The Future Receivables Factoring Agreement is designed for businesses seeking to monetize their future receivables under German law. It is particularly suitable for companies with predictable future revenue streams who wish to access working capital financing before the actual receivables arise. The agreement establishes a framework for the ongoing purchase of future receivables, detailing the assignment mechanism, purchase price calculations, and operational procedures. It incorporates specific German legal requirements, including compliance with the Banking Act (KWG), Civil Code (BGB) provisions on assignments, and data protection regulations. The document is structured to provide legal certainty for the assignment of future claims while maintaining operational flexibility for both factor and client. This type of agreement is commonly used in industries with long-term contracts or regular customer relationships, where future revenue streams can be reliably predicted.
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1. Parties: Identification of Factor and Client, including registration details and authorized representatives
2. Background: Context of the agreement, business relationship, and purpose of the factoring arrangement
3. Definitions and Interpretation: Detailed definitions of key terms including Eligible Receivables, Future Receivables, Purchase Price, Collection Period, etc.
4. Assignment and Purchase of Receivables: Core provisions regarding the assignment mechanism, identification and offer of receivables, acceptance process
5. Purchase Price and Payment Terms: Calculation of purchase price, advance rates, reserves, fees, and payment mechanisms
6. Representations and Warranties: Client's representations regarding existence and validity of receivables, authority to assign, compliance with laws
7. Obligations of the Client: Ongoing obligations including information provision, documentation maintenance, notification requirements
8. Collections and Payment Administration: Process for collection of receivables, establishment of trust accounts, payment reconciliation
9. Data Protection and Confidentiality: GDPR compliance, data processing terms, confidentiality obligations
10. Events of Default: Specified events triggering default, consequences, and remedies
11. Term and Termination: Duration, renewal terms, termination rights and process
12. Governing Law and Jurisdiction: Choice of German law, jurisdiction, and dispute resolution mechanisms
1. Recourse and Repurchase: Include when the agreement provides for recourse against the Client for defaulted receivables
2. Credit Insurance: Include when receivables are covered by credit insurance arrangements
3. Servicing Arrangements: Include when the Client continues to service the receivables as agent of the Factor
4. Security Arrangements: Include when additional security (beyond assignment) is required
5. Electronic Platform Terms: Include when using an electronic platform for receivables administration
6. Cross-Border Provisions: Include when receivables involve international debtors
7. Debtor Notification: Include when immediate notification to debtors is required (vs. notification upon trigger event)
1. Eligibility Criteria: Detailed criteria for receivables to qualify for purchase
2. Form of Assignment Notice: Template for formal assignment of receivables
3. Operational Procedures: Detailed procedures for daily operations, reporting, and communications
4. Fee Schedule: Detailed breakdown of all fees, charges, and calculation methodologies
5. Form of Debtor Notification: Template for notifying debtors of the assignment
6. Reporting Requirements: Templates and specifications for required reports
7. KYC Requirements: List of required due diligence documents and ongoing monitoring requirements
8. Data Processing Agreement: Detailed GDPR-compliant data processing terms
9. Excluded Debtors: List of debtors excluded from the factoring arrangement
Relevant legal definitions
Advance Rate
Aggregate Limit
Approved Debtor
Available Funds
Business Day
Collection Account
Collection Period
Commencement Date
Contract Documents
Credit Insurance Policy
Cut-off Date
Data Protection Laws
Debtor
Debtor Notification
Default Interest
Discount
Discount Period
Eligible Receivable
Event of Default
Excluded Receivable
Factor's Commission
Factoring Account
Factoring Limit
Future Receivable
Ineligible Receivable
Initial Purchase Price
Insolvency Event
KYC Requirements
Material Adverse Effect
Minimum Period
Net Face Value
Notification Event
Offer
Outstanding Amount
Purchase Price
Purchased Receivable
Recourse Event
Related Rights
Relevant Documents
Reserve Account
Restricted Party
Sanctions
Security Interest
Service Fee
Settlement Date
Termination Event
Trust Account
Underlying Contract
Unutilized Commission
Working Day
Aggregate Limit
Approved Debtor
Available Funds
Business Day
Collection Account
Collection Period
Commencement Date
Contract Documents
Credit Insurance Policy
Cut-off Date
Data Protection Laws
Debtor
Debtor Notification
Default Interest
Discount
Discount Period
Eligible Receivable
Event of Default
Excluded Receivable
Factor's Commission
Factoring Account
Factoring Limit
Future Receivable
Ineligible Receivable
Initial Purchase Price
Insolvency Event
KYC Requirements
Material Adverse Effect
Minimum Period
Net Face Value
Notification Event
Offer
Outstanding Amount
Purchase Price
Purchased Receivable
Recourse Event
Related Rights
Relevant Documents
Reserve Account
Restricted Party
Sanctions
Security Interest
Service Fee
Settlement Date
Termination Event
Trust Account
Underlying Contract
Unutilized Commission
Working Day
Clauses
Assignment
Sale and Purchase
Payment Terms
Representations and Warranties
Covenants
Security
Collection Rights
Recourse
Indemnification
Confidentiality
Data Protection
Anti-Money Laundering
Sanctions Compliance
Events of Default
Termination
Force Majeure
Set-off
Trust Arrangements
Notice Requirements
Information Rights
Record Keeping
Servicing
Fees and Charges
Bank Accounts
Electronic Communications
Amendment
Severability
Entire Agreement
Waiver
Further Assurance
Counterparts
Assignment and Transfer
Third Party Rights
Governing Law
Jurisdiction
Dispute Resolution
Sale and Purchase
Payment Terms
Representations and Warranties
Covenants
Security
Collection Rights
Recourse
Indemnification
Confidentiality
Data Protection
Anti-Money Laundering
Sanctions Compliance
Events of Default
Termination
Force Majeure
Set-off
Trust Arrangements
Notice Requirements
Information Rights
Record Keeping
Servicing
Fees and Charges
Bank Accounts
Electronic Communications
Amendment
Severability
Entire Agreement
Waiver
Further Assurance
Counterparts
Assignment and Transfer
Third Party Rights
Governing Law
Jurisdiction
Dispute Resolution
Relevant Industries
Manufacturing
Wholesale Trade
Retail
Construction
Technology
Healthcare
Professional Services
Automotive
Energy
Telecommunications
Transportation and Logistics
Industrial Services
Relevant Teams
Legal
Finance
Treasury
Credit Management
Accounts Receivable
Risk Management
Operations
Compliance
Commercial
Business Development
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Credit Manager
Accounts Receivable Manager
General Counsel
Legal Counsel
Risk Manager
Operations Manager
Commercial Director
Working Capital Manager
Financial Controller
Compliance Officer
Business Development Manager
Contract Manager
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