Factoring And Security Agreement Template for Singapore

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Key Requirements PROMPT example:

Factoring And Security Agreement

"Need a Factoring And Security Agreement for our manufacturing company to sell receivables to DBS Bank, with a facility limit of SGD 5 million and including security over all present and future receivables, with completion required by March 2025."

What is a Factoring And Security Agreement?

The Factoring And Security Agreement is essential for businesses in Singapore seeking to monetize their receivables while providing security to factors. This document is commonly used when companies require working capital financing and want to sell their receivables to a financial institution. It combines both the sale mechanics for receivables and the creation of security interests, complying with Singapore's Personal Property Securities Act 2020 and other relevant legislation. The agreement typically includes detailed provisions on pricing, representations, covenants, and events of default, while also addressing security registration and enforcement rights.

What sections should be included in a Factoring And Security Agreement?

1. Parties: Identification of the factor and the client

2. Background: Context of the agreement and business relationship

3. Definitions: Key terms used throughout the agreement

4. Sale and Purchase of Receivables: Core terms of factoring arrangement

5. Security Interest: Creation and scope of security interest

6. Purchase Price and Payment Terms: Pricing mechanism and payment arrangements

7. Representations and Warranties: Standard and specific warranties regarding receivables

8. Covenants: Ongoing obligations of the parties

9. Events of Default: Circumstances constituting default and consequences

10. Termination: Termination events and process

What sections are optional to include in a Factoring And Security Agreement?

1. Recourse Provisions: Used when factor has right to seek payment from client if debtor defaults

2. Collection Services: Terms for collection of receivables when factor provides collection services

3. Credit Insurance: Requirements for credit insurance when such insurance is required

4. Electronic Trading Platform: Terms for electronic submission of receivables when electronic platform is used

What schedules should be included in a Factoring And Security Agreement?

1. Form of Notice of Assignment: Template notice to debtors

2. Eligible Receivables Criteria: Criteria for acceptable receivables

3. Pricing Schedule: Detailed pricing terms and calculations

4. Form of Offer Notice: Template for offering receivables

5. Security Documents: Forms of additional security documents

6. Operational Procedures: Detailed procedures for day-to-day operations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Manufacturing
Trading
Distribution
Services
Construction

Relevant Teams

Finance
Treasury
Legal
Credit Control
Accounts Receivable

Relevant Roles

Chief Financial Officer
Treasury Manager
Finance Director
Credit Manager
General Counsel

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What is a Factoring And Security Agreement?

What sections should be included in a Factoring And Security Agreement?

What sections are optional to include in a Factoring And Security Agreement?

What schedules should be included in a Factoring And Security Agreement?

Authors

Alex Denne

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