A Receivables Transfer Agreement is essential in transactions where one party wishes to transfer its rights to receive payment under existing contracts or invoices to another party. This document is commonly used in Belgium for factoring arrangements, securitization transactions, or as part of broader financing arrangements. The agreement must comply with Belgian civil law requirements, particularly regarding the transfer of rights (cession de cr茅ance/overdracht van schuldvordering) and debtor notification. It includes crucial details about the transferred receivables, purchase price calculations, representations about the receivables' status, and mechanisms for ensuring the transfer's effectiveness under Belgian law. The document is particularly important in scenarios involving trade receivables financing, asset-based lending, or portfolio sales.
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1. Parties: Identification of the Transferor and Transferee
2. Background: Context of the transfer and relationship between the parties
3. Definitions and Interpretation: Defined terms and rules of interpretation
4. Transfer and Assignment: Core provisions effecting the transfer of receivables under Belgian law
5. Purchase Price and Payment: Consideration for the transfer and payment mechanics
6. Conditions Precedent: Requirements to be satisfied before transfer becomes effective
7. Representations and Warranties: Transferor's confirmations about their right to transfer and the status of the receivables
8. Notification Requirements: Provisions regarding notification to debtors as required under Belgian law
9. Further Assurance: Obligations to execute additional documents or take further steps to perfect the transfer
10. Data Protection: GDPR compliance provisions regarding debtor personal data
11. Governing Law and Jurisdiction: Confirmation of Belgian law governance and jurisdiction
1. Security Interest: Required if the transfer is by way of security rather than outright assignment
2. Servicing Arrangements: Include if the transferor will continue to collect receivables as servicer
3. Back-up Servicing: Include if a back-up servicer is appointed
4. True Sale Provisions: Include for securitization transactions requiring true sale treatment
5. Recourse Provisions: Include if the transferor provides any recourse for uncollectible receivables
6. Credit Enhancement: Include if any form of credit enhancement is provided
7. Tax Provisions: Detailed tax provisions if transfer has significant tax implications
1. Schedule 1 - Receivables Schedule: Detailed list and description of the receivables being transferred
2. Schedule 2 - Form of Transfer Notice: Template notice to be sent to debtors as required under Belgian law
3. Schedule 3 - Conditions Precedent Documents: List of required documents to be delivered before completion
4. Schedule 4 - Form of Accession Deed: Template for transferring additional receivables if agreement allows for future transfers
5. Schedule 5 - Eligibility Criteria: Criteria that receivables must meet to be eligible for transfer
6. Appendix 1 - Original Contracts: Copies of the underlying contracts giving rise to the receivables
7. Appendix 2 - Power of Attorney: Form of power of attorney for post-completion actions
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