Receivable Purchase Agreement for Singapore

Receivable Purchase Agreement Template for Singapore

A Receivable Purchase Agreement under Singapore law is a legal contract that facilitates the sale and transfer of accounts receivable from a seller to a purchaser. The agreement is governed by Singapore's robust financial and commercial laws, including the Civil Law Act and Securities and Futures Act. It details the terms of sale, purchase price calculation, representations and warranties, and ongoing obligations of the parties, while ensuring compliance with Singapore's regulatory requirements regarding assignments and true sale criteria.

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What is a Receivable Purchase Agreement?

A Receivable Purchase Agreement is commonly used in Singapore's financial markets when businesses seek to monetize their receivables for immediate working capital. This document, governed by Singapore law, establishes the framework for selling accounts receivable to financial institutions or special purpose vehicles. The agreement includes crucial elements such as purchase price mechanisms, representations about the quality of receivables, and compliance with Singapore's assignment and notice requirements. It's particularly relevant in trade finance, supply chain financing, and securitization transactions, where clear documentation of the transfer of rights is essential for legal certainty and regulatory compliance.

What sections should be included in a Receivable Purchase Agreement?

1. Parties: Identification of purchaser and seller of receivables

2. Background: Context of the transaction and relationship between parties

3. Definitions: Key terms used throughout the agreement including 'Receivables', 'Purchase Price', 'Cut-off Date'

4. Sale and Purchase: Core provisions regarding the sale and assignment of receivables

5. Purchase Price and Payment: Calculation methodology and payment terms

6. Representations and Warranties: Statements of fact and assurances from both parties

7. Covenants: Ongoing obligations of parties

8. Notice and Perfection: Requirements for perfecting the assignment

What sections are optional to include in a Receivable Purchase Agreement?

1. Servicing Arrangements: Terms for ongoing collection and management of receivables when seller continues to service the receivables

2. Credit Enhancement: Additional security or support features when additional credit protection is required

3. True Sale Provisions: Specific provisions to establish true sale character when bankruptcy remoteness is critical

What schedules should be included in a Receivable Purchase Agreement?

1. Schedule of Receivables: Detailed list of receivables being purchased

2. Eligibility Criteria: Criteria for receivables to be included in the purchase

3. Form of Notice to Debtors: Template notice informing debtors of the assignment

4. Purchase Price Calculation: Detailed methodology for calculating purchase price

5. Form of Transfer Certificate: Template for documenting each transfer of 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

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services
Manufacturing
Trading and Distribution
Technology
Healthcare

Relevant Teams

Finance
Treasury
Legal
Credit Control
Risk Management

Relevant Roles

Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Credit Manager

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What is a Receivable Purchase Agreement?

What sections should be included in a Receivable Purchase Agreement?

What sections are optional to include in a Receivable Purchase Agreement?

What schedules should be included in a Receivable Purchase Agreement?

Authors

Alex Denne

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