The Account Purchase Agreement serves as a fundamental instrument in receivables financing transactions under English and Welsh law. It is commonly used when businesses seek to improve their cash flow by selling their accounts receivable at a discount. The agreement comprehensively addresses the transfer mechanics, purchase price calculations, representations regarding the quality of receivables, and ongoing servicing arrangements. This document is particularly crucial in factoring and invoice discounting arrangements, providing legal certainty for both the seller seeking liquidity and the purchaser acquiring the receivables.
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1. Parties: Identifies and defines the parties to the agreement
2. Background: Sets out the context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Purchase and Sale of Accounts: Core provisions regarding the transfer of accounts
5. Purchase Price and Payment Terms: Details of consideration and payment mechanisms
6. Representations and Warranties: Statements of fact and assurances from parties
7. Covenants: Ongoing obligations of the parties
8. Notice Requirements: Communication procedures between parties
9. Governing Law and Jurisdiction: Specifies applicable law and dispute resolution forum
1. Security Arrangements: Additional security provisions when supplementary security is required beyond the assignment
2. Collection Rights: Rights regarding collection of purchased accounts when purchaser will handle collections directly
3. Servicing Provisions: Account servicing arrangements when seller continues to service the accounts
1. Schedule of Purchased Accounts: Detailed list of accounts being purchased
2. Eligibility Criteria: Criteria for accounts to be eligible for purchase
3. Form of Assignment Notice: Template for notifying account debtors
4. Calculation of Purchase Price: Formula and methodology for determining purchase price
5. Form of Servicing Report: Template for periodic servicing reports
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