The Receivables Purchase Agreement is a vital financial instrument used when businesses seek to monetize their accounts receivable for immediate working capital needs. This document, governed by New Zealand law, establishes a framework where a company (Seller) can sell its receivables to a financial institution (Purchaser) on a recurring basis. It typically includes detailed provisions for the selection and transfer of eligible receivables, purchase price calculations, representations about the quality of receivables, and ongoing servicing arrangements. The agreement must comply with New Zealand's legal requirements, particularly the Contract and Commercial Law Act 2017 and Personal Property Securities Act 1999, while providing adequate protection for all parties involved. This type of agreement is commonly used in trade finance, supply chain finance, and general working capital financing arrangements.
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1. Parties: Identifies the seller and purchaser of the receivables
2. Background: Sets out the context of the agreement and the parties' intentions
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. Sale and Purchase: Core provisions regarding the sale and assignment of receivables
5. Purchase Price and Payment: Details the calculation and payment of the purchase price
6. Eligibility Criteria: Specifies the criteria that receivables must meet to be eligible for purchase
7. Representations and Warranties: Sets out the seller's representations regarding the receivables and business
8. Undertakings: Ongoing obligations of the seller regarding the receivables and operation of their business
9. Servicing of Receivables: Requirements for collection and management of the receivables
10. Events of Default: Circumstances constituting default and consequences
11. Indemnities: Seller's indemnification obligations to the purchaser
12. Confidentiality: Provisions governing the treatment of confidential information
13. Notices: Requirements for giving notices under the agreement
14. General Provisions: Standard boilerplate provisions including governing law, amendments, and assignment
1. Security Interest: Required if the transaction includes the creation of security interests in favor of the purchaser
2. Credit Enhancement: Include when there are guarantees, letters of credit, or other credit support mechanisms
3. Currency Provisions: Required for cross-border transactions involving multiple currencies
4. Tax Gross-up: Include when tax implications need specific treatment, particularly in cross-border transactions
5. Data Protection: Required when the receivables involve personal data of individual debtors
6. Electronic Platform: Include when the parties will use an electronic platform for receivables reporting and management
7. Insurance: Required when credit insurance is part of the transaction structure
8. Change of Control: Include when restrictions on change of control are necessary
1. Form of Transfer Notice: Template for notifying the purchase of specific receivables
2. Eligibility Criteria Details: Detailed specifications of receivables eligibility requirements
3. Purchase Price Calculation: Detailed methodology for calculating the purchase price
4. Servicer Reports: Templates for periodic reporting on receivables performance
5. Form of Debtor Notification: Template for notifying debtors of the assignment
6. Excluded Debtors: List of debtors whose receivables are excluded from the agreement
7. Operating Procedures: Detailed procedures for day-to-day operation of the program
8. Form of Compliance Certificate: Template for periodic compliance certification
9. Initial Due Diligence Requirements: List of required due diligence documents and information
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Wholesale Trade
Retail
Technology
Healthcare
Construction
Professional Services
Transportation and Logistics
Energy and Utilities
Telecommunications
Agriculture
Relevant Teams
Finance
Legal
Treasury
Credit Control
Accounts Receivable
Operations
Risk Management
Compliance
Commercial
Trade Finance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Controller
Accounts Receivable Manager
Commercial Director
Legal Counsel
Risk Manager
Operations Manager
Financial Controller
Corporate Finance Manager
Working Capital Manager
Trade Finance Manager
Compliance Officer
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