Deal Closed | Juris Corp | Structured Cross Border Receivables

The details of the deal are as follows:

Deal Details: Juris Corp advises in relation to structured cross border receivables financing arrangements involving Indian customers of CISCO overseas.

Practice Area: Banking

Deal Value: Confidential

Deal date of Closing: 2nd December 2020

Team Involved: Mr Pratish Kumar (Partner)

Mr Ankit Sinha (Principal Associate)  

Ms Sonali Singh (Associate)

Deal Summary: Juris Corp advised Deutsche Bank AG, New York Branch (the “Bank”) in relation to certain structured cross border receivables financing arrangements involving the Indian customers of (a) Cisco International Limited; (b) Cisco Systems, Inc.; and (c) Cisco Systems International B.V. (collectively “CISCO”). The deal entailed two different models of incentive financing offered to the Indian customers of CISCO against the import of certain IT goods by the Indian customers. The intention was to ease working capital constraints on distributors and systems integrators in order to support higher levels of purchases. The Indian customers involved as a part of the financings were: (a) IBM India Private Limited; (b) Wipro Limited; (c) Ingram Micro India Private Ltd.; (d) Redington (India) Limited; (e) Dimension Data India Private Limited; (f) Velocis Systems Private Limited; (g) Compuage Infocom Ltd.; (h) Inflow Technologies Pvt. Ltd. and (i) Proactive Data Systems Pvt. Ltd.

Deal significance: The deal also involved instances where the invoices against the import of goods were raised against the Singapore branches of some of the Indian customers. The Juris Corp team played a pivotal role in structuring the arrangements in a manner so as to ensure that the ultimate obligations remained with the Indian customer.

Law firm (Indian and international) that played a prominent role in this deal: Greenberg Traurig, LLP advised the Bank on foreign law aspects of the deal.