The Accounts Receivable Purchase Agreement is a critical financial instrument used when businesses seek to improve their working capital position by selling their accounts receivable to a financial institution or factoring company. This agreement, governed by Australian law, is particularly relevant for businesses with substantial B2B transactions or extended payment terms. It must comply with the Personal Property Securities Act 2009 (Cth), financial services regulations, and other relevant Australian legislation. The document typically includes detailed provisions for the sale mechanism, purchase price calculations, representations about the quality of receivables, collection procedures, and security interests. It's commonly used in various arrangements including factoring, supply chain finance, and trade finance programs, and can be structured as either a one-off sale or an ongoing purchase facility.
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1. Parties: Identifies the seller (original creditor) and purchaser (factor) of the receivables
2. Background: Sets out the context of the agreement, including the seller's business and desire to sell receivables, and the purchaser's willingness to buy them
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. Sale and Purchase: Core provisions detailing the mechanism for selling and purchasing receivables, including true sale provisions
5. Purchase Price and Payment: Specifies how the purchase price is calculated, including any discounts, and payment mechanisms
6. Eligibility Criteria: Defines the criteria that receivables must meet to be eligible for purchase
7. Representations and Warranties: Key statements about the seller's authority, receivables quality, and other material facts
8. Undertakings: Ongoing obligations of the seller regarding the receivables and business operations
9. Servicing and Collections: Arrangements for collecting receivables, whether by seller or purchaser
10. Security Interest and Perfection: Provisions ensuring the purchaser's interest is properly protected under PPSA
11. Events of Default: Circumstances constituting default and consequences
12. Termination: Provisions for ending the agreement and post-termination obligations
13. Confidentiality: Protection of confidential information exchanged under the agreement
14. General Provisions: Standard boilerplate clauses including notices, amendments, governing law
1. Credit Insurance: Required when receivables are covered by credit insurance policies
2. Cross-Border Provisions: Needed when dealing with international receivables or parties
3. Trust Provisions: Used when collections are held on trust before settlement
4. Data Protection: Enhanced privacy provisions when dealing with significant personal data
5. Supply Chain Finance: Specific provisions when the arrangement is part of a supply chain finance program
6. Electronic Platform: Required when using specific electronic platforms for receivables trading
7. Undisclosed/Disclosed Assignment: Specific provisions depending on whether the assignment is disclosed to debtors
8. Recourse Provisions: Detailed provisions when the agreement includes full or partial recourse to the seller
1. Form of Assignment Notice: Template for formal assignment of specific receivables
2. Eligibility Criteria Details: Detailed specifications of receivable eligibility requirements
3. Purchase Price Calculation: Detailed formula and examples of purchase price calculation
4. Operational Procedures: Detailed procedures for offering, accepting, and settling receivables
5. Form of Debtor Notification: Template for notifying debtors of the assignment
6. Required Reports: Templates and specifications for required reporting
7. Excluded Debtors: List of debtors whose receivables are excluded from the agreement
8. Technology Requirements: Technical specifications for electronic communication and reporting
9. Service Level Requirements: Detailed service levels for servicing and collections
Relevant legal definitions
Accepted Receivable
Advance Rate
Applicable Law
Assignment
Australian Credit Licence
Business Day
Collection Account
Collection Period
Contract
Credit Insurance Policy
Cut-off Date
Debtor
Debtor Limit
Default Interest Rate
Defaulted Receivable
Discount
Discount Period
Dispute
Eligible Debtor
Eligible Receivable
Encumbrance
Event of Default
Face Value
Facility Limit
Finance Documents
Financial Indebtedness
GST
Ineligible Receivable
Insolvency Event
Material Adverse Effect
Maturity Date
Maximum Payment Term
Notification
Offer
Outstanding Purchase Price
PPSA
PPSR
Purchase Date
Purchase Price
Purchased Receivable
Receivable
Receivables Data
Recourse Event
Related Entity
Relevant Documents
Reserve Account
Security Interest
Servicing Fee
Settlement Date
Termination Event
Transaction Documents
Trust Account
Underlying Contract
Advance Rate
Applicable Law
Assignment
Australian Credit Licence
Business Day
Collection Account
Collection Period
Contract
Credit Insurance Policy
Cut-off Date
Debtor
Debtor Limit
Default Interest Rate
Defaulted Receivable
Discount
Discount Period
Dispute
Eligible Debtor
Eligible Receivable
Encumbrance
Event of Default
Face Value
Facility Limit
Finance Documents
Financial Indebtedness
GST
Ineligible Receivable
Insolvency Event
Material Adverse Effect
Maturity Date
Maximum Payment Term
Notification
Offer
Outstanding Purchase Price
PPSA
PPSR
Purchase Date
Purchase Price
Purchased Receivable
Receivable
Receivables Data
Recourse Event
Related Entity
Relevant Documents
Reserve Account
Security Interest
Servicing Fee
Settlement Date
Termination Event
Transaction Documents
Trust Account
Underlying Contract
Clauses
Interpretation
Definitions
Sale and Purchase
Assignment
Purchase Price
Payment Terms
Eligibility Criteria
Conditions Precedent
Representations and Warranties
Undertakings
Security Interest
Collection Rights
Servicing
Trust Arrangements
Recourse
Credit Insurance
Information Provision
Reporting
Technology and Data
Events of Default
Termination
Set-off
Tax
GST
Confidentiality
Privacy
Anti-Money Laundering
Force Majeure
Assignment and Transfer
Amendments
Notices
Costs and Expenses
Indemnification
Governing Law
Dispute Resolution
General Provisions
Definitions
Sale and Purchase
Assignment
Purchase Price
Payment Terms
Eligibility Criteria
Conditions Precedent
Representations and Warranties
Undertakings
Security Interest
Collection Rights
Servicing
Trust Arrangements
Recourse
Credit Insurance
Information Provision
Reporting
Technology and Data
Events of Default
Termination
Set-off
Tax
GST
Confidentiality
Privacy
Anti-Money Laundering
Force Majeure
Assignment and Transfer
Amendments
Notices
Costs and Expenses
Indemnification
Governing Law
Dispute Resolution
General Provisions
Relevant Industries
Manufacturing
Wholesale Trade
Construction
Professional Services
Transportation and Logistics
Healthcare
Technology
Telecommunications
Industrial Services
Retail
Agriculture
Mining and Resources
Relevant Teams
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Risk Management
Operations
Commercial
Trade Finance
Working Capital Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Controller
Accounts Receivable Manager
Legal Counsel
Commercial Director
Risk Manager
Operations Manager
Financial Controller
Business Development Manager
Relationship Manager (Banking)
Trade Finance Manager
Working Capital Manager
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