The Accounts Receivable Purchase Agreement serves as a crucial financing tool for businesses seeking to improve their cash flow without traditional borrowing. Used extensively in the United States and subject to both federal and state regulations, this agreement enables companies to monetize their receivables by selling them to financial institutions or specialized factors. The document typically includes detailed provisions about the nature of receivables being sold, purchase price mechanisms, representations about the quality of receivables, and ongoing obligations of both parties. It's particularly valuable for businesses with lengthy payment terms or those seeking off-balance-sheet financing solutions.
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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: Pricing mechanism, payment terms, and calculation methodology
6. Representations and Warranties: Seller's assertions about the receivables, business, and authority to sell
7. Covenants: Ongoing obligations of the parties including reporting requirements and maintenance of records
8. Events of Default: Circumstances constituting default and corresponding remedies
9. Indemnification: Terms regarding indemnification obligations of the parties
10. Term and Termination: Duration of agreement and termination provisions
11. Miscellaneous: Standard boilerplate provisions including notices, amendments, and governing law
1. Servicing Provisions: Terms for ongoing servicing of receivables when seller continues to service the receivables
2. Credit Insurance: Terms relating to insurance coverage when receivables are insured
3. Currency Provisions: Terms for handling multiple currencies in international receivables transactions
4. Security Interest: Provisions for security interest in case true sale characterization is challenged
5. Collection Account Provisions: Terms relating to establishment and operation of collection accounts when required
1. Schedule 1 - Receivables Schedule: Detailed list of specific receivables being purchased including face value and due dates
2. Schedule 2 - Eligibility Criteria: Specific criteria that receivables must meet to be eligible for purchase
3. Schedule 3 - Form of Purchase Notice: Standard form for initiating individual purchases under the agreement
4. Schedule 4 - Form of Assignment: Legal documentation template for transfer of receivables
5. Schedule 5 - Prohibited Account Debtors: List of excluded debtors whose receivables will not be purchased
6. Schedule 6 - Servicing Requirements: Detailed procedures for servicing of receivables if applicable
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