The Accounts Receivable Financing Agreement serves as a crucial financing instrument in the Philippine business environment, particularly for companies seeking to optimize their working capital management. This document is typically used when businesses need to accelerate their cash flow by monetizing their accounts receivable, rather than waiting for payment terms to expire. The agreement, structured in compliance with Philippine law including the Personal Property Security Act and banking regulations, outlines the terms under which a financial institution purchases receivables at a discount. It comprehensively covers eligibility requirements, pricing mechanisms, operational procedures, and risk mitigation measures. The document is essential for businesses with significant B2B transactions looking to maintain steady cash flow while managing credit relationships with their customers.
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1. Parties: Identification of the Financier and the Client (receivables seller)
2. Background: Context of the financing arrangement and business relationship
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. The Facility: Details of the financing facility, including amount, purpose, and terms
5. Assignment of Receivables: Terms governing the assignment of receivables and transfer of rights
6. Eligibility Criteria: Criteria for receivables that can be financed under the agreement
7. Purchase Price and Payment Terms: Calculation of purchase price, advance rate, and payment mechanics
8. Representations and Warranties: Standard and specific representations and warranties by the Client
9. Covenants: Positive and negative covenants of the Client
10. Security Interest: Creation and perfection of security interest in the receivables
11. Collection and Servicing: Procedures for collection and servicing of the receivables
12. Events of Default: Circumstances constituting default and consequences
13. Enforcement Rights: Rights and remedies of the Financier upon default
14. Indemnification: Indemnification obligations of the parties
15. Term and Termination: Duration of agreement and termination provisions
16. Governing Law and Jurisdiction: Philippine law as governing law and jurisdiction provisions
17. General Provisions: Standard boilerplate provisions including notices, amendments, etc.
1. Trust Receipt Arrangements: Additional provisions if trust receipt financing is part of the arrangement
2. Electronic Platform: Provisions for use of electronic platform for receivables submission and management
3. Credit Insurance: Provisions relating to credit insurance if receivables are insured
4. Debtor Notification: Procedures for notifying debtors of the assignment, if required
5. Foreign Currency Provisions: Additional provisions for cross-border receivables or foreign currency transactions
6. Recourse Provisions: Specific provisions regarding recourse rights against the Client
7. Field Examination: Rights and procedures for conducting field examinations of Client's operations
1. Schedule 1 - Eligibility Criteria: Detailed list of criteria for eligible receivables
2. Schedule 2 - Form of Assignment Notice: Template for assignment notice to be used for each receivable
3. Schedule 3 - Operational Procedures: Detailed procedures for submission, verification, and funding of receivables
4. Schedule 4 - Calculation of Purchase Price: Detailed methodology for calculating purchase price and discount
5. Schedule 5 - Reporting Requirements: Templates and requirements for periodic reporting
6. Schedule 6 - Form of Debtor Notification: Template for notifying debtors of the assignment
7. Appendix A - Required Documents: List of documents required for receivables submission
8. Appendix B - Approved Debtors: List of pre-approved debtors and their credit limits
9. Appendix C - Fee Schedule: Detailed breakdown of all applicable fees and charges
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Wholesale Trade
Distribution
Construction
Technology Services
Healthcare
Telecommunications
Professional Services
Export/Import
Retail
Automotive
Industrial Services
Transportation and Logistics
Relevant Teams
Finance
Legal
Treasury
Credit and Collections
Operations
Risk Management
Compliance
Commercial
Business Development
Accounts Receivable
Internal Audit
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Accounts Receivable Manager
Financial Controller
Legal Counsel
Risk Manager
Commercial Director
Business Development Manager
Operations Manager
Credit Analyst
Finance Manager
Compliance Officer
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