The Accounts Receivable Assignment Agreement is a crucial document used in Belgian business and financial transactions where a company wishes to monetize its receivables or obtain financing against them. This agreement enables businesses to improve their working capital position by converting future payment rights into immediate liquidity. The document must comply with Belgian legal requirements, including the Civil Code provisions on assignment of claims and financial collateral regulations. It typically includes detailed schedules of the receivables being assigned, specific representations about their validity, and procedures for notification to debtors. The agreement is particularly relevant in factoring arrangements, trade finance, and secured lending transactions, where it serves as the primary document establishing the legal framework for the transfer of receivables.
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1. Parties: Identification of the Assignor and Assignee with full legal details
2. Background: Context of the assignment and relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Assignment: Core provision detailing the transfer of rights in the receivables from Assignor to Assignee
5. Purchase Price and Payment: Terms of consideration for the assignment, including payment mechanism and timing
6. Representations and Warranties: Assignor's warranties regarding ownership, validity, and status of the receivables
7. Notification and Perfection: Requirements and process for notifying debtors and perfecting the assignment
8. Collections and Payment Administration: Process for collecting and administering payments from debtors
9. Covenants: Ongoing obligations of the parties, particularly the Assignor's duties regarding the receivables
10. Events of Default: Circumstances constituting default and consequences thereof
11. Governing Law and Jurisdiction: Specification of Belgian law as governing law and jurisdiction for disputes
12. Miscellaneous: Standard boilerplate provisions including notices, amendments, and severability
1. Security Provisions: Required if the assignment is for security purposes rather than an outright sale
2. Recourse Provisions: Include when the Assignor provides recourse to the Assignee for uncollectible receivables
3. Data Protection: Required when personal data is involved in the assigned receivables
4. Credit Insurance: Include when credit insurance is part of the arrangement
5. Tax Provisions: Required for cross-border assignments or specific tax arrangements
6. Further Assurance: Include when additional documentation or actions may be needed post-signing
7. Back-up Servicing: Include when a back-up servicer is appointed for collections
1. Schedule of Receivables: Detailed list of all receivables being assigned, including debtor information and amounts
2. Form of Notice to Debtors: Template for notifying debtors of the assignment
3. Eligibility Criteria: Criteria that receivables must meet to be eligible for assignment
4. Collection Procedures: Detailed procedures for collecting and processing payments
5. Form of Assignment Notice: Standard form for documenting individual assignments under the agreement
6. Pricing Schedule: Detailed pricing mechanics and calculations if complex pricing is involved
7. Contact Details: List of key contacts and authorized representatives for both parties
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