The Debt Sale Agreement is a crucial document used in South African financial markets when one entity wishes to sell its rights and interests in a debt portfolio to another entity. This type of agreement is commonly used by banks, financial institutions, and credit providers looking to optimize their balance sheets, improve liquidity, or manage non-performing loans. The document must comply with South African regulatory requirements, including the National Credit Act, Consumer Protection Act, and Financial Intelligence Centre Act. It typically includes detailed provisions for the transfer of debt, purchase price calculations, warranties about the debt portfolio's quality, and procedures for completing the transfer. The agreement also addresses critical aspects such as data protection, customer notification requirements, and ongoing servicing arrangements where applicable.
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1. Parties: Identification of the Seller and Purchaser, including registration details and addresses
2. Background: Context of the debt sale, nature of the underlying debts, 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 terms of the sale, including what is being sold and confirmation of transfer
5. Purchase Price: Details of the purchase price, calculation methodology, and payment terms
6. Conditions Precedent: Any conditions that must be met before the agreement becomes effective
7. Completion: Process and requirements for completing the transfer of the debt portfolio
8. Representations and Warranties: Seller's warranties regarding the debt portfolio and both parties' general warranties
9. Transfer Process: Detailed process for transferring the debt portfolio and associated rights
10. Data Protection and Confidentiality: Obligations regarding customer data protection and confidential information
11. Regulatory Compliance: Compliance obligations under relevant South African legislation
12. Indemnities: Mutual indemnities and specific indemnities related to the debt portfolio
13. Dispute Resolution: Process for resolving disputes between the parties
14. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Transitional Servicing: Used when the seller will continue to service the debt portfolio for a transition period
2. Put-Back Rights: Include when the purchaser has the right to sell back certain debts that don't meet specified criteria
3. Customer Communication: Include when specific customer notification procedures need to be agreed
4. Post-Completion Obligations: Used when there are ongoing obligations after the initial transfer
5. Security Arrangements: Include when there are specific security interests or guarantees being transferred
6. Third Party Consents: Include when certain transfers require third party approval
7. VAT Treatment: Detailed VAT provisions when the transaction has specific VAT implications
8. Collection Agency Arrangements: Include when specific debt collection arrangements need to be addressed
1. Schedule 1 - Debt Portfolio Details: Detailed list and characteristics of the debts being sold
2. Schedule 2 - Purchase Price Calculation: Detailed methodology for calculating the purchase price
3. Schedule 3 - Transfer Documents: Forms and templates for transfer documentation
4. Schedule 4 - Completion Checklist: List of actions and documents required for completion
5. Schedule 5 - Warranties: Detailed warranties relating to the debt portfolio
6. Schedule 6 - Data Fields: Specification of customer data fields to be transferred
7. Schedule 7 - Excluded Debts: List of debts specifically excluded from the sale
8. Appendix A - Power of Attorney: Form of power of attorney for debt collection
9. Appendix B - Notice to Debtors: Template for notifying debtors of the transfer
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Debt Collection
Investment Management
Consumer Credit
Insurance
Telecommunications
Utilities
Healthcare
Retail
Relevant Teams
Legal
Finance
Risk Management
Compliance
Operations
Treasury
Credit Management
Debt Recovery
Data Management
Portfolio Management
Due Diligence
Strategy
Relevant Roles
Chief Financial Officer
Head of Debt Recovery
Legal Counsel
Compliance Officer
Portfolio Manager
Credit Risk Manager
Debt Collection Manager
Investment Director
Treasury Manager
Operations Director
Due Diligence Manager
Data Protection Officer
Finance Director
Risk Manager
Collections Strategy Manager
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