The Accounts Receivable Assignment Agreement is a crucial document used in Danish commercial and financial transactions where a business wishes to transfer its rights to receive payment from its customers to another party, typically a financial institution or factoring company. This agreement is commonly used for improving cash flow, financing operations, or as part of securitization arrangements. The document must comply with Danish law requirements, particularly the Danish Contracts Act and Debt Instruments Act, and includes detailed provisions about the receivables being transferred, purchase price, collection rights, representations and warranties, and operational procedures. It's particularly important in factoring arrangements, supply chain finance, and other financing structures where receivables serve as a key asset.
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Key Requirements PROMPT example:
Accounts Receivable Assignment Agreement
I need an Accounts Receivable Assignment Agreement for my manufacturing company to assign €2 million worth of receivables to ABC Bank Denmark A/S, with the assignment planned for March 2025 and including recourse provisions if debtors default.
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OR
1. Parties: Identification of the Assignor and Assignee, including full legal names, registration numbers, and addresses
2. Background: Context of the assignment, relationship between parties, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement, including 'Receivables', 'Debtors', 'Assignment Date', etc.
4. Assignment: Core provision detailing the transfer of receivables from Assignor to Assignee, including the nature and scope of the assignment
5. Purchase Price and Payment: Terms of payment for the assigned receivables, including calculation method and payment mechanics
6. Representations and Warranties: Assignor's warranties regarding ownership, validity, and status of the receivables
7. Debtor Notification: Requirements and process for notifying debtors of the assignment
8. Collection and Administration: Provisions regarding the collection of receivables and ongoing administration
9. Covenants: Ongoing obligations of the parties, particularly the Assignor's duties regarding the receivables
10. Events of Default: Circumstances constituting default and consequences thereof
11. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes
12. Notices: Process and requirements for formal communications between parties
13. Execution: Signature blocks and execution requirements
1. Security Interest: Additional security arrangements if the assignment is for security purposes rather than an outright sale
2. True Sale Provisions: Specific provisions establishing the assignment as a true sale, used when securitization is intended
3. Recourse Provisions: Terms regarding the Assignor's obligations to repurchase or replace non-performing receivables
4. Data Protection: Specific provisions regarding handling of personal data, required when dealing with individual debtors
5. Anti-Assignment Prohibitions: Provisions dealing with any contractual restrictions on assignment in the underlying contracts
6. Insurance: Requirements for insurance of receivables or credit insurance arrangements
7. Currency Provisions: Required when assigned receivables are in multiple currencies
8. Tax Provisions: Detailed tax treatment and allocations, needed for complex assignments or cross-border situations
1. Schedule of Receivables: Detailed list of all receivables being assigned, including debtor information, amounts, and due dates
2. Form of Notice to Debtors: Template for the notification to be sent to debtors regarding the assignment
3. Collection Procedures: Detailed procedures for collection of receivables and handling of payments
4. Pricing Schedule: Detailed methodology for calculating the purchase price of receivables
5. Eligibility Criteria: Criteria that receivables must meet to be eligible for assignment
6. Form of Assignment Certificate: Template for documenting specific assignments under the agreement
7. Reporting Requirements: Templates and requirements for ongoing reporting between parties
8. Power of Attorney: Form of power of attorney for Assignee to act in relation to the receivables
Authors
Relevant legal definitions
Agreement
Assigned Receivables
Assignment
Assignment Date
Assignor
Assignee
Business Day
Collection Account
Collection Period
Cut-off Date
Debtor
Default Interest Rate
Defaulted Receivable
Eligible Receivable
Encumbrance
Event of Default
Face Value
Financial Indebtedness
Insolvency Event
Material Adverse Effect
Notice of Assignment
Payment Date
Purchase Price
Purchase Rate
Related Rights
Related Security
Representations and Warranties
Security Interest
Settlement Date
Transaction Documents
Transfer Certificate
True Sale
Underlying Contract
VAT
Working Capital
Assigned Receivables
Assignment
Assignment Date
Assignor
Assignee
Business Day
Collection Account
Collection Period
Cut-off Date
Debtor
Default Interest Rate
Defaulted Receivable
Eligible Receivable
Encumbrance
Event of Default
Face Value
Financial Indebtedness
Insolvency Event
Material Adverse Effect
Notice of Assignment
Payment Date
Purchase Price
Purchase Rate
Related Rights
Related Security
Representations and Warranties
Security Interest
Settlement Date
Transaction Documents
Transfer Certificate
True Sale
Underlying Contract
VAT
Working Capital
Clauses
Interpretation
Assignment
Purchase Price
Payment Terms
Conditions Precedent
Representations and Warranties
Covenants
Security
Collection Rights
Notice Requirements
True Sale
Recourse
Indemnification
Default
Force Majeure
Confidentiality
Data Protection
Anti-Money Laundering
Set-Off
Tax
Currency
Interest
Further Assurance
Amendment
Assignment and Transfer
Severability
Entire Agreement
Notices
Waiver
Counterparts
Governing Law
Jurisdiction
Dispute Resolution
Assignment
Purchase Price
Payment Terms
Conditions Precedent
Representations and Warranties
Covenants
Security
Collection Rights
Notice Requirements
True Sale
Recourse
Indemnification
Default
Force Majeure
Confidentiality
Data Protection
Anti-Money Laundering
Set-Off
Tax
Currency
Interest
Further Assurance
Amendment
Assignment and Transfer
Severability
Entire Agreement
Notices
Waiver
Counterparts
Governing Law
Jurisdiction
Dispute Resolution
Relevant Industries
Banking
Financial Services
Manufacturing
Retail
Wholesale Trade
Construction
Healthcare
Technology
Telecommunications
Professional Services
Transport and Logistics
Energy and Utilities
Relevant Teams
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Risk Management
Commercial
Operations
Business Development
Compliance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Accounts Receivable Manager
Financial Controller
Legal Counsel
Commercial Director
Business Development Manager
Risk Manager
Collections Manager
Finance Operations Manager
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