The Accounts Receivable Agreement serves as a crucial instrument in business financing and cash flow management. It enables companies to monetize their receivables by selling them to financial institutions or other buyers. This agreement, commonly used in the United States, must comply with UCC Article 9 and relevant federal and state regulations. It typically includes detailed provisions about the transferred receivables, purchase price calculations, representations about the quality of the receivables, and ongoing servicing arrangements. The document is particularly important for businesses seeking immediate cash flow or those engaged in factoring arrangements.
Accounts Receivable Agreement for the United States
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Key Requirements PROMPT example:
Accounts Receivable Agreement
"I need an Accounts Receivable Agreement for my manufacturing company to sell $2 million worth of receivables to ABC Financial Ltd, with a servicing arrangement where we continue to collect payments from customers and forward them to ABC Financial on a monthly basis."
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1. Parties: Identification of the assignor and assignee including full legal names, addresses, and registration details
2. Background: Context of the agreement and purpose of the assignment of receivables
3. Definitions: Key terms used throughout the agreement including 'Receivables', 'Purchase Price', 'Collection Period', etc.
4. Assignment: Core provisions regarding the transfer of receivables, including scope and effectiveness of transfer
5. Purchase Price: Consideration and payment terms for the receivables, including calculation method and timing
6. Representations and Warranties: Assurances regarding the receivables, title, and parties' authority to enter into the agreement
7. Covenants: Ongoing obligations of the parties including reporting, maintenance of records, and compliance requirements
8. Events of Default: Circumstances constituting breach and corresponding remedies available to the parties
9. Term and Termination: Duration of the agreement and circumstances under which it may be terminated
10. Governing Law and Jurisdiction: Laws governing the agreement and courts having jurisdiction over disputes
1. Security Interest: Additional security provisions when collateral or security interest is required
2. Servicing: Terms for ongoing collection and management of receivables when original creditor continues to service them
3. Insurance: Requirements for insurance coverage when specific insurance obligations are needed
4. True Sale Provisions: Specific provisions confirming the transaction as a true sale rather than a secured lending when bankruptcy remoteness is crucial
1. Schedule of Receivables: Detailed list of assigned receivables including debtor information, amounts, and due dates
2. Form of Notice to Debtors: Template for notifying debtors of the assignment of receivables
3. Purchase Price Calculation: Formula and methodology for calculating purchase price including any discounts or adjustments
4. Eligibility Criteria: Specific criteria that receivables must meet to be eligible for assignment
5. Form of Assignment Notice: Standard form for documenting individual assignments under the agreement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Healthcare
Retail
Technology
Relevant Teams
Finance
Treasury
Accounting
Legal
Credit & Collections
Relevant Roles
Chief Financial Officer
Treasury Manager
Accounts Receivable Manager
Credit Manager
Financial Controller
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