The Receivables Purchase Agreement is a critical document used in trade finance and working capital optimization transactions under Austrian law. It is commonly employed when companies seek to monetize their receivables portfolio or implement ongoing receivables purchase programs. The agreement must comply with Austrian civil law requirements for valid assignment (Zession) under §§1392-1399 ABGB and, where applicable, financial services regulations under the Austrian Banking Act (BWG). It is particularly important in factoring arrangements, trade finance programs, and securitization transactions. The document typically covers detailed mechanisms for receivables transfer, purchase price calculations, representations about the quality and existence of receivables, and ongoing operational requirements. Special consideration is given to Austrian data protection laws, consumer protection requirements (if applicable), and insolvency law implications.
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1. Parties: Identification of the Seller and Purchaser, including full legal names and registration details
2. Background: Context of the transaction, nature of the receivables, 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 regarding the transfer of receivables, including the mechanism for legal transfer under Austrian law
5. Purchase Price and Payment: Calculation of purchase price, payment mechanics, and any adjustments
6. Conditions Precedent: Conditions that must be satisfied before the agreement becomes effective or before each purchase
7. Representations and Warranties: Seller's and Purchaser's representations regarding their capacity and the receivables
8. Undertakings: Ongoing obligations of the parties, including information provision and cooperation
9. Taxes and Costs: Allocation of tax liabilities and transaction costs
10. Data Protection: GDPR compliance and data handling requirements
11. Notices: Communication procedures between parties
12. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction for disputes
13. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments
1. Servicing: Required if the Seller continues to service the receivables post-sale
2. Security Interest: Needed if additional security is provided for the sold receivables
3. Back-up Servicing: Include when there's a need for contingency servicing arrangements
4. Regulatory Compliance: Required for regulated entities or when specific regulatory requirements apply
5. True Sale Provisions: Enhanced provisions when insolvency remoteness is crucial
6. Consumer Protection: Required when the underlying receivables involve consumer debtors
7. Ongoing Purchase Mechanism: Needed for revolving purchase facilities rather than one-time purchases
8. Credit Enhancement: Include when additional credit support mechanisms are required
1. Receivables List: Detailed list or criteria of receivables being purchased
2. Eligibility Criteria: Criteria that receivables must meet to be eligible for purchase
3. Form of Transfer Notice: Template for notifications of new receivables transfers
4. Purchase Price Calculation: Detailed methodology for calculating the purchase price
5. Form of Debtor Notification: Template for notifying debtors of the assignment
6. Servicing Requirements: Detailed servicing procedures and requirements if applicable
7. Required Documents: List of documents required for each receivable transfer
8. Form of Compliance Certificate: Template for periodic compliance certification
9. Power of Attorney: Form of power of attorney for receivables management
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Telecommunications
Utilities
Healthcare
Technology
Automotive
Construction
Professional Services
Energy
Insurance
Real Estate
Consumer Goods
Relevant Teams
Legal
Finance
Treasury
Credit Management
Accounts Receivable
Risk Management
Compliance
Operations
Portfolio Management
Structured Finance
Working Capital Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Commercial Director
Credit Manager
Accounts Receivable Manager
Risk Manager
Compliance Officer
Operations Manager
Portfolio Manager
Structured Finance Manager
Transaction Manager
Working Capital Manager
Financial Controller
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