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Account Purchase Agreement

Account Purchase Agreement Template for South Africa

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Key Requirements PROMPT example:

Account Purchase Agreement

"I need an Account Purchase Agreement for the acquisition of a consumer debt portfolio from a South African bank, with completion planned for March 2025, that includes specific provisions for ongoing servicing arrangements and compliance with the National Credit Act."

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Document background
The Account Purchase Agreement is a critical document used in South African financial transactions where one party wishes to sell and another party wishes to purchase accounts receivable, debt portfolios, or similar financial assets. This agreement is particularly important in the context of South African financial services, where strict regulatory compliance is required under various laws including the National Credit Act, Financial Intelligence Centre Act, and Protection of Personal Information Act. The document typically includes detailed provisions about the accounts being purchased, purchase price calculations, representations about the quality and status of the accounts, compliance requirements, and transfer mechanics. It's commonly used in debt portfolio sales, factoring arrangements, and financial asset transfers, requiring careful consideration of both commercial and regulatory aspects under South African law.
Suggested Sections

1. Parties: Identification of the Seller and Purchaser, including registration details and addresses

2. Background: Context of the transaction, nature of the accounts being sold, and purpose of the agreement

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Sale and Purchase: Core transaction terms, including what is being sold and purchase price mechanics

5. Payment Terms: Details of payment, including timing, method, and any adjustments

6. Conditions Precedent: Any conditions that must be met before the agreement becomes effective

7. Completion: Process and requirements for completing the transfer of accounts

8. Representations and Warranties: Seller's warranties about the accounts and standard corporate warranties

9. Regulatory Compliance: Compliance with relevant laws including FICA, NCA, and POPIA

10. Data Protection: POPIA compliance and data handling requirements

11. Indemnities: Protections and indemnifications between parties

12. Transfer Process: Mechanics of how accounts will be transferred and documented

13. Notices: How formal notices under the agreement must be given

14. Breach and Termination: Consequences of breach and termination rights

15. General/Boilerplate: Standard legal provisions including governing law, jurisdiction, etc.

Optional Sections

1. Ongoing Servicing: Include if the seller will continue to service the accounts post-sale

2. Consumer Protection: Include specific provisions when purchasing consumer accounts

3. Security Arrangements: Include if any security interests are being transferred with the accounts

4. Post-Completion Adjustments: Include if there's a mechanism for price adjustments after completion

5. Bulk Transfer Provisions: Include for bulk account transfers with specific requirements

6. Third Party Consents: Include if assignments require third party approval

7. Transitional Services: Include if seller provides temporary support post-transfer

8. Call Option: Include if purchaser has rights to purchase additional accounts

Suggested Schedules

1. Schedule 1 - Account List: Detailed list of accounts being purchased with key information

2. Schedule 2 - Purchase Price Calculation: Formula and mechanics for calculating the purchase price

3. Schedule 3 - Completion Requirements: Checklist of documents and actions required for completion

4. Schedule 4 - Form of Transfer Notice: Template for notifying account debtors of the transfer

5. Schedule 5 - Warranties: Detailed warranties about the accounts and business

6. Schedule 6 - Excluded Accounts: List of accounts specifically excluded from the purchase

7. Appendix A - Data Fields: Required data fields and format for account information

8. Appendix B - Compliance Requirements: Detailed regulatory compliance requirements and procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions












































Clauses








































Relevant Industries

Financial Services

Banking

Debt Collection

Credit Management

Asset Management

Insurance

Factoring and Invoice Discounting

Professional Services

Corporate Finance

Relevant Teams

Legal

Finance

Compliance

Risk Management

Treasury

Operations

Credit Control

Collections

Corporate Development

Deal Advisory

Due Diligence

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Compliance Officer

Credit Manager

Portfolio Manager

Risk Manager

Treasury Manager

Collections Manager

Financial Controller

Corporate Lawyer

Debt Recovery Specialist

Account Manager

Operations Director

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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