The Account Receivable Purchase Agreement is essential for businesses seeking to improve their working capital management through factoring in Austria. This agreement is commonly used when a company wishes to monetize its accounts receivable by selling them to a financial institution (factor) at a discount. The document comprehensively addresses all aspects of the factoring relationship, including assignment mechanics, purchase price calculations, representations and warranties, and operational procedures. It must comply with Austrian banking regulations (BWG), civil law requirements (ABGB), and commercial code provisions (UGB). The agreement is particularly important for businesses with significant B2B receivables and those requiring efficient working capital solutions. It includes specific provisions for Austrian law compliance, data protection requirements, and financial services regulations.
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Key Requirements PROMPT example:
Account Receivable Purchase Agreement
"I need an Account Receivable Purchase Agreement under Austrian law for a manufacturing company selling domestic B2B receivables, with a maximum facility amount of €5 million and including specific provisions for machinery sector payment terms and retention of title clauses."
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1. Parties: Identification of the Factor (Purchaser) and the Seller (Client)
2. Background: Context of the agreement and general business purpose
3. Definitions and Interpretation: Key terms including Eligible Receivables, Purchase Price, Collection Period, etc.
4. Purchase and Assignment of Receivables: Core provisions regarding the assignment and transfer of receivables
5. Purchase Price and Payment Terms: Calculation of purchase price, discounts, reserves, and payment mechanics
6. Eligibility Criteria: Requirements for receivables to qualify for purchase
7. Representations and Warranties: Seller's assertions regarding business, receivables, and authority
8. Servicing and Collections: Process for managing and collecting receivables
9. Information and Reporting Requirements: Seller's obligations to provide information and reports
10. Data Protection and Confidentiality: GDPR compliance and confidentiality obligations
11. Events of Default: Circumstances constituting default and consequences
12. Term and Termination: Duration, renewal, and termination provisions
13. Governing Law and Jurisdiction: Austrian law application and dispute resolution
1. Credit Insurance: Required if receivables are to be credit insured
2. Electronic Platform: Include when using electronic systems for receivables management
3. Cross-Border Provisions: Required for international receivables
4. Undisclosed Factoring Terms: Include for confidential factoring arrangements
5. Supply Chain Finance Provisions: Add for supply chain finance programs
6. Recourse Provisions: Include for recourse factoring arrangements
7. Parent Company Guarantee: Required when parent company guarantee is part of the structure
1. Schedule 1 - Eligible Receivables Criteria: Detailed criteria for acceptable receivables
2. Schedule 2 - Pricing and Fees: Detailed fee structure and calculation methods
3. Schedule 3 - Operational Procedures: Daily operational processes and requirements
4. Schedule 4 - Form of Assignment Notice: Template for individual assignments
5. Schedule 5 - Reporting Requirements: Templates and timing for required reports
6. Schedule 6 - Excluded Debtors: List of debtors whose receivables are not eligible
7. Appendix A - Data Protection Requirements: Detailed GDPR compliance procedures
8. Appendix B - Know Your Customer Requirements: AML and KYC documentation requirements
Authors
Relevant legal definitions
Acceptance Date
Account Debtor
Advance Rate
Applicable Law
Assignment
Available Funds
Business Day
Collection Account
Collection Period
Confidential Information
Contract
Credit Note
Debtor Notification
Defaulted Receivable
Dilution
Discount
Dispute
Due Date
Eligible Debtor
Eligible Receivable
Event of Default
Excluded Receivable
Face Value
Factor
Factoring Fee
First Loss
Funding Date
Indebtedness
Insolvency Event
Invoice
Material Adverse Effect
Maximum Facility Amount
Net Face Value
Notification
Offer
Outstanding Amount
Payment Date
Purchase Date
Purchase Price
Purchased Receivable
Receivable
Recourse
Related Rights
Reserve Account
Reserve Percentage
Security Interest
Seller
Servicing Fee
Settlement Date
Term
Transaction Documents
Transfer
Trust Receipt
Underlying Contract
Account Debtor
Advance Rate
Applicable Law
Assignment
Available Funds
Business Day
Collection Account
Collection Period
Confidential Information
Contract
Credit Note
Debtor Notification
Defaulted Receivable
Dilution
Discount
Dispute
Due Date
Eligible Debtor
Eligible Receivable
Event of Default
Excluded Receivable
Face Value
Factor
Factoring Fee
First Loss
Funding Date
Indebtedness
Insolvency Event
Invoice
Material Adverse Effect
Maximum Facility Amount
Net Face Value
Notification
Offer
Outstanding Amount
Payment Date
Purchase Date
Purchase Price
Purchased Receivable
Receivable
Recourse
Related Rights
Reserve Account
Reserve Percentage
Security Interest
Seller
Servicing Fee
Settlement Date
Term
Transaction Documents
Transfer
Trust Receipt
Underlying Contract
Clauses
Assignment
Purchase and Sale
Eligibility Criteria
Pricing and Payment
Representations and Warranties
Covenants
Servicing
Collections
Security Interest
Information Rights
Reporting
Data Protection
Confidentiality
Events of Default
Remedies
Indemnification
Force Majeure
Term and Termination
Notices
Amendment and Waiver
Assignment and Transfer
Governing Law
Dispute Resolution
Severability
Entire Agreement
Counterparts
Anti-Money Laundering
Know Your Customer
Set-off
Further Assurance
Recourse
True Sale
Electronic Communications
Costs and Expenses
Taxes
Credit Insurance
Bank Accounts
Powers of Attorney
Purchase and Sale
Eligibility Criteria
Pricing and Payment
Representations and Warranties
Covenants
Servicing
Collections
Security Interest
Information Rights
Reporting
Data Protection
Confidentiality
Events of Default
Remedies
Indemnification
Force Majeure
Term and Termination
Notices
Amendment and Waiver
Assignment and Transfer
Governing Law
Dispute Resolution
Severability
Entire Agreement
Counterparts
Anti-Money Laundering
Know Your Customer
Set-off
Further Assurance
Recourse
True Sale
Electronic Communications
Costs and Expenses
Taxes
Credit Insurance
Bank Accounts
Powers of Attorney
Relevant Industries
Manufacturing
Wholesale Trade
Retail
Construction
Transportation and Logistics
Technology and Software
Healthcare
Professional Services
Industrial Equipment
Automotive
Textiles
Food and Beverage
Agriculture
Energy
Relevant Teams
Finance
Legal
Treasury
Credit Control
Accounts Receivable
Operations
Compliance
Risk Management
Commercial
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Accounts Receivable Manager
Financial Controller
Legal Counsel
Compliance Officer
Risk Manager
Operations Manager
Commercial Director
Business Development Manager
Working Capital Manager
Collections Manager
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