The Loan Purchase Agreement is a critical document used in South African financial markets for the transfer of loans or loan portfolios from one entity to another. It is commonly used in scenarios including bank portfolio optimization, non-performing loan sales, refinancing arrangements, and strategic asset disposals. The agreement must comply with South African regulatory requirements, including the National Credit Act, Financial Intelligence Centre Act, and Banking Act. It typically includes detailed provisions covering the identification of loans being sold, purchase price determination, transfer mechanics, warranties, and ongoing obligations of both parties. The document is essential for transactions involving loan portfolio sales in South Africa and must address specific local legal requirements while providing adequate protection for both seller and purchaser.
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1. Parties: Identification of the Seller and Purchaser, including their registration details and addresses
2. Background: Context of the transaction, including brief description of the loans being sold and purpose of the agreement
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Sale and Purchase: Core provisions regarding the sale and purchase of the loans, including what is being sold and confirmation of the transfer
5. Purchase Price: Details of the purchase price, calculation methodology, and payment terms
6. Conditions Precedent: Conditions that must be satisfied before the agreement becomes effective
7. Completion: Process and requirements for completing the transfer of the loans
8. Warranties and Representations: Warranties given by both parties, particularly the Seller's warranties about the loans
9. Transfer Mechanics: Detailed process for transferring the loans, including documentation requirements and timing
10. Seller's Continuing Obligations: Ongoing obligations of the Seller post-completion
11. Confidentiality: Provisions regarding confidential information and its protection
12. Data Protection: Compliance with data protection laws and handling of personal information
13. Notices: Process and requirements for giving notices under the agreement
14. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and entire agreement
1. Security Transfer: Required when the loans being purchased are secured and details the transfer of security interests
2. Regulatory Compliance: Specific section needed when the transaction involves regulated entities or activities
3. Post-Completion Servicing: Required when there are specific servicing arrangements for the loans post-transfer
4. True Sale Provisions: Detailed provisions needed when it's important to establish the transaction as a true sale rather than a secured financing
5. Foreign Exchange Provisions: Required for cross-border transactions or when purchase price is in foreign currency
6. Tax Provisions: Detailed tax provisions needed when there are specific tax implications requiring address
7. Portfolio Management: Required for large portfolio purchases with specific management requirements
8. Step-In Rights: Needed when purchaser requires rights to step into existing arrangements
1. Schedule 1 - The Loans: Detailed list and description of all loans being purchased
2. Schedule 2 - Seller's Warranties: Comprehensive list of warranties given by the Seller
3. Schedule 3 - Completion Requirements: Detailed list of all documents and actions required for completion
4. Schedule 4 - Form of Transfer Documents: Pro forma transfer documentation required for the transfer of the loans
5. Schedule 5 - Purchase Price Calculation: Detailed methodology for calculating the purchase price
6. Schedule 6 - Security Details: Details of any security interests associated with the loans
7. Appendix A - Power of Attorney: Form of power of attorney for executing transfer documents
8. Appendix B - Notice to Borrowers: Form of notice to be sent to borrowers regarding the transfer
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Investment Management
Insurance
Private Equity
Asset Management
Debt Collection
Credit Services
Corporate Finance
Real Estate Finance
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Credit
Portfolio Management
Corporate Finance
Due Diligence
Operations
Structured Finance
Transaction Management
Relevant Roles
Chief Financial Officer
Legal Counsel
Portfolio Manager
Risk Manager
Credit Manager
Investment Director
Compliance Officer
Transaction Manager
Treasury Manager
Due Diligence Manager
Corporate Finance Director
Debt Portfolio Manager
Financial Controller
Head of Lending
Structured Finance Manager
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