The Receivable Purchase Agreement is a crucial document used in trade finance and corporate financing transactions in Malaysia, enabling businesses to monetize their accounts receivable. It provides a legal framework for companies to sell their receivables to financial institutions or other purchasers, thereby improving their working capital position. The agreement must comply with Malaysian legal requirements, particularly the Contracts Act 1950 and Assignment of Rights Act 1950, while addressing practical considerations such as true sale criteria, perfection requirements, and regulatory compliance. This document is commonly used in various commercial contexts, from simple bilateral arrangements to complex structured finance transactions, and can be adapted to accommodate different types of receivables, from trade receivables to lease rentals.
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1. Parties: Identification of the seller (assignor) and purchaser (assignee) of the receivables
2. Background: Context of the transaction, nature of the receivables, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement, including 'Receivables', 'Purchase Price', 'Cut-off Date', etc.
4. Sale and Purchase: Core provisions regarding the sale and purchase of the receivables, including true sale provisions
5. Purchase Price and Payment: Details of purchase price calculation, payment mechanics, and timing
6. Conditions Precedent: Conditions that must be satisfied before the agreement becomes effective
7. Representations and Warranties: Seller's representations regarding the receivables and both parties' standard corporate representations
8. Perfection Requirements: Requirements for legally perfecting the transfer of receivables, including notice requirements
9. Covenants: Ongoing obligations of the parties, particularly the seller's obligations regarding the receivables
10. Events of Default: Circumstances constituting default and consequences thereof
11. Termination: Provisions regarding termination of the agreement and its consequences
12. Miscellaneous: Standard boilerplate provisions including governing law, notices, amendments, etc.
1. Recourse: Optional section detailing any recourse rights against the seller, used when the agreement is not purely non-recourse
2. Servicing: Used when the seller will continue to service the receivables post-sale
3. Security: Required when additional security is provided for the seller's obligations
4. Buy-Back Provisions: Optional provisions allowing or requiring the seller to repurchase receivables under specific circumstances
5. Data Protection: Detailed section required when the receivables involve personal data of individual debtors
6. Tax Provisions: Detailed tax provisions required for cross-border transactions or complex tax structures
7. Collection Account Arrangements: Required when specific collection account mechanisms are established
1. Schedule 1 - Receivables List: Detailed list of receivables being purchased, including relevant details such as face value, maturity, etc.
2. Schedule 2 - Eligibility Criteria: Criteria that receivables must meet to be eligible for purchase
3. Schedule 3 - Form of Transfer Notice: Template for notices to be sent to debtors regarding the transfer of receivables
4. Schedule 4 - Conditions Precedent Documents: List of required documents and conditions to be satisfied
5. Schedule 5 - Purchase Price Calculation: Detailed methodology for calculating the purchase price
6. Appendix A - Form of Servicing Report: Template for periodic reporting on the receivables (if servicing is included)
7. Appendix B - Power of Attorney: Form of power of attorney for perfection actions
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Manufacturing
Retail
Healthcare
Technology
Construction
Energy
Telecommunications
Professional Services
Logistics
Trading
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Accounts Receivable
Trade Finance
Commercial
Compliance
Corporate Secretarial
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Finance Manager
Credit Manager
Accounts Receivable Manager
Risk Manager
Commercial Director
Transaction Manager
Structured Finance Manager
Company Secretary
Trade Finance Manager
Working Capital Manager
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