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EXPLANATORY NOTES FOR THE CESSION OF BOOK DEBTS
A cession of book debts is a security undertaking that is generally utilised where one entity (for example a bank or a company) (“the Lender”) lends and advances money (“the Loan”) to another entity (”the Borrower”), or which may in future lend and advance money to such Borrower. By concluding this cession of book debts, the Borrower agrees to transfer to the Lender, its rights, title and interest to claim monies owed to the Borrower by the Borrower’s debtors. Note that the cession of book debts can be used to cover debts that already exist and debts that may arise in future; it is structured so as to enable the Lender to claim against Borrower debtors when the Borrower defaults on loan repayments.
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Please read carefully through the cession document and fill in all missing details; in preparing a signature document, please have regard to all the notes we have placed hereon to assist you with the conclusion of a professional, legally binding cession document.