The Factoring Receivables Agreement is a crucial financial instrument in South African business operations, designed to provide working capital solutions through the sale of accounts receivable. This document is utilized when a business wishes to monetize its receivables by selling them to a financial institution (Factor) at a discount. The agreement comprehensively addresses all aspects of the factoring relationship, including receivables eligibility, purchase price calculations, operational procedures, and compliance with South African regulatory requirements. It incorporates necessary provisions under the National Credit Act, FAIS Act, and other relevant legislation, while establishing clear mechanisms for collections, payments, and dispute resolution. The agreement is particularly important in the South African context where businesses seek alternative financing solutions and must navigate specific regulatory requirements in the financial services sector.
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1. Parties: Identification of the Factor and the Client (seller of receivables)
2. Background: Context of the agreement, including the Client's business and purpose of factoring arrangement
3. Definitions and Interpretation: Definitions of key terms including Receivables, Eligible Receivables, Purchase Price, Advance Rate, etc.
4. Assignment of Receivables: Core provisions regarding the sale and assignment of receivables, including mechanism and effectiveness
5. Purchase Price and Payment Terms: Calculation of purchase price, advance rate, reserves, factoring fees and other charges
6. Eligibility Criteria: Criteria for receivables to qualify for purchase under the agreement
7. Representations and Warranties: Client's representations regarding business, receivables, and compliance with laws
8. Covenants: Ongoing obligations of the Client regarding operations, reporting, and compliance
9. Operational Procedures: Procedures for offering receivables, documentation requirements, and payment processing
10. Collections and Payments: Process for collecting receivables, handling payments, and reconciliation
11. Events of Default: Circumstances constituting default and consequences
12. Termination: Terms for termination of the agreement and post-termination obligations
13. Indemnification: Indemnification obligations of the parties
14. Confidentiality: Protection of confidential information and trade secrets
15. General Provisions: Standard boilerplate clauses including notices, amendments, governing law, etc.
1. Recourse Provisions: Required when the agreement is with recourse, detailing the Client's obligation to repurchase defaulted receivables
2. Insurance Requirements: Needed when credit insurance is required as part of the arrangement
3. Cross-Border Provisions: Required for international factoring arrangements involving foreign debtors
4. Special Industry Terms: Needed for specific industries with unique receivables characteristics
5. Security Arrangements: Required when additional security is taken beyond the receivables assignment
6. Debtor Notification Requirements: Detailed procedures when immediate notification to debtors is required
7. Electronic Trading Platform Terms: Required when factoring is conducted through an electronic platform
8. Credit Enhancement Provisions: Needed when additional credit support mechanisms are implemented
1. Schedule 1 - Eligible Receivables Criteria: Detailed criteria for receivable eligibility including age, jurisdiction, currency requirements
2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees, charges and calculation methodologies
3. Schedule 3 - Operational Procedures: Detailed procedures for daily operations, reporting and reconciliation
4. Schedule 4 - Form of Assignment Notice: Template for formal assignment notices for receivables
5. Schedule 5 - Debtor Notification Template: Standard form for notifying debtors of the assignment
6. Schedule 6 - Required Reports: Templates and requirements for regular reporting by the Client
7. Schedule 7 - Excluded Debtors: List of debtors whose receivables are excluded from the facility
8. Appendix A - Computer Systems Specifications: Technical requirements for electronic submission and reporting
9. Appendix B - Compliance Requirements: Detailed regulatory compliance requirements and procedures
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Wholesale Trade
Retail
Construction
Transportation and Logistics
Technology
Healthcare
Agriculture
Mining
Textiles
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Operations
Collections
Commercial
Trade Finance
Business Development
Accounts Receivable
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Accounts Receivable Manager
Commercial Director
Legal Counsel
Compliance Officer
Risk Manager
Financial Controller
Business Development Manager
Operations Manager
Credit Analyst
Collections Manager
Trade Finance Manager
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