including registration details and addresses
2. Background: Context of the transaction, nature of the underlying asset, and purpose of the agreement
3. Definitions and Interpretation: Definitions of key terms, interpretation rules, and calculation conventions
4. Forward Purchase Obligation: Core transaction terms including purchase commitment, prepayment amount, and delivery obligations
5. Payment Terms: Details of the prepayment amount, payment method, and timing
6. Conditions Precedent: Conditions that must be satisfied before the agreement becomes effective
7. Delivery Terms: Specifications for delivery of the underlying asset, including timing, location, and method
8. Representations and Warranties: Standard and transaction-specific representations by both parties
9. Covenants: Ongoing obligations of the parties during the term of the agreement
10. Events of Default: Circumstances constituting default and corresponding remedies
11. Termination: Circumstances allowing early termination and consequences
12. Tax Provisions: Treatment of taxes, including withholding tax obligations
13. Regulatory Compliance: Compliance with applicable financial regulations and reporting requirements
14. Governing Law and Jurisdiction: Choice of Irish law and jurisdiction provisions
1. Intermediary Provisions: Required when brokers or other intermediaries are involved in the transaction
2. Hedging Obligations: Include when parties need to maintain specific hedging arrangements
3. Security Arrangements: Required when additional security or collateral is provided
4. Market Disruption: Include for transactions involving market-traded assets
5. Force Majeure: Optional provisions for extraordinary events affecting performance
6. Anti-Money Laundering Provisions: Detailed AML provisions when dealing with high-risk jurisdictions or entities
7. Additional Regulatory Requirements: Include when transaction falls under specific regulatory regimes
1. Asset Specifications: Detailed description and specifications of the underlying asset
2. Pricing and Valuation Mechanisms: Detailed methodology for price calculations and adjustments
3. Form of Notices: Template forms for various notices required under the agreement
4. Required Documentation: List and forms of required documentation for closing
5. Delivery Procedures: Detailed procedures for asset delivery and acceptance
6. Regulatory Compliance Checklist: Checklist of regulatory requirements and compliance procedures
7. KYC Requirements: Specific KYC documentation requirements and procedures
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