The Accounts Receivable Financing Agreement is essential for businesses seeking to optimize working capital through the monetization of their accounts receivable. This document, governed by Dutch law and compliant with the Dutch Civil Code (Burgerlijk Wetboek), is particularly relevant in scenarios where companies need to improve cash flow, reduce collection costs, or transfer credit risk. It establishes a framework for ongoing sales of receivables, typically used by businesses with regular B2B sales and creditworthy customers. The agreement covers crucial aspects such as receivable eligibility, purchase price calculations, operational procedures, and risk allocation between parties. It's designed to comply with Dutch financial regulations while providing flexibility for various business needs and industry-specific requirements.
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1. Parties: Identification of the financing party (Factor) and the company selling its receivables (Client)
2. Background: Context of the agreement, including the Client's business nature and desire to finance receivables
3. Definitions: Detailed definitions of key terms used throughout the agreement
4. Purchase and Sale of Receivables: Core provisions regarding the sale and assignment of receivables, including eligibility criteria
5. Purchase Price and Payment Terms: Calculation of purchase price, advance rate, reserves, and payment mechanics
6. Representations and Warranties: Client's representations about their business, receivables, and compliance with laws
7. Covenants: Ongoing obligations of the Client regarding operations, reporting, and maintenance of receivables
8. Collection and Servicing: Provisions for collecting receivables, including notification to debtors and account management
9. Events of Default: Circumstances constituting default and consequences thereof
10. Fees and Expenses: All fees payable, including factoring fees, processing fees, and expense reimbursement
11. Term and Termination: Duration of the agreement and termination provisions
12. Miscellaneous: Standard boilerplate provisions including notices, amendments, governing law, and jurisdiction
1. Credit Insurance: Required when receivables are covered by credit insurance to address rights and obligations regarding the policy
2. Foreign Currency Provisions: Needed when financing receivables denominated in multiple currencies
3. Electronic Platform: Required when using specific software or platforms for receivables administration
4. Syndication Rights: Included when the Factor may want to syndicate the facility
5. Parent Company Guarantee: Required when additional security from a parent company is needed
6. Special Industry Provisions: Included when specific industry regulations or practices need to be addressed
1. Eligibility Criteria: Detailed criteria for receivables to qualify for financing
2. Calculation of Fees: Detailed breakdown of all fees and their calculation methods
3. Form of Purchase Request: Standard form for requesting purchase of receivables
4. Operational Procedures: Detailed procedures for daily operations, reporting, and communications
5. Form of Debtor Notification: Standard form for notifying debtors of the assignment
6. Required Reports: Templates and specifications for required periodic reports
7. Excluded Debtors: List of debtors whose receivables are excluded from financing
8. KYC Requirements: List of required know-your-customer documentation
Relevant legal definitions
Advance Rate
Applicable Law
Assignment
Available Funds
Business Day
Cessie
Collection Account
Collection Period
Concentration Limit
Contract
Credit Note
Debtor
Default Interest
Dilution
Discount
Dispute
Eligible Debtor
Eligible Receivable
Event of Default
Facility Limit
Factor Fee
Financial Statements
Financing Statement
Indebtedness
Insolvency Event
Invoice
Material Adverse Effect
Maturity Date
Maximum Payment Term
Notification
Offered Receivables
Payment Date
Purchase Date
Purchase Price
Purchased Receivable
Receivables
Recourse
Related Rights
Reserve
Security Interest
Service Fee
Settlement Date
Termination Event
Transaction Documents
Transfer Document
Working Capital
Applicable Law
Assignment
Available Funds
Business Day
Cessie
Collection Account
Collection Period
Concentration Limit
Contract
Credit Note
Debtor
Default Interest
Dilution
Discount
Dispute
Eligible Debtor
Eligible Receivable
Event of Default
Facility Limit
Factor Fee
Financial Statements
Financing Statement
Indebtedness
Insolvency Event
Invoice
Material Adverse Effect
Maturity Date
Maximum Payment Term
Notification
Offered Receivables
Payment Date
Purchase Date
Purchase Price
Purchased Receivable
Receivables
Recourse
Related Rights
Reserve
Security Interest
Service Fee
Settlement Date
Termination Event
Transaction Documents
Transfer Document
Working Capital
Clauses
Assignment
Purchase and Sale
Eligibility Criteria
Purchase Price
Payment Terms
Collection Rights
Servicing Obligations
Representations and Warranties
Covenants
Security Interest
Events of Default
Remedies
Indemnification
Fees and Expenses
Confidentiality
Data Protection
Term and Termination
Notice Requirements
Governing Law
Jurisdiction
Force Majeure
Amendment and Waiver
Set-off Rights
Further Assurance
Severability
Entire Agreement
Assignment and Transfer
Third Party Rights
Counterparts
Compliance with Laws
Anti-Money Laundering
Financial Covenants
Reporting Requirements
Account Management
Recourse Provisions
Insurance
Purchase and Sale
Eligibility Criteria
Purchase Price
Payment Terms
Collection Rights
Servicing Obligations
Representations and Warranties
Covenants
Security Interest
Events of Default
Remedies
Indemnification
Fees and Expenses
Confidentiality
Data Protection
Term and Termination
Notice Requirements
Governing Law
Jurisdiction
Force Majeure
Amendment and Waiver
Set-off Rights
Further Assurance
Severability
Entire Agreement
Assignment and Transfer
Third Party Rights
Counterparts
Compliance with Laws
Anti-Money Laundering
Financial Covenants
Reporting Requirements
Account Management
Recourse Provisions
Insurance
Relevant Industries
Manufacturing
Wholesale Trade
Distribution
Technology
Professional Services
Construction
Industrial Services
Automotive
Consumer Goods
Healthcare
Telecommunications
Transportation and Logistics
Relevant Teams
Finance
Treasury
Legal
Credit Control
Accounts Receivable
Operations
Risk Management
Commercial
Business Development
Compliance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Controller
Accounts Receivable Manager
Financial Controller
Legal Counsel
Risk Manager
Commercial Director
Operations Manager
Credit Manager
Working Capital Manager
Finance Manager
Business Development Manager
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