The Accounts Receivable Purchase Agreement is a crucial financial instrument used in South African business operations to facilitate working capital management and financing. It is typically employed when companies seek to monetize their accounts receivable before their natural maturity date, thereby improving cash flow and reducing credit risk. The agreement must comply with South African legislative requirements, including the National Credit Act, Financial Intelligence Centre Act, and relevant financial services regulations. This document type is particularly important in the current economic climate where businesses seek alternative financing solutions. It includes detailed provisions for the identification of eligible receivables, purchase price mechanisms, representations and warranties, and operational procedures for ongoing management of the purchased receivables. The agreement can be structured either as a single purchase or as an ongoing facility, with variations possible depending on whether the arrangement is disclosed or undisclosed to the underlying debtors.
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1. Parties: Identification of the Seller (cedent) and Purchaser (cessionary) of the receivables
2. Background: Context of the agreement, business relationship, and purpose of the receivables purchase arrangement
3. Definitions and Interpretation: Definitions of key terms including Eligible Receivables, Purchase Price, Cut-off Date, etc., and interpretation rules
4. Purchase and Sale of Receivables: Core provisions regarding the sale and transfer of receivables, including the true sale nature of the transaction
5. Purchase Price and Payment Terms: Calculation methodology for purchase price, payment mechanics, and timing
6. Eligibility Criteria: Specific criteria that receivables must meet to qualify for purchase
7. Representations and Warranties: Seller's representations regarding business, authority, and receivables quality
8. Perfection Requirements: Requirements for legally perfecting the transfer of receivables under South African law
9. Servicing and Collections: Provisions regarding collection of receivables and servicing arrangements
10. Reporting Requirements: Periodic reporting obligations regarding receivables performance and collections
11. Events of Default: Circumstances constituting default and corresponding remedies
12. Termination: Termination events and process
13. Confidentiality: Protection of confidential information and trade secrets
14. Notices: Process and requirements for formal communications between parties
15. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, etc.
1. Credit Insurance: Required when receivables are credit insured, detailing insurance requirements and claims process
2. Security Arrangements: Include when additional security is provided for the seller's obligations
3. Data Protection: Detailed POPIA compliance provisions when significant personal information is involved
4. Cross-Border Provisions: Required for transactions involving foreign receivables or parties
5. Customer Notification: Detailed notification requirements when immediate notification to underlying debtors is required
6. Reserve Account: Include when a reserve account mechanism is used for credit enhancement
7. Undisclosed/Disclosed Assignment: Specific provisions depending on whether the assignment is disclosed to debtors
8. Electronic Trading Platform: Include when receivables are traded through an electronic platform
1. Form of Assignment: Template for individual assignments of receivables
2. Eligibility Criteria Details: Detailed list of criteria for acceptable receivables
3. Purchase Price Calculation: Detailed methodology and examples of purchase price calculations
4. Form of Offer Notice: Template for offering receivables for purchase
5. Form of Acceptance Notice: Template for accepting offered receivables
6. Required Information Fields: List of required data fields for receivables information
7. Form of Servicing Report: Template for periodic servicing and collections reporting
8. Excluded Debtors: List of debtors whose receivables are excluded from purchase
9. Power of Attorney: Form of power of attorney for perfection and collection actions
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Wholesale Trade
Retail
Construction
Technology
Healthcare
Automotive
Mining
Agriculture
Telecommunications
Transportation and Logistics
Professional Services
Energy and Utilities
Relevant Teams
Finance
Legal
Treasury
Credit Control
Accounts Receivable
Risk Management
Compliance
Operations
Commercial
Trade Finance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Credit Manager
Accounts Receivable Manager
Legal Counsel
Commercial Director
Risk Manager
Working Capital Manager
Trade Finance Manager
Business Development Manager
Operations Manager
Compliance Officer
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