The Prepaid Forward Purchase Agreement is a sophisticated financial instrument used when parties wish to establish a binding commitment for the future purchase and sale of assets with an upfront payment structure. This document type is particularly relevant in Australian financial markets and is commonly used for commodities, securities, or other assets where advance payment and future delivery are desired. The agreement must comply with Australian financial services regulations, including the Corporations Act 2001 (Cth) and ASIC requirements, while addressing key commercial terms such as pricing mechanisms, settlement procedures, and risk allocation. It's typically employed in scenarios where buyers seek to secure future delivery of assets while providing sellers with immediate funding, making it particularly valuable in resource-rich sectors common to the Australian market.
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1. Parties: Identification of the buyer and seller, including full legal names and addresses
2. Background: Context of the transaction, including the nature of the underlying assets and commercial purpose
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Forward Purchase Commitment: Core agreement for the future purchase and sale of the underlying assets
5. Prepayment Terms: Details of the prepayment amount, timing, and payment mechanics
6. Settlement Terms: Specifications for final settlement, including timing, method, and procedures
7. Conditions Precedent: Conditions that must be satisfied before the agreement becomes effective
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. Early Termination: Provisions for early termination and calculation of termination amounts
12. Taxes and Expenses: Allocation of tax liabilities and transaction expenses
13. Notices: Communication procedures between parties
14. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, etc.
15. Execution: Signature blocks and execution requirements
1. Physical Settlement Procedures: Detailed procedures for physical delivery of underlying assets, used when physical settlement is contemplated
2. Cash Settlement Procedures: Procedures for cash settlement calculations and payments, used when cash settlement is contemplated
3. Security Arrangements: Details of any security or collateral arrangements, included when additional credit support is required
4. Regulatory Compliance: Specific provisions addressing regulatory requirements, included when dealing with regulated assets or entities
5. Market Disruption Events: Provisions dealing with market disruptions, included for transactions dependent on market prices
6. Third Party Rights: Provisions regarding rights of third parties, included when third parties have interests in the transaction
7. Transfer Restrictions: Specific limitations on transfer of rights or obligations, included when transfer restrictions are required
8. Credit Support: Provisions for guarantees or other credit support arrangements, included when credit enhancement is required
1. Schedule 1 - Calculation Methods: Detailed formulae and calculation methodologies for settlement amounts
2. Schedule 2 - Form of Settlement Notice: Template for settlement notices and related communications
3. Schedule 3 - Description of Underlying Assets: Detailed specification of the assets subject to the forward purchase
4. Schedule 4 - Pricing Mechanisms: Detailed pricing mechanisms and adjustments
5. Schedule 5 - Required Documents: List of documents required for settlement or conditions precedent
6. Appendix A - Standard Settlement Instructions: Details of payment and settlement accounts and procedures
7. Appendix B - Form of Transfer Documents: Templates for any transfer documentation required for settlement
8. Appendix C - Compliance Requirements: Detailed regulatory compliance requirements and procedures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Mining and Resources
Agriculture
Energy and Utilities
Commodities Trading
Investment Banking
Asset Management
Manufacturing
Technology
Real Estate
Relevant Teams
Legal
Finance
Treasury
Trading
Risk Management
Compliance
Operations
Settlement
Corporate Finance
Investment
Business Development
Structured Finance
Relevant Roles
Chief Financial Officer
Treasury Manager
Trading Director
Risk Manager
Legal Counsel
Compliance Officer
Investment Manager
Corporate Finance Manager
Operations Director
Settlement Officer
Finance Director
Commercial Director
Portfolio Manager
Structured Finance Manager
Business Development Director
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