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Receivables Sale Agreement

Receivables Sale Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Receivables Sale Agreement

"I need a Receivables Sale Agreement under Saudi law for a manufacturing company selling its trade receivables to a local bank, with the seller continuing to act as collection agent and including provisions for periodic sales of additional receivables throughout 2025."

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Document background
The Receivables Sale Agreement is a crucial document used in Saudi Arabian commercial transactions when a company wishes to monetize its receivables by selling them to another party, typically a financial institution or special purpose vehicle. This type of agreement is particularly important in trade finance, supply chain finance, and asset-based financing transactions. The document must comply with both Saudi commercial law and Shariah principles, making it distinct from conventional receivables purchase agreements used in other jurisdictions. It includes detailed provisions for the transfer of rights, calculation of purchase price without conventional interest elements, and mechanisms for collection and administration of the receivables. The agreement is commonly used in factoring arrangements, securitization transactions, and other financing structures where immediate liquidity is required against future receivables.
Suggested Sections

1. Parties: Identification of the Seller and Purchaser with full legal names and details

2. Background: Context of the transaction and brief description of the receivables being sold

3. Definitions and Interpretation: Key terms used throughout the agreement, including specific definitions required under Saudi law

4. Sale and Purchase: Core provisions detailing the transfer of receivables and confirmation of true sale nature

5. Purchase Price and Payment: Calculation methodology and payment terms structured in a Shariah-compliant manner

6. Conditions Precedent: Prerequisites that must be satisfied before the agreement becomes effective

7. Representations and Warranties: Statements of fact by both parties, particularly regarding the receivables and their validity

8. Covenants: Ongoing obligations of the parties, including Seller's duties regarding receivables collection

9. Servicing Arrangements: Terms for the administration and collection of receivables

10. Events of Default: Circumstances constituting default and corresponding remedies

11. Indemnification: Provisions for compensation in case of breach or third-party claims

12. Notices: Communication procedures between parties

13. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution procedures

14. General Provisions: Standard boilerplate clauses adapted to Saudi law requirements

Optional Sections

1. Security Arrangements: Additional security or collateral arrangements, if required for the transaction

2. Third Party Rights: Rights of underlying debtors and any other third parties, if relevant

3. Islamic Structure: Detailed Shariah structure section if the transaction requires specific Islamic finance arrangements

4. Data Protection: Specific provisions regarding handling of debtor information, if personal data is involved

5. Tax Provisions: Specific tax-related provisions if the transaction has particular tax implications

6. Currency Provisions: If the receivables involve multiple currencies or foreign exchange considerations

7. Electronic Communications: If parties agree to use electronic means for communications and transactions

Suggested Schedules

1. Schedule 1 - Receivables List: Detailed list of receivables being sold, including relevant details and values

2. Schedule 2 - Eligibility Criteria: Criteria that receivables must meet to be eligible for sale

3. Schedule 3 - Form of Transfer Notice: Template for notice of transfer to be sent to debtors

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. Schedule 6 - Seller's Power of Attorney: Form of power of attorney for collection and administration

7. Schedule 7 - Shariah Compliance Certificate: Confirmation of Shariah compliance from approved scholars

8. Appendix A - Collection Procedures: Detailed procedures for collecting and administering receivables

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Accounts
Additional Receivables
Administration Fee
Applicable Law
Assignment
Business Day
Collection Account
Collection Period
Cut-off Date
Debtor
Default Rate
Eligible Receivables
Encumbrance
Event of Default
Face Value
Final Maturity Date
Financial Indebtedness
Financial Statements
Force Majeure
Governmental Authority
Initial Purchase Price
Insolvency Event
Material Adverse Effect
Notice of Assignment
Obligor
Offer
Outstanding Amount
Payment Date
Permitted Encumbrance
Purchase Price
Purchase Request
Purchased Receivables
Receivables
Receivables Documents
Related Rights
Relevant Date
Reporting Date
Sale Date
SAMA
Sanctions
Security Interest
Servicer
Servicing Agreement
Shariah Board
Shariah Principles
Settlement Date
Subsidiary
Transaction Documents
Transfer Date
Transfer Notice
True Sale
Underlying Contract
Zakat
Clauses
Interpretation
Sale and Purchase
Assignment
Purchase Price
Payment Terms
Conditions Precedent
Representations and Warranties
Covenants
Servicing
Collections
Security
Events of Default
Remedies
Termination
Confidentiality
Data Protection
Force Majeure
Notice Requirements
Assignment and Transfer
Amendment and Waiver
Severability
Set-Off
Further Assurance
Shariah Compliance
Anti-Money Laundering
Sanctions Compliance
Tax
Costs and Expenses
Indemnification
Governing Law
Dispute Resolution
Electronic Communications
Entire Agreement
Counterparts
Survival
Third Party Rights
Relevant Industries

Banking & Financial Services

Manufacturing

Retail & Consumer Goods

Healthcare

Technology & Telecommunications

Energy & Utilities

Construction & Infrastructure

Automotive

Trade & Commerce

Professional Services

Relevant Teams

Legal

Finance

Treasury

Credit

Risk Management

Operations

Shariah Compliance

Commercial

Business Development

Collections

Corporate Finance

Investment

Trade Finance

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Legal Counsel

Shariah Compliance Officer

Credit Manager

Accounts Receivable Manager

Risk Manager

Commercial Director

Business Development Manager

Transaction Manager

Corporate Finance Manager

Investment Manager

Operations Manager

Collections Manager

Industries
Islamic Law (Shariah): Fundamental principles of Islamic law that govern all transactions in Saudi Arabia, particularly focusing on compliance with Islamic finance principles and prohibition of riba (interest)
Commercial Law (Royal Decree No. M/32): Primary legislation governing commercial transactions in Saudi Arabia, including sales and transfer of commercial assets
Law of Commercial Papers: Governs negotiable instruments and relevant for the transfer and assignment of receivables
Electronic Commerce Law (Royal Decree No. M/126): Regulates electronic transactions and digital documentation, relevant if the receivables involve electronic commerce or digital payment systems
SAMA Banking Control Law: Central bank regulations governing financial transactions and banking operations in Saudi Arabia
Commercial Courts Law (Royal Decree No. M/93): Governs commercial dispute resolution and enforcement of commercial contracts
Civil Transactions Law: Provides general principles for civil transactions including assignment of rights and obligations
Anti-Money Laundering Law: Ensures compliance with AML regulations in financial transactions and transfer of receivables
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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