The Accounts Receivable Purchase Agreement is utilized when a business wishes to sell its accounts receivable to improve cash flow or transfer credit risk. This document, governed by English and Welsh law, sets out the framework for recurring purchases of receivables, including eligibility criteria, purchase price calculations, and risk allocation between parties. It's commonly used in factoring, supply chain finance, and trade finance arrangements, providing businesses with working capital solutions while giving purchasers access to short-term, self-liquidating assets.
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Key Requirements PROMPT example:
Accounts Receivable Purchase Agreement
"I need an Accounts Receivable Purchase Agreement for my manufacturing company to sell £5 million worth of trade receivables to Deutsche Bank, with monthly purchases starting from March 2025 and including credit insurance provisions."
1. Parties: Identification of seller and purchaser of receivables
2. Background: Context of the transaction and business relationship
3. Definitions: Key terms used throughout the agreement including Eligible Receivables, Purchase Price, and Collection Period
4. Purchase and Sale: Core terms of the receivables purchase including transfer mechanism and true sale provisions
5. Purchase Price and Payment: Pricing mechanism, payment terms, and any discount or factoring fee arrangements
6. Representations and Warranties: Seller's assertions about receivables quality, ownership, and absence of encumbrances
7. Covenants: Ongoing obligations including reporting, notice requirements, and maintenance of records
8. Events of Default: Circumstances constituting default and corresponding remedies
9. Term and Termination: Duration of agreement and termination provisions
10. Governing Law and Jurisdiction: Specification of English and Welsh law as governing law and jurisdiction
1. Security Interest: Additional security arrangements when enhanced protection is required
2. Credit Insurance: Insurance arrangements for receivables when applicable
3. Collection Account Arrangements: Special arrangements for collecting payments through dedicated accounts
4. Servicing Provisions: Terms for ongoing servicing of receivables if seller continues collection
5. Data Protection: Specific provisions for handling personal data under UK GDPR when relevant
1. Schedule of Receivables: Detailed list of receivables being purchased including debtor details and amounts
2. Eligibility Criteria: Specific criteria that receivables must meet to be eligible for purchase
3. Form of Purchase Notice: Template for formal notification of receivables to be purchased
4. Form of Assignment: Template for legal assignment documentation
5. Debtor Notification Template: Standard form for notifying debtors of the assignment
6. Calculation of Purchase Price: Detailed methodology for calculating purchase price including any discounts
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