The Accounts Receivable Financing Agreement serves as the primary document governing the sale or financing of accounts receivable in the United States. This agreement is particularly valuable for businesses seeking to improve cash flow without traditional bank loans. It establishes the legal framework for either factoring (sale of receivables) or asset-based lending (using receivables as collateral), depending on the structure. The document must comply with UCC Article 9, federal lending regulations, and state-specific requirements. It typically includes detailed provisions for eligibility criteria, purchase price calculations, representations and warranties, and operational procedures for ongoing financing.
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1. Parties: Identification of the financing party (Factor) and the company selling receivables (Seller)
2. Background: Context of the financing arrangement and business purpose, including the Seller's desire to finance its receivables and the Factor's willingness to purchase them
3. Definitions: Key terms including Eligible Receivables, Advance Rate, Collection Period, Purchase Price, and other technical terms used throughout the agreement
4. Purchase and Sale of Receivables: Core transaction terms and mechanics of how receivables will be purchased and assigned
5. Eligibility Criteria: Detailed requirements for receivables to qualify for financing, including age, quality, and debtor requirements
6. Purchase Price and Payment Terms: Pricing methodology, advance rates, fees, and payment mechanics including settlement procedures
7. Representations and Warranties: Standard assurances about business, authority, receivables quality, and compliance with laws
8. Covenants: Ongoing obligations of the seller including reporting, notice requirements, and operational commitments
9. Events of Default: Circumstances constituting default and corresponding remedies available to the Factor
10. Term and Termination: Duration of the agreement, renewal provisions, and termination rights
11. Miscellaneous: Standard boilerplate provisions including notices, amendments, governing law, and jurisdiction
1. Credit Insurance: Terms related to receivables insurance coverage when credit insurance is part of the arrangement
2. Cross-Border Provisions: Special terms for international receivables when financing includes foreign receivables
3. Lockbox Arrangements: Terms for dedicated collection accounts when using lockbox collection method
4. Recourse Provisions: Terms specifying circumstances under which the Seller must repurchase receivables
5. Electronic Documentation: Provisions for electronic invoicing and documentation when parties use digital systems
1. Schedule of Eligible Receivables: List of specific receivables being financed including key details such as face amount, due date, and debtor information
2. Form of Purchase Request: Standard form for requesting advances against receivables
3. Form of Notice to Account Debtors: Template for notifying customers of the assignment of receivables
4. Approved Account Debtors: List of pre-approved customers whose receivables can be financed
5. Fee Schedule: Detailed breakdown of all fees and charges including factoring fees, processing fees, and any other charges
6. UCC Forms: Required UCC financing statements and amendments to perfect the Factor's security interest
Relevant legal definitions
Accounts
Accounts Receivable
Advance
Advance Rate
Applicable Law
Assignment
Availability Period
Business Day
Collection Account
Collection Period
Contract Rate
Default Rate
Dilution
Eligible Receivables
Event of Default
Facility Amount
Financing Statement
Ineligible Receivables
Interest Period
Lockbox
Material Adverse Effect
Maximum Facility Amount
Net Face Value
Purchase Price
Purchase Request
Receivables Schedule
Related Rights
Reserve Amount
Security Interest
Settlement Date
Termination Date
Transaction Documents
UCC
Unused Line Fee
Accounts Receivable
Advance
Advance Rate
Applicable Law
Assignment
Availability Period
Business Day
Collection Account
Collection Period
Contract Rate
Default Rate
Dilution
Eligible Receivables
Event of Default
Facility Amount
Financing Statement
Ineligible Receivables
Interest Period
Lockbox
Material Adverse Effect
Maximum Facility Amount
Net Face Value
Purchase Price
Purchase Request
Receivables Schedule
Related Rights
Reserve Amount
Security Interest
Settlement Date
Termination Date
Transaction Documents
UCC
Unused Line Fee
Clauses
Purchase and Sale
Conditions Precedent
Eligibility Criteria
Representations and Warranties
Covenants
Security Interest
Collections and Remittance
Purchase Price and Fees
Servicing
Events of Default
Remedies
Indemnification
Assignment
Confidentiality
Notice Requirements
Amendments and Waivers
Governing Law
Dispute Resolution
Term and Termination
Repurchase Obligations
Reporting Requirements
Record Keeping
Set-off Rights
Further Assurance
Severability
Force Majeure
Entire Agreement
Counterparts
Survival
Conditions Precedent
Eligibility Criteria
Representations and Warranties
Covenants
Security Interest
Collections and Remittance
Purchase Price and Fees
Servicing
Events of Default
Remedies
Indemnification
Assignment
Confidentiality
Notice Requirements
Amendments and Waivers
Governing Law
Dispute Resolution
Term and Termination
Repurchase Obligations
Reporting Requirements
Record Keeping
Set-off Rights
Further Assurance
Severability
Force Majeure
Entire Agreement
Counterparts
Survival
Relevant Industries
Relevant Teams
Relevant Roles
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