The Assignment Of Receivables Agreement is a vital instrument in Philippine commercial practice, used when a business wishes to transfer its accounts receivable to another party, typically for financing purposes or debt management. This document is essential in factoring arrangements, securitization transactions, and general business financing. It must comply with the Philippine Civil Code, particularly Articles 1624-1635 regarding assignment of credits and other incorporeal rights, as well as relevant BSP regulations. The agreement includes detailed provisions on the receivables being transferred, payment terms, representations about the validity of the receivables, and notification requirements to debtors. It's commonly used by companies seeking to improve their cash flow, financial institutions providing financing, and businesses engaging in debt restructuring or asset management.
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1. Parties: Identification of the Assignor and Assignee, including their complete legal names, addresses, and registration details
2. Background: Context of the assignment, including the origin of the receivables and the business relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement, including 'Receivables', 'Assignment Date', 'Obligor(s)', and other relevant terms
4. Assignment: Core provision detailing the transfer of rights from Assignor to Assignee, including the scope and effective date of the assignment
5. Purchase Price and Payment: Details of the consideration for the assignment, payment terms, and method of payment
6. Representations and Warranties: Assignor's warranties regarding ownership, validity, and status of the receivables
7. Covenants: Ongoing obligations of the parties, including notification requirements and cooperation in enforcement
8. Notice Requirements: Procedures for notifying obligors of the assignment and requirements under Philippine law
9. Further Assurance: Obligations to execute additional documents and take necessary steps to perfect the assignment
10. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
11. Execution: Signature blocks and execution formalities
1. Security Provisions: Required when additional security is provided for the assigned receivables
2. Recourse Provisions: Used when the assignment includes recourse rights against the Assignor
3. Collection Arrangements: Needed when specific collection procedures or arrangements are established
4. Tax Provisions: Detailed tax provisions when complex tax implications exist or specific tax arrangements are needed
5. Electronic Communications: Required when parties agree to use electronic means for notices and communications
6. Confidentiality: Added when specific confidentiality obligations are required beyond standard practice
7. Assignment Back Provisions: Used when there's a possibility of reassignment of the receivables back to the Assignor
1. Schedule of Receivables: Detailed list of all receivables being assigned, including account numbers, amounts, and due dates
2. Schedule of Obligors: List of all obligors, their contact details, and relevant account information
3. Form of Notice to Obligors: Template notice to be sent to obligors informing them of the assignment
4. Payment Details: Banking and payment information for the transfer of funds
5. Required Approvals: List of any regulatory or third-party approvals required for the assignment
6. Related Security Documents: Copies or details of any security documents associated with the receivables
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Construction
Healthcare
Technology
Telecommunications
Energy and Utilities
Real Estate
Professional Services
Distribution and Logistics
Agriculture
Relevant Teams
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Risk Management
Compliance
Commercial Operations
Corporate Finance
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Controller
Accounts Receivable Manager
Legal Counsel
Commercial Director
Risk Manager
Financial Controller
Business Development Manager
Corporate Finance Manager
Compliance Officer
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