The Accounts Receivable Financing Agreement is a crucial document used when businesses seek to improve their working capital position by monetizing their accounts receivable. This agreement, designed for use in New Zealand, enables businesses to receive immediate funding against their unpaid invoices while providing the financier with security and operational framework for the arrangement. It incorporates requirements under New Zealand law, including the Personal Property Securities Act 1999 and financial services regulations. The document is particularly valuable for businesses with substantial B2B receivables seeking flexible financing solutions, detailing purchase mechanisms, pricing, collection procedures, security arrangements, and compliance requirements. It includes specific provisions for both the operational aspects of the financing and the legal protection of all parties involved.
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1. Parties: Identifies the financier and the client (seller of receivables), including full legal names and addresses
2. Background: Sets out the context of the agreement, including the client's business and desire to finance receivables
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles, including specific definitions for Eligible Receivables, Purchase Price, and Collection Account
4. Purchase and Sale of Receivables: Core provisions detailing the sale/assignment of receivables, purchase price calculation, and true sale provisions
5. Eligibility Criteria: Specifies the criteria for receivables to be eligible for financing
6. Purchase Price and Payment Terms: Details the calculation of purchase price, advance rate, reserves, and payment mechanics
7. Security Interest and Perfection: Creates security interests and specifies perfection requirements under PPSA
8. Representations and Warranties: Standard and receivables-specific representations and warranties from the client
9. Covenants: Ongoing obligations of the client, including reporting, notice requirements, and operational covenants
10. Collection and Servicing: Procedures for collecting receivables and managing the collection account
11. Events of Default: Lists circumstances constituting default and consequences
12. Remedies: Sets out the financier's rights and remedies upon default
13. General Provisions: Standard boilerplate provisions including notices, amendments, governing law, etc.
1. Recourse Provisions: Required when the financing is with recourse to the client, detailing repurchase obligations
2. Credit Insurance: Include when receivables are covered by credit insurance, specifying requirements and claim procedures
3. Multiple Currencies: Required when financing receivables in different currencies, including exchange rate mechanisms
4. Electronic Platform: Include when using an electronic platform for receivables submission and management
5. Parent Guarantee: Include when a parent company guarantee is required
6. Subordination: Required when there are other creditors requiring subordination arrangements
7. Special Industry Terms: Include for industry-specific requirements (e.g., construction contracts, government receivables)
1. Schedule 1 - Eligibility Criteria: Detailed list of criteria for acceptable receivables
2. Schedule 2 - Approved Debtors: List of pre-approved debtors and their credit limits
3. Schedule 3 - Fee Schedule: Detailed breakdown of all fees, charges, and discount rates
4. Schedule 4 - Form of Purchase Request: Template for submitting receivables for purchase
5. Schedule 5 - Operational Procedures: Detailed procedures for daily operations, submissions, and collections
6. Schedule 6 - Required Reports: Ƶ and requirements for periodic reporting
7. Schedule 7 - Collection Account Details: Specifications for collection account arrangements
8. Appendix A - Form of Debtor Notification: Template for notifying debtors of the assignment
9. Appendix B - Compliance Certificates: Ƶ for periodic compliance certification
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Wholesale Trade
Construction
Professional Services
Technology
Healthcare
Transportation and Logistics
Agriculture
Retail
Export/Import
Industrial Services
Telecommunications
Relevant Teams
Finance
Treasury
Legal
Risk Management
Operations
Credit
Compliance
Commercial
Business Development
Portfolio Management
Accounts Receivable
Collections
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Accounts Receivable Manager
Financial Controller
Commercial Director
Risk Manager
Legal Counsel
Compliance Officer
Operations Manager
Credit Analyst
Portfolio Manager
Relationship Manager
Business Development Manager
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