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Receivables Sale Agreement

Receivables Sale Agreement Template for Austria

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Key Requirements PROMPT example:

Receivables Sale Agreement

"I need a Receivables Sale Agreement under Austrian law for my manufacturing company to sell 鈧5 million worth of trade receivables to ABC Bank GmbH, with the seller continuing to act as servicer and including credit insurance provisions."

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Document background
The Receivables Sale Agreement is a crucial document used when a company wishes to monetize its accounts receivable by selling them to a financial institution or factoring company. This type of agreement, governed by Austrian law, is commonly used for improving cash flow, reducing credit risk, or as part of a broader financing strategy. The document needs to comply with Austrian legal requirements, including the Austrian Civil Code (ABGB) and Commercial Code (UGB), while also addressing EU regulations such as GDPR. It typically includes detailed provisions on the transfer mechanism, purchase price calculation, representations about the quality of receivables, servicing arrangements, and debtor notification requirements. The agreement is particularly important in factoring arrangements and trade finance transactions, where it serves as the primary document governing the relationship between the seller and purchaser of the receivables.
Suggested Sections

1. Parties: Identification of the Seller and Purchaser with full legal names and addresses

2. Background: Context of the transaction, description of the receivables business, and purpose of the agreement

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

4. Sale and Purchase: Core provisions detailing the sale and transfer of receivables, including purchase price mechanism

5. Conditions Precedent: Conditions that must be satisfied before the agreement becomes effective

6. Representations and Warranties: Seller's representations regarding the receivables and general warranties from both parties

7. Purchase Price and Payment: Detailed mechanics for calculating and paying the purchase price

8. Transfer Mechanics: Procedures for effecting the transfer of receivables and required notifications

9. Servicing and Collections: Arrangements for collecting and managing the receivables post-sale

10. Undertakings: Ongoing obligations of the parties

11. Events of Default: Circumstances constituting default and consequences

12. Termination: Provisions for ending the agreement and consequences of termination

13. Confidentiality: Obligations regarding confidential information

14. Notices: Process for formal communications between parties

15. Governing Law and Jurisdiction: Choice of Austrian law and jurisdiction provisions

Optional Sections

1. Security Interest: Required if any security is being provided for the obligations

2. Data Protection: Detailed GDPR compliance section if personal data is involved

3. True Sale Provisions: Enhanced provisions to ensure characterization as a true sale rather than financing

4. Credit Insurance: Provisions dealing with any credit insurance arrangements

5. Reserve Account: If a reserve mechanism is used to secure performance

6. Repurchase Option: If the seller has the right to repurchase certain receivables

7. Tax Gross-up: Provisions for tax implications and gross-up obligations

8. Collection Account Arrangements: If specific collection account structures are required

Suggested Schedules

1. Schedule 1 - Eligibility Criteria: Detailed criteria for receivables eligible for sale

2. Schedule 2 - Form of Transfer Notice: Template for notices of transfer of receivables

3. Schedule 3 - Seller Power of Attorney: Form of power of attorney for post-sale actions

4. Schedule 4 - Form of Debtor Notification: Template for notifying debtors of the assignment

5. Schedule 5 - Initial Receivables Portfolio: List and details of initial receivables being sold

6. Schedule 6 - Purchase Price Calculation: Detailed methodology for calculating purchase price

7. Schedule 7 - Servicing Requirements: Detailed procedures for servicing the receivables

8. Schedule 8 - Reporting Requirements: Templates and requirements for periodic reporting

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 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

Manufacturing

Retail

Wholesale Trade

Construction

Healthcare

Technology

Professional Services

Logistics and Transportation

Energy and Utilities

Telecommunications

Relevant Teams

Legal

Finance

Treasury

Credit Control

Accounts Receivable

Risk Management

Compliance

Operations

Commercial

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Credit Controller

Accounts Receivable Manager

Legal Counsel

Commercial Director

Risk Manager

Compliance Officer

Financial Controller

Business Development Manager

Portfolio Manager

Operations Manager

Credit Risk Manager

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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