HomeWebcastReceivables Purchase Agreements: Current Legal and Structure Issues
Online CLE Receivables Purchase Agreements CLE

Receivables Purchase Agreements: Current Legal and Structure Issues

Live Webcast Date: Wednesday, October 30, 2019 from 3:00 pm to 4:30 pm (ET)
CLE Commercial/Consumer LawLive Webcast
Listen Live/On-Demand
Add to Calendar 10/30/2019 2:00 pm 10/30/2019 4:30 pm America/New_York The Knowledge Group Webinar: Receivables Purchase Agreements: Current Legal and Structure Issues The event starts in an hour. If you have not registered, please go to the link below to sign up today.https://www.theknowledgegroup.org/checkout/?add-to-cart=151268\r\n As an outgrowth of traditional factoring and of the securitization of accounts receivable, the Receivables Purchase Agreement (“RPA”) market draws on both established financing techniques. The RPA market has shown itself to be adaptable to a wide variety of receivables originators and flexible in respect to documentation. \n \nRelatively recent changes to Article 9 of the Uniform Commercial Code have increased legal support for sales of accounts. A wider variety of payment obligations – such as royalties under intellectual property licenses – can be purchased and sold in an RPA format. The legal protections against anti-assignment provisions have been strengthened under the revised Code. In addition, the increasing sophistication of electronic online platforms makes it possible to process a very large number of invoice purchases. Therefore, programs have increased significantly in size and processing efficiency. \n \nLike securitization programs, but unlike traditional factoring, “true sale” legal opinions are generally a component of RPA facilities. While such opinions have historically been a central requirement of rating agencies, originating companies seeking to remove the sold accounts from the balance sheet, are now requesting true sale opinions as well may. The Purchasers, usually banks or other financial institutions, require true sale opinions as well as the traditional legal opinion comfort at closing. \n \nIn this [90 minute] LIVE Webcast, Mr. Peter S. Smedresman will explain the legal [fundamentals] of RPA programs and key contemporary issues in closing these transactions. We will provide the audience with an explanation of the relevant UCC provisions and how they have changed to support sales of accounts; an explanation of the relevant provisions of the U.S. Bankruptcy Code and how they interact with the UCC; the essential ingredients of a “true sale”; what is essential and what is negotiable in a Purchase Agreement; and other observations derived from negotiating and closing major transactions. \n \nKey topics include: \n \n \n How does the Uniform Commercial Code define “accounts”? Why is this a favored collateral classification? \n What are key bank powers issues in purchasing accounts? \n Comparative status of accounts purchaser and secured creditor \n What if one or more parties or contacts are located in another jurisdiction? \n What is the treatment of purchased accounts in the seller’s insolvency? \n What are the advantages of a “true sale”? \n What are frequent negotiating issues in RPA transactions? \n https://www.theknowledgegroup.org/webcasts/receivables-purchase-agreements/

Online CLE Receivables Purchase Agreements

Join us for this Knowledge Group Online CLE Receivables Purchase Agreements Webinar. As an outgrowth of traditional factoring and of the securitization of accounts receivable, the Receivables Purchase Agreement (“RPA”) market draws on both established financing techniques. The RPA market has shown itself to be adaptable to a wide variety of receivables originators and flexible in respect to documentation.

Relatively recent changes to Article 9 of the Uniform Commercial Code have increased legal support for sales of accounts. A wider variety of payment obligations – such as royalties under intellectual property licenses – can be purchased and sold in an RPA format. The legal protections against anti-assignment provisions have been strengthened under the revised Code. In addition, the increasing sophistication of electronic online platforms makes it possible to process a very large number of invoice purchases. Therefore, programs have increased significantly in size and processing efficiency.

Like securitization programs, but unlike traditional factoring, “true sale” legal opinions are generally a component of RPA facilities. While such opinions have historically been a central requirement of rating agencies, originating companies seeking to remove the sold accounts from the balance sheet, are now requesting true sale opinions as well may. The Purchasers, usually banks or other financial institutions, require true sale opinions as well as the traditional legal opinion comfort at closing.

In this [90 minute] LIVE Webcast, Mr. Peter S. Smedresman will explain the legal [fundamentals] of RPA programs and key contemporary issues in closing these transactions. We will provide the audience with an explanation of the relevant UCC provisions and how they have changed to support sales of accounts; an explanation of the relevant provisions of the U.S. Bankruptcy Code and how they interact with the UCC; the essential ingredients of a “true sale”; what is essential and what is negotiable in a Purchase Agreement; and other observations derived from negotiating and closing major transactions.

Key topics include:

  • How does the Uniform Commercial Code define “accounts”? Why is this a favored collateral classification?
  • What are key bank powers issues in purchasing accounts?
  • Comparative status of accounts purchaser and secured creditor
  • What if one or more parties or contacts are located in another jurisdiction?
  • What is the treatment of purchased accounts in the seller’s insolvency?
  • What are the advantages of a “true sale”?
  • What are frequent negotiating issues in RPA transactions?

Agenda

Peter Smedresman, Partner
Satterlee Stephens LLP

Who Should Attend

  • Finance officers;
  • Lawyers;
  • Accountants involved in these transactions

Online CLE Receivables Purchase Agreements

Peter Smedresman, Partner
Satterlee Stephens LLP

Online CLE Receivables Purchase Agreements

Online CLE Receivables Purchase Agreements

Peter SmedresmanPartnerSatterlee Stephens LLP

Online CLE Receivables Purchase Agreements

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   Live Webcast

Prerequisite:
   NONE

Course Code:
   148631

NY Category of CLE Credit:
   Areas of Professional Practice

Total Credits:
    1.5 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

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