RECEIVABLES FINANCING

Size: px
Start display at page:

Download "RECEIVABLES FINANCING"

Transcription

1 RECEIVABLES FINANCING Asset-Based Financing Strategies 2015 Practising Law Institute February 27, 2015 Scott A.Lessne Crowell & Moring LLP

2 I. The Role of Receivables in Asset- Based Lending A. What are Receivables? 1. A business term not defined in Article 9, but generally understood to mean a right to payment 2. Under Article 9, a receivable could be a right to a stream of payments represented by an account, a contract right, chattel paper, instruments, general intangibles or other obligations 2

3 The Role of Receivables in Asset- Based Lending (cont d) B. Receivables Provide a Source of Current Working Capital 1. Using receivables as collateral can create a steady stream of income and enables a borrower to unlock the value of its liquid assets sooner than through ordinary course collections 2. Receivables may form the collateral base for several different structures: a. Fully Followed Formula Based Loans b. Receivables Factoring Arrangements c. Secured Financing with an all assets lien (ABL Lite) d. Securitizations 3

4 C. Collateral Liquidity Spectrum Most Liquid Least Liquid Cash Receivables (all types) Inventory Machinery & Equipment Real Estate 1. When receivables are part of the borrowing base, the lender is financing the most liquid piece of a borrower's business. In a worst case scenario, the lender can act quickly to realize on a portion of its collateral by directly collecting the borrower s receivables while in the process of liquidating inventory and equipment 4

5 Collateral Liquidity Spectrum (cont d) 2. Accounts created for goods sold or services rendered are the most common type of receivable used in an asset-based loan facility to support cash advances 3. The most common type of asset-based structures utilizing accounts as a basis for cash advances are revolving credit facilities and factoring arrangements 4. There are legal and business requirements to be addressed when accounts form part of the asset base, and both are of equal importance 5

6 II. The Business Requirements Revolving Credit A. Revolving credit - the borrower may borrow, repay and reborrow within certain limitations based on a formula calculation known as the borrowing base B. Cash from the conversion of receivables repays the loan C. The loan agreement will establish the extent of control the lender will have over the collateral and cash proceeds D. Generally, borrower is expected to apply cash received to the revolver balance 6

7 The Business Requirements Revolving Credit (cont d) E. Some revolvers are underwritten to allow the borrower to use cash proceeds in the business until otherwise notified F. Receivables may be the sole collateral included in the borrowing base, or other collateral, such as inventory and equipment, may be included in the calculation G. Typically, the lender will take a security interest in all assets, even if they are not borrowing base assets in order to avoid priority conflicts (particularly with respect to proceeds of asset dispositions) with other lenders, e.g., a lender financing inventory 7

8 D. Collateral Requirements 1. As asset-based financing is driven by the quality of the collateral, detailed definitions of eligible accounts and eligible inventory should be part of the documentation of the loan. These provisions address issues of quality and value of collateral, and are concepts separate and apart from the lender s security interest 2. Upon determination of collateral eligibility, the lender will apply a formula to reach the amount of the advance 8

9 E. The definitions of eligibility and borrowing base formula limitations reduce the amount of cash advances available to a borrower based on its total pool of accounts and inventory 1. Lender s will not lend dollar-for-dollar 2. Establishing a balance between collateral quality and lending level is critical and will vary from loan to loan Total Pool of Assets Perfected Security Interest Eligibility Criteria Borrowing Base Limitations Cash Advance Availability 9

10 F. Eligibility criteria for accounts receivable usually are stated in the form of exclusions from the larger asset pool 1. such account is more than (i) 90 days past due, according to the original terms of sale, or (ii) 120 days past the original invoice date thereof a. Rationale: - As receivables age they become harder to collect - Lender can employ a tiered advance rate as receivables age: the advance rate decreases the longer the receivable remains uncollected Incentivizes early collection of receivables 10

11 Eligibility criteria for accounts receivable usually are stated in the form of exclusions from the larger asset pool (cont d) 2. the account debtor on such account has filed a petition for bankruptcy or any other relief under the Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization or relief of debtors a. Rationale: - Significantly increased uncertainty of collection 11

12 Eligibility criteria for accounts receivable usually are stated in the form of exclusions from the larger asset pool (cont d) 3. the account debtor on such account or any of its affiliates is also a supplier to or creditor of the borrower or any of its subsidiaries a. Rationale: - An account debtor may claim offsets on moneys owed to it which will decrease the amount owed 12

13 Eligibility criteria for accounts receivable usually are stated in the form of exclusions from the larger asset pool (cont d) 4. the sale represented by such account is to an account debtor outside the United States, unless the sale is supported by a letter of credit or other terms acceptable to the lender, or otherwise insured via credit insurance a. Rationale: - Vagaries of foreign laws together with local political issues may significantly impact collectability or even the ability to obtain an enforceable security interest - Foreign Currency Translation Risk 13

14 Eligibility criteria for accounts receivable usually are stated in the form of exclusions from the larger asset pool (cont d) 5. the sale to such account debtor on such account is on a bill-on-hold, guaranteed sale, sale-and-return, sale-on-approval or consignment basis a. Rationale: - Each of those structures pose verification and tracking issues 14

15 Eligibility criteria for accounts receivable usually are stated in the form of exclusions from the larger asset pool (cont d) 6. X% or more of the outstanding accounts of any account debtor that constituted Eligible Accounts at the time they arose have become ineligible for other reasons a. Rationale: - Trigger to minimize risk associated with an account debtor experiencing financial difficulties 15

16 Eligibility criteria for accounts receivable usually are stated in the form of exclusions from the larger asset pool (cont d) 7. the sale represented by such account is denominated in other than United States dollars a. Rationale: - Currency fluctuation issues 16

17 Eligibility criteria for accounts receivable usually are stated in the form of exclusions from the larger asset pool (cont d) 8. accounts of such account debtor represent more than X% of the Eligible Accounts at such time a. Rationale: - Concentration of a large percentage of accounts with one account debtor creates an additional layer of credit risk should the account debtor experience financial difficulty 17

18 G. Borrowing Base 1. Once the amount of eligible accounts has been determined, then the borrowing base - the total amount of cash advances available to be borrowed at any time - can be determined 2. The borrowing base serves as a mandatory prepayment trigger - if the amount outstanding exceeds the borrowing base, then the borrower is obligated to immediately repay the excess or provide additional eligible collateral 18

19 Borrowing Base (cont d) 3. Asset-based lenders are generally not under-secured as they will require a security interest in 100% of the borrower s assets, creating a collateral cushion, but it may be out of formula or over-advanced, meaning that the amount of cash advances outstanding exceeds the limitations of the borrowing base formula a. the lender may provide for planned over-advances to mitigate cash flow swings resulting from seasonal sales cycles b. the expectation is that seasonal over-advances are to be repaid at the end of the cycle c. an inability to repay the over-advance may indicate a fundamental credit weakness d. Some lenders may require periodic clean-up periods where the outstanding balance is paid down to zero 19

20 Sample Receivables Borrowing Base Certificate Net AR by Aging Under 30 days 2,000, days 1,000, days 500,000 Over 120 days 500,000 Unbilled 100,000 Net AR Pool 3,900,000 Ineligible Detail 50% of ,000 Over 120 days 500,000 Not payable in US $ 50,000 Gov t Accounts 10,000 Concentrated Accounts Disputed Accounts 10,000 Cross-Aged Accounts 5,000 Insolvent Account Debtor 1,000 Contra Accounts 2,000 Total Ineligible 828,000 Gross Eligible 3,072,000 Borrowing Base (A/R) a) Gross Eligible Accounts 3,072,000 b) Advance Rate 80% A/R Availability 2,457,600 20

21 H. Monitoring 1. Receivables lending is a high touch/high control endeavor for both the borrower and the lender 2. Lender s perspective a. compliance with administration requirements is labor intensive requiring experienced back-office staff b. lenders must have tight internal audit controls and strong management information systems c. ability to maintain lockbox compliance and cash flow tracking in and out of deposit accounts d. must be able to identify trends in receivables quality, turnover rates and concentration e. must be able to examine and compare receivables agings (sometimes by customer) and compare movements from one borrowing base certificate to the next 21

22 I. Fraud Prevention 1. Fraud is the leading cause of loss to assetbased lenders a. regular collateral monitoring including account verification, field audits and cash reconciliation 22

23 Fraud Prevention (cont d) 2. Fraudulent borrower may: a) submit falsified sales data and collection documentation b) use the same receivables to obtain financing from more than one lender c) divert cash or collateral proceeds d) misrepresent purchase orders e) intentionally mis-age receivables f) delay collections reporting to artificially boost receivables g) create fictitious receivables h) pre-bill 23

24 III. Factoring A. Factoring is the sale or transfer of title in specific accounts at a discount prior to collection B. More common in the manufacturing and retail sectors, where factors provide a large portion of accounts receivable financing C. Factoring Arrangements 1. Manufacturers or wholesalers, the factors clients, sell their accounts on an ongoing basis without recourse at a discount 2. The factor assumes the credit risk relating to the purchased accounts, thus extending credit to their clients customers 24

25 D. Credit Approval 1. Factors will require that their clients obtain approval of the amount, terms, delivery date and other conditions of each sale to a customer of the client 2. The factor reserves the right, prior to shipment of goods by the client, to withdraw any credit approval previously granted 25

26 E. Notice and Payment 1. The customer of the client is notified by either the factor or the client that payments should be made directly to the factor 2. The client agrees to act as trustee of an express trust for the benefit of the factor as to any remittance made directly to the client 3. The latter is generally known as non-notification factoring a. Avoids notifying the customer of the factoring arrangements 26

27 F. Administration 1. Some factoring arrangements provide that the factor keep records of the accounts, while others place the burden of administration on the client 27

28 G. Payment of Purchase Price 1. The factor agrees to pay its client the face amount of each account purchased, less a fee and a discount, either (a) upon purchase, or (b) upon receipt of payment, but in any event within a specified period after maturity 28

29 H. Legal Issues Related to Factoring 1. Section of Article 9 brings factoring arrangements within the coverage of Article 9, even though the sales of accounts involved in factoring may only be of specified accounts. The perfection and priority rules of Article 9 apply to sales of accounts and as a result, a factor also has to file financing statements in order to prevail in a bankruptcy proceeding or against other potential lienors 2. Factor versus the accounts receivable financer: as in other cases, the first-to-file rule governs a. Intercreditor arrangements are common to avoid priority disputes 29

30 IV. The Legal Requirements A. Definition of Account Found in 9-102(a)(2) 1. A right to payment of a monetary obligation, whether or not earned by performance... for property sold, leased, licensed or otherwise disposed of... for services rendered or to be rendered... and includes healthcare insurance receivables... but does not include deposit accounts B. Definition of Deposit Account Found in 9-102(a)(29) 1. Demand, time, savings, passbook, or similar account maintained by a bank, but does not include investment property or accounts evidenced by an instrument 30

31 The Legal Requirements (cont d) C. The Basics of a Security Interest in Accounts 1. Attachment 2. Perfection a. Filing a financing statement b. Automatic perfection upon attachment for: i. limited assignments of payment intangibles and promissory notes ii. sales of payment intangibles and promissory notes and iii. the assignment of health-care-insurance receivables, if the assignment is made to the healthcare provider that provided the healthcare goods or services 31

32 D. Priority 1. If two competing security interests are both perfected by filing, the first to file has priority 2. If one security interest is perfected by filing and the other by possession, the first to perfect has priority 3. Additionally, the time of filing or perfection as to a security interest in accounts is deemed the time of filing or perfection as to the proceeds. (UCC 9-322(b)) a. But note priority issues arising in the context of a secured creditor with a security interest in proceeds deposited in a deposit account versus a secured creditor with security interest in the deposit account as original collateral 32

33 Priority (cont d) b. Deposit account priority issues. i. Example 1) Collections on accounts flow into a deposit account held in the name of asset-based lender at Big Bank; therefore, asset-based lender is Big Bank s customer 2) Asset-based lender has a security interest in all borrower assets, including deposit accounts 3) Big Bank also has a loan to the same borrower secured by the same collateral, but no set-off rights or other interest in that specific deposit account because the deposit account is in the name of asset-based lender Asset-based lender wins versus Big Bank because it has a perfected security interest in proceeds (9-315(c) and (d)) and in the deposit account as original collateral (9-314(a) and 9-104(a)(3)) 33

34 Priority (cont d) ii. Potentially different result if deposit account at Big Bank is held in the name of the borrower 1) Big Bank has set-off rights in the borrower s deposit accounts and a perfected security interest in the deposit account as original collateral via 9-104(a)(1) control as Big Bank is a secured party and the bank where the deposit account is maintained 2) Per the deposit account priority rules in 9-327, in order for the asset-based lender to prevail over Big Bank, assetbased lender must either become the bank s customer on the deposit account (see example above), or obtain a 9-104(a)(2) control agreement and Big Bank must contractually subordinate its automatically-perfected security interest in the deposit account, as well as its common law set-off rights 34

35 V. Collections A. From a lender s perspective, one of the most important elements of asset-based lending is the ability to obtain dominion over cash collections (proceeds) arising from accounts receivable B. Dominion can occur through a variety of means: 1. Perfecting a security interest in the deposit account where cash collections proceeds are deposited 2. Blocking borrower access to the deposit account where cash collections proceeds are deposited and/or 3. Establishing a lockbox attached to the deposit account where cash collections proceeds are deposited 35

36 Collections (cont d) C. Article 9 Control 1. Under Section 9-104, a secured party has (Article 9) control of a deposit account if -- a. the secured party is the bank with which the deposit account is maintained; b. the secured party, the bank and the debtor have agreed that the bank will comply with instructions originated by the secured party without further consent by the debtor*; or c. the secured party becomes the bank s customer with respect to the deposit account * ABA Joint Task Force on Deposit Control Agreements Model Deposit Account Control Agreement General Terms Specific Terms Inserts Standing Deposit Instructions With and Without Standing Block Lockbox Time Deposits First Lien/Second Lien Investment Sweep Non-Demand Deposit Account General and Specific Terms Securitization DACA 36

37 D. Lockbox Arrangement 1. A lockbox arrangement is one in which account debtors are directed to make payments to specified post office boxes. These boxes are emptied by local banks or other servicers, and the checks are deposited in bank accounts. The banks, in turn, agree to transfer all funds on deposit on a daily basis to an account of the lender, or as the lender so directs. Usually, the lender also has control over these deposit accounts 37

38 E. Blocked Account Arrangement 1. A blocked account arrangement is one where collections are deposited into deposit accounts to which the borrower does not have access a. The balance on deposit is transferred on a daily or weekly basis to the lender to pay down the loan balance b. The lender will usually have control over that deposit account, but no lockbox is in place 38

39 VI. Foreign Account Debtors A. Hypothetical: 1. Debtor is a Delaware corporation 2. Debtor s assets include accounts owed to debtor by account debtors located in Mexico 3. Secured party files a financing statement in Delaware covering accounts B. Questions 1. Is secured party s security interest perfected under Article 9? 2. Will the secured party prevail over a creditor using Mexican judicial process to garnish the accounts? 3. May secured party s security interest be challenged under Bankruptcy Code Section 544(a)? 39

40 Q & A 40

Accounts Receivable and Inventory Financing

Accounts Receivable and Inventory Financing Accounts Receivable and Inventory Financing Glossary Accounts Payable - A current liability representing the amount owed by an individual or a business to a creditor for merchandise or services purchased

More information

From PLI s Course Handbook Private Equity Acquisition Financing Summit 2006 #10725. Get 40% off this title right now by clicking here.

From PLI s Course Handbook Private Equity Acquisition Financing Summit 2006 #10725. Get 40% off this title right now by clicking here. From PLI s Course Handbook Private Equity Acquisition Financing Summit 2006 #10725 Get 40% off this title right now by clicking here. 2 ASSET-BASED FINANCINGS FOR ACQUISITIONS COUNTING ON YOUR ASSETS Seth

More information

C&I LOAN EVALUATION UNDERWRITING GUIDELINES. A Whitepaper

C&I LOAN EVALUATION UNDERWRITING GUIDELINES. A Whitepaper C&I LOAN EVALUATION & UNDERWRITING A Whitepaper C&I Lending Commercial and Industrial, or C&I Lending, has long been a cornerstone product for many successful banking institutions. Also known as working

More information

BUSINESS CREDIT AND CONTINUING SECURITY AGREEMENT

BUSINESS CREDIT AND CONTINUING SECURITY AGREEMENT BUSINESS CREDIT AND CONTINUING SECURITY AGREEMENT This Business Credit and Continuing Security Agreement ("Agreement") includes this Agreement and may include a Business Credit Agreement Rider and Business

More information

Workshop on C&I and Asset Based Lending Principles April 12, 2011. FACILITATOR Patrick B. Trammell

Workshop on C&I and Asset Based Lending Principles April 12, 2011. FACILITATOR Patrick B. Trammell MEMPHIS CHAPTER Workshop on C&I and Asset Based Lending Principles April 12, 2011 FACILITATOR Patrick B. Trammell Workshop Goals: Understand and be able to apply basic evaluation methods for the categories

More information

Overview of Financial Solutions

Overview of Financial Solutions Overview of Financial Solutions The Etra Advisory Group provides solutions to businesses for growth, expansion, cash flow, refinance and acquisition. We cover the world of business financing that banks

More information

Authors. Copyright 2012 Practical Law Publishing Limited and Practical Law Company, Inc. All Rights Reserved. 56 September 2012 practicallaw.

Authors. Copyright 2012 Practical Law Publishing Limited and Practical Law Company, Inc. All Rights Reserved. 56 September 2012 practicallaw. Authors DAVID B. TATGE SHAREHOLDER EPSTEIN BECKER & GREEN, P.C. David is a member of the law firm, in its Washington, D.C. office. His practice focuses on commercial finance, bankruptcy and associated

More information

Federal Reserve Bank of Atlanta. A Guide for Specialized Credit Activities

Federal Reserve Bank of Atlanta. A Guide for Specialized Credit Activities Federal Reserve Bank of Atlanta A Guide for Specialized Credit Activities CONSUMER LENDING According to the Federal Reserve Board of Governors, seasonally adjusted consumer credit outstanding including

More information

Commercial and Industrial Lending

Commercial and Industrial Lending Commercial and Industrial Lending A CPA Perspective April 2014 Overview Introductions and Goals of Presentation Commercial and Industrial Lending: Brief Background Covenants, Advance Rates, and Borrowing

More information

Syndicated Revenue Loans. Secured Lines of Credit

Syndicated Revenue Loans. Secured Lines of Credit Syndicated Revenue Loans. Syndicated Revenue Loans are Revenue loans grouped together through a syndicate. Typically these loans are given while a revenue loan is still outstanding, but the business owner

More information

5.3.2015 г. OC = AAI + ACP

5.3.2015 г. OC = AAI + ACP D. Dimov Working capital (or short-term financial) management is the management of current assets and current liabilities: Current assets include inventory, accounts receivable, marketable securities,

More information

First column=preferred terms. Bold and italics signifies other defined terms. Bold signifies alternate terms used.

First column=preferred terms. Bold and italics signifies other defined terms. Bold signifies alternate terms used. First column=preferred terms. Bold and italics signifies other defined terms. Bold signifies alternate terms used. 1= Governance; 2=Facilities and Products; 3 Charges; 4 Legal terms and security arrangements;

More information

Terms and Techniques to Manage Receivables, Protect Assets and Enhance Working Capital

Terms and Techniques to Manage Receivables, Protect Assets and Enhance Working Capital Terms and Techniques to Manage Receivables, Protect Assets and Enhance Working Capital TERM / TECHNIQUE DEFINITION APPLICATIONS ADVANTAGES DISADVANTAGES Open Account Terms Seller makes shipment and awaits

More information

REDUCING THE RISKS OF DEFAULTING EQUIPMENT BUYERS. by H. Lee Schwartzberg, Jr., Esq. 2005

REDUCING THE RISKS OF DEFAULTING EQUIPMENT BUYERS. by H. Lee Schwartzberg, Jr., Esq. 2005 REDUCING THE RISKS OF DEFAULTING EQUIPMENT BUYERS The Risk by H. Lee Schwartzberg, Jr., Esq. 2005 The commercial realities of the marketplace frequently require manufacturers to offer payment terms to

More information

CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP

CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP BANKRUPTCY 101 BASICS & CONTEXT 1. Guiding Policies a. Equality of Distribution b. Adequate

More information

PRIMER ON FINANCING INVENTORY. 2014 R. Marshall Grodner

PRIMER ON FINANCING INVENTORY. 2014 R. Marshall Grodner PRIMER ON FINANCING INVENTORY 2014 R. Marshall Grodner COLLATERAL Equipment v. Inventory Security Interests Attachment Description After Acquired Property Proceeds GENERAL SCENARIO Revolving Credit Facility

More information

THE NUTS, BOLTS AND WIDGETS

THE NUTS, BOLTS AND WIDGETS THE NUTS, BOLTS AND WIDGETS OF ASSET-BASED LENDING Presented by the American Bar Association Business Law Section, Young Lawyers Division, Standing Committee on Paralegals and Center for Professional Development

More information

Preparing Financial Statements

Preparing Financial Statements Preparing Financial Statements Understanding financial statements is essential to the success of a small business. They can be used as a roadmap to steer you in the right direction and help you avoid costly

More information

Banking & Finance Law Report

Banking & Finance Law Report Banking & Finance Law Report Published by Health Care Financing: Issues Affecting Lenders Health Care Facility Financing-CHOW Requirements Impact Deal Timing... 3 Health Care Financing: Security Interests

More information

ACCOUNT DEBIT CREDIT Accounts receivable 10,000 Sales 10,000 To record the sale of merchandise to Sophie Company

ACCOUNT DEBIT CREDIT Accounts receivable 10,000 Sales 10,000 To record the sale of merchandise to Sophie Company CURRENT RECEIVABLES Receivables are the amount owed to the organization by its customers and/or others. Current receivables will be collected within one year or the current operating cycle which ever is

More information

THE ABC S OF BORROWING

THE ABC S OF BORROWING THE ABC S OF BORROWING All businesses, no matter what size, need to raise money at some time. Small business owners may be able to dip into their personal savings or borrow money from friends. More likely,

More information

Protecting Yourself as a Secured Creditor New Developments: 2010 Proposed Amendments to Article 9

Protecting Yourself as a Secured Creditor New Developments: 2010 Proposed Amendments to Article 9 Protecting Yourself as a Secured Creditor New Developments: 2010 Proposed Amendments to Article 9 By Cynthia G. Fischer The Uniform Commercial Code ( UCC ) was drafted by two independent commissions (the

More information

Chapter 7: Cash & Receivables L7 (pg 399 436)

Chapter 7: Cash & Receivables L7 (pg 399 436) Chapter 7: Cash & Receivables L7 (pg 399 436) UNDERSTANDING CASH AND ACCOUNTS RECEIVABLE How Do Companies Manage and Control Cash? Cash flow budgets help anticipate cash needs and minimize borrowing requirements

More information

Receivable and Inventory Strategies for Lenders and Borrowers Crafting Commercial Loan and Security Agreements

Receivable and Inventory Strategies for Lenders and Borrowers Crafting Commercial Loan and Security Agreements Presenting a live 90 minute webinar with interactive Q&A Collateral Based Financing Using Accounts Receivable and Inventory Strategies for Lenders and Borrowers Crafting Commercial Loan and Security Agreements

More information

Unit 6 Receivables. Receivables - Claims resulting from credit sales to customers and others goods or services for money,.

Unit 6 Receivables. Receivables - Claims resulting from credit sales to customers and others goods or services for money,. Unit 6 Receivables 7-1 Receivables - Claims resulting from credit sales to customers and others goods or services for money,. Oral promises of the purchaser to pay for goods and services sold (credit sale;

More information

FACTORING AND FINANCING IN CANADA WHAT EVERY U.S. FACTOR AND LAWYER WANTS TO KNOW ABOUT PURCHASING AND TAKING SECURITY ON CANADIAN RECEIVABLES

FACTORING AND FINANCING IN CANADA WHAT EVERY U.S. FACTOR AND LAWYER WANTS TO KNOW ABOUT PURCHASING AND TAKING SECURITY ON CANADIAN RECEIVABLES FACTORING AND FINANCING IN CANADA WHAT EVERY U.S. FACTOR AND LAWYER WANTS TO KNOW ABOUT PURCHASING AND TAKING SECURITY ON CANADIAN RECEIVABLES Cross-border transactions involving U.S. and Canadian parties

More information

ACCOUNTS RECEIVABLE PURCHASE AGREEMENT

ACCOUNTS RECEIVABLE PURCHASE AGREEMENT ACCOUNTS RECEIVABLE PURCHASE AGREEMENT This ACCOUNTS RECEIVABLE PURCHASE AGREEMENT (the "Agreement") is made on this day of, 200_, by and between [NAME OF BUYER], a [corporation/limited liability company]

More information

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS

More information

Risk Factors Relating to NWR s Debt

Risk Factors Relating to NWR s Debt Risk Factors Relating to NWR s Debt The following is a brief summary of certain risks related to the 7.375% Senior Notes of NWR due 2015 (the 2015 Notes ) and the 7.875% Senior Secured Notes of NWR due

More information

BORROWER-IN-CUSTODY GUIDELINES

BORROWER-IN-CUSTODY GUIDELINES FEDERAL RESERVE BANK OF SAN FRANCISCO BORROWER-IN-CUSTODY GUIDELINES CREDIT AND RISK MANAGEMENT DEPARTMENT 101 MARKET STREET - MAILSTOP 830 SAN FRANCISCO, CA 94105 BICGD January 2015 TABLE OF CONTENTS

More information

Cohen, Salk & Huvard, P.C. Attorneys At Law

Cohen, Salk & Huvard, P.C. Attorneys At Law Cohen, Salk & Huvard, P.C. Attorneys At Law Bennett L. Cohen 630 Dundee Road, Suite I20 Bruce A. Salk Northbrook, Illinois 60062 Bruce K. Huvard Bruce J. Waldman Tel 847.480.7800 Richard M. Hoffman Fax

More information

NOTE ON LOAN CAPITAL MARKETS

NOTE ON LOAN CAPITAL MARKETS The structure and use of loan products Most businesses use one or more loan products. A company may have a syndicated loan, backstop, line of credit, standby letter of credit, bridge loan, mortgage, or

More information

The Corporate Finance Shift to Asset- Based Loans PART I

The Corporate Finance Shift to Asset- Based Loans PART I The Corporate Finance Shift to Asset- Based Loans PART I Realistic Business Owners Look Beyond Bank Cash Flow Loans 1 Brian Ballo Corporate Finance Associates The Good News 1 Financing is currently available

More information

Factoring Costs The 10 Most Misunderstood Cost Drivers

Factoring Costs The 10 Most Misunderstood Cost Drivers Factoring Costs The 10 Most Misunderstood Cost Drivers Joe Sillay Executive Vice President Federal National Commercial Credit 7315 Wisconsin Avenue Suite 600W Bethesda, MD 20814 301.961.6450 FederalNational.com

More information

Factoring Guide. Understanding the Principles

Factoring Guide. Understanding the Principles Factoring Guide Understanding the Principles This report introduces factoring topics that every factoring candidate should know. It provides a concise, easy to understand presentation of the factoring

More information

Working Capital and Contract Caplines Program. Caplines 2.0: New and Improved

Working Capital and Contract Caplines Program. Caplines 2.0: New and Improved Working Capital and Contract Caplines Program Caplines 2.0: New and Improved Topics for Today s Discussion Structural Changes Key Features for Working Capital Caplines Key Features for Contract Caplines

More information

THIRD QUARTER REPORT SEPTEMBER 30, 2014. Over irty-five Years of Keeping Business Liquid

THIRD QUARTER REPORT SEPTEMBER 30, 2014. Over irty-five Years of Keeping Business Liquid THIRD QUARTER REPORT SEPTEMBER 30, 2014 Over irty-five Years of Keeping Business Liquid MESSAGE FROM THE PRESIDENT AND CEO Enclosed are the financial statements, as well as Management s Discussion and

More information

CHAPTER 16 Current Asset Management and Financing

CHAPTER 16 Current Asset Management and Financing Copyright 2008 by the Foundation of the American College of Healthcare Executives 6/13/07 Version 16-1 CHAPTER 16 Current Asset Management and Financing Investment and financing policies Cash and marketable

More information

FARM LEGAL SERIES June 2015 Security Interests in Personal Property

FARM LEGAL SERIES June 2015 Security Interests in Personal Property Agricultural Business Management FARM LEGAL SERIES June 2015 Security Interests in Personal Property Phillip L. Kunkel, Jeffrey A. Peterson, Jason Thibodeaux Attorneys, Gray Plant Mooty INTRODUCTION The

More information

Small Company Limited. Abbreviated Accounts. 31 December 2007

Small Company Limited. Abbreviated Accounts. 31 December 2007 Registered number 123456 Small Company Limited Abbreviated Accounts 31 December 2007 Abbreviated Balance Sheet as at 31 December 2007 Notes 2007 2006 Fixed assets Intangible assets 2 Tangible assets 3

More information

Intermediate Accounting

Intermediate Accounting Intermediate Accounting Thomas H. Beechy Schulich School of Business, York University Joan E. D. Conrod Faculty of Management, Dalhousie University PowerPoint slides by: Bruce W. MacLean, Faculty of Management,

More information

United States Bankruptcy Court District of

United States Bankruptcy Court District of B25B (Official Form 25B) (12/08) United States Bankruptcy Court District of In re, Case No. Debtor Small Business Case under Chapter 11 [NAME OF PLAN PROPONENT] S DISCLOSURE STATEMENT, DATED [INSERT DATE]

More information

THE BASICS OF CHAPTER 11 BANKRUPTCY

THE BASICS OF CHAPTER 11 BANKRUPTCY THE BASICS OF CHAPTER 11 BANKRUPTCY Bankruptcy is a legal proceeding in which a debtor declares an inability to pay consumer or business debts as they become due. Debtors may seek to be excused from continuing

More information

Flashcards for Chapter 6 Introduction to Working Capital Management [ ]

Flashcards for Chapter 6 Introduction to Working Capital Management [ ] Flashcards for Chapter 6 Introduction to Working Capital Management [ ] [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract

More information

aggressive short-term financing policy amortization cash budget cash conversion cycle conservative short-term financing policy commercial paper

aggressive short-term financing policy amortization cash budget cash conversion cycle conservative short-term financing policy commercial paper aggressive short-term financing policy amortization cash budget cash conversion cycle commercial paper conservative short-term financing policy costly trade credit inventory blanket lien inventory conversion

More information

Internal Ratings-based Approach to Credit Risk: Purchased Receivables

Internal Ratings-based Approach to Credit Risk: Purchased Receivables Guidance Note AGN 113.4 Internal Ratings-based Approach to Credit Risk: Purchased Receivables 1. This Guidance Note sets out the method of calculating the unexpected loss (UL) regulatory capital requirement

More information

Business Chapter 13 Cases: The Self-Employed Debtor

Business Chapter 13 Cases: The Self-Employed Debtor Business Chapter 13 Cases: The Self-Employed Debtor (Friday, March 23, 2012, 1:45pm - 2:25pm) Presented by Douglas B. Jacobs, California Consumer Bankruptcy Attorney This presentation will discuss: 1.

More information

AGENDA ITEM XI: CONSUMER CREDIT

AGENDA ITEM XI: CONSUMER CREDIT SCREENING CHAPTER 28 Country Session: LEGAL BASIS LAW NO. 4077 ON CONSUMER PROTECTION AMENDED BY LAW NO. 4822 (OG No: 25048, 14 March 2003) Came into force on 14 June 2003 BY-LAW ON RULES AND PROCEDURES

More information

Loan Agreement (Short Form)

Loan Agreement (Short Form) Loan Agreement (Short Form) Document 2050A Access to this document and the LeapLaw web site is provided with the understanding that neither LeapLaw Inc. nor any of the providers of information that appear

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

TITLE 5 BANKING DELAWARE ADMINISTRATIVE CODE

TITLE 5 BANKING DELAWARE ADMINISTRATIVE CODE TITLE 5 BANKING 900 Regulations Governing Business of Banks and Trust Companies 1 905 Loan Limitations: Credit Exposure to Derivative Transactions 1.0 Purpose This regulation sets forth the rules for calculating

More information

As of July 1, 2013. Risk Management and Administration

As of July 1, 2013. Risk Management and Administration Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units.

More information

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Client Asset Requirements Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Instructions Paper November 2007 1 Contents 1 Contents 2 Introduction 1 2.1 Scope

More information

Blueprint Dental Equipment Limited

Blueprint Dental Equipment Limited Registered number 05055354 Abbreviated Accounts 31 March 2014 Registered number: 05055354 Abbreviated Balance Sheet as at 31 March 2014 Notes 2014 2013 Fixed assets Tangible assets 2 42,974 28,921 Current

More information

LEGAL ASPECTS OF FACTORING

LEGAL ASPECTS OF FACTORING LEGAL ASPECTS OF FACTORING Prepared for Factoring in Africa: Legal & Regulatory Environment African Export Import Bank, Lagos, Nigeria June 13, 2014 David B. Tatge, Esq. Epstein Becker & Green, Washington,

More information

Perfection: Other Methods. Assignment 19 Perfection: Exceptions to the Article 9 Filing Requirement. Problem 19.1(a): Cash

Perfection: Other Methods. Assignment 19 Perfection: Exceptions to the Article 9 Filing Requirement. Problem 19.1(a): Cash Assignment 19 Perfection: Exceptions to the Article 9 Filing Requirement Reference: Understanding Secured Transactions 1.04, 6.01, 6.02, 6.03, 6.04, 7.01, 7.02 Perfection: Other Methods Filing is the default

More information

1 Overview 1.01 INTRODUCTION

1 Overview 1.01 INTRODUCTION 1 Overview 1.01 INTRODUCTION 1.01(a) Scope Of This Work This treatise is a practical guide for secured creditors, i.e. creditors with collateral securing their claims against debtors, in the restructuring,

More information

Personal Line Of Credit terms and conditions

Personal Line Of Credit terms and conditions Personal Line Of Credit terms and conditions 1. Introduction 1.1 Definitions Unless otherwise indicated, the words: Account means the line of credit account that you have been approved for by ATB as set

More information

Bankruptcy s Impact On Your and Other Creditors Business: How to Make the Bad News Better

Bankruptcy s Impact On Your and Other Creditors Business: How to Make the Bad News Better Bankruptcy s Impact On Your and Other Creditors Business: How to Make the Bad News Better Husch Blackwell LLP Ben Mann John Cruciani An Overview of Business Bankruptcy & Creditors Rights Issues June 26,

More information

Alternatives for Monetizing Trade Payables (or Receivables)

Alternatives for Monetizing Trade Payables (or Receivables) Alternatives for Monetizing Trade Payables (or Receivables) Massimo Capretta Massimo Capretta Chicago +1 312 701 8152 mcapretta@mayerbrown.com This article was published previously in Treasury & Risk Magazine.

More information

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

Bank of America, National Association Sponsor, Servicer and Originator. BA Credit Card Funding, LLC Transferor and Depositor

Bank of America, National Association Sponsor, Servicer and Originator. BA Credit Card Funding, LLC Transferor and Depositor Prospectus Dated November 20, 2015 Bank of America, National Association Sponsor, Servicer and Originator The issuing entity BA Credit Card Funding, LLC Transferor and Depositor BA Credit Card Trust Issuing

More information

SOLUTIONS TO END-OF-CHAPTER PROBLEMS. Chapter 17

SOLUTIONS TO END-OF-CHAPTER PROBLEMS. Chapter 17 SOLUTIONS TO END-OF-CHAPTER PROBLEMS Chapter 17 3 360 17-1 Nominal cost of trade credit 97 30-15 0.0309 24 0.7423 74.23%. Effective cost of trade credit (1.0309) 24-1.0 1.0772 107.72%. 17-2 Effective cost

More information

ASPE AT A GLANCE Financial Statement Presentation1

ASPE AT A GLANCE Financial Statement Presentation1 ASPE AT A GLANCE Financial Statement Presentation1 December 2014 Financial Statement Presentation 1 OVERALL CONSIDERATIONS Effective Date Fiscal years beginning on or after January 1, 2011 2 FAIR PRESENTATION

More information

[SIGNATURE PAGE FOLLOWS]

[SIGNATURE PAGE FOLLOWS] [ ] TERM SHEET FOR SUBORDINATED VARIABLE PAYMENT DEBT (DEMAND DIVIDEND) THIS TERM SHEET outlines the principal terms of a proposed financing for [ ] (hereafter, the Company ), a [ ] corporation by [ ]

More information

It is concerned with decisions relating to current assets and current liabilities

It is concerned with decisions relating to current assets and current liabilities It is concerned with decisions relating to current assets and current liabilities Best Buy Co, NA s largest consumer electronics retailer, has performed extremely well over the past decade. Its stock sold

More information

TABLE OF CONTENTS Business Environmental Clean Up Revolving Loan Fund Program

TABLE OF CONTENTS Business Environmental Clean Up Revolving Loan Fund Program Department of Economic Development Sec. 32-23z page 1 (9-97) TABLE OF CONTENTS Business Environmental Clean Up Revolving Loan Fund Program Definitions... 32-23z-1 Application requirements... 32-23z-2 Procedures

More information

Margin requirements for certain cash and security borrowing and lending arrangements - Amendments to Schedules 1, 7 and 7A of Dealer Member Form 1

Margin requirements for certain cash and security borrowing and lending arrangements - Amendments to Schedules 1, 7 and 7A of Dealer Member Form 1 Rules Notice Request for Comments Dealer Member Rules Please distribute internally to: Credit Institutional Internal Audit Legal and Compliance Operations Regulatory Accounting Senior Management Trading

More information

Division 9 Specific requirements for certain portfolios of exposures

Division 9 Specific requirements for certain portfolios of exposures L. S. NO. 2 TO GAZETTE NO. 43/2006 L.N. 228 of 2006 B3157 Division 9 Specific requirements for certain portfolios of exposures 197. Purchased receivables An authorized institution shall classify its purchased

More information

AcuityAds Inc. Condensed Consolidated Interim Financial Statements. Three months ended March 31, 2014 and 2013 (Unaudited)

AcuityAds Inc. Condensed Consolidated Interim Financial Statements. Three months ended March 31, 2014 and 2013 (Unaudited) AcuityAds Inc. Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Statements of Financial Position March 31, December 31, 2014 2013 Assets Current assets: Cash $ 446,034

More information

SECURED TRANSACTIONS: PRACTICAL THINGS EVERY BUSINESS LAWYER SHOULD KNOW ABOUT UCC ARTICLE 9. By Joseph H. Flack

SECURED TRANSACTIONS: PRACTICAL THINGS EVERY BUSINESS LAWYER SHOULD KNOW ABOUT UCC ARTICLE 9. By Joseph H. Flack SECURED TRANSACTIONS: PRACTICAL THINGS EVERY BUSINESS LAWYER SHOULD KNOW ABOUT UCC ARTICLE 9 By Joseph H. Flack At the outset, Normal M. Powell 1 captured the complexity of the law secured transactions.

More information

Sample Test Questions CHAPTER 7 CASH AND RECEIVABLES Answer No. Description MULTIPLE CHOICE Conceptual d 1. Identification of cash items. b 2. Identification of cash items. d 3. Classification of travel

More information

MORTGAGE DICTIONARY. Amortization - Amortization is a decrease in the value of assets with time, which is normally the useful life of tangible assets.

MORTGAGE DICTIONARY. Amortization - Amortization is a decrease in the value of assets with time, which is normally the useful life of tangible assets. MORTGAGE DICTIONARY Adjustable-Rate Mortgage An adjustable-rate mortgage (ARM) is a product with a floating or variable rate that adjusts based on some index. Amortization - Amortization is a decrease

More information

Chapter16. Managing Short-Term Liabilities (Financing)

Chapter16. Managing Short-Term Liabilities (Financing) Chapter16 Managing Short-Term Liabilities (Financing) 1 Learning Outcomes Chapter 16 Describe the characteristics of the various sources of short-term credit, including Accruals trade credit bank loans

More information

The Awa Bank, Ltd. Consolidated Financial Statements. The Awa Bank, Ltd. and its Consolidated Subsidiaries. Years ended March 31, 2011 and 2012

The Awa Bank, Ltd. Consolidated Financial Statements. The Awa Bank, Ltd. and its Consolidated Subsidiaries. Years ended March 31, 2011 and 2012 The Awa Bank, Ltd. Consolidated Financial Statements Years ended March 31, 2011 and 2012 Consolidated Balance Sheets (Note 1) 2011 2012 2012 Assets Cash and due from banks (Notes 3 and 4) \ 230,831 \

More information

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

SALADA FOODS JAMAICA LIMITED

SALADA FOODS JAMAICA LIMITED AUDITED ACCOUNTS TO STOCKHOLDERS The Directors are pleased to present the Audited Accounts of the Company for the year ended September 30, 2005. Turnover of $269 million reflects an increase of $20 million

More information

Balance Sheet Accounts

Balance Sheet Accounts Page 1 of 6 Balance Sheet Accounts The Chart of Accounts is normally arranged or grouped by the Major Types of Accounts. The Balance Sheet Accounts (Assets, Liabilities, & Equity) are presented first,

More information

Term Sheet ISIN: NO 0010672827. FRN Marine Harvest ASA Senior Unsecured Open Bond Issue 2013/2018 (the Bonds or the Loan )

Term Sheet ISIN: NO 0010672827. FRN Marine Harvest ASA Senior Unsecured Open Bond Issue 2013/2018 (the Bonds or the Loan ) Term Sheet ISIN: NO 0010672827 FRN Marine Harvest ASA Senior Unsecured Open Bond Issue 2013/2018 (the Bonds or the Loan ) Settlement date: Expected to be 12 March 2013 Issuer: Currency: Loan Amount / First

More information

AkerAlert. The American Home Mortgage Case and Repurchase Agreements. Finance Law ADVERTISEMENT. march 20, 2008

AkerAlert. The American Home Mortgage Case and Repurchase Agreements. Finance Law ADVERTISEMENT. march 20, 2008 AkerAlert Finance Law march 20, 2008 The American Home Mortgage Case and Repurchase Agreements By Jules Cohen, Esq. and Milton Vescovacci, Esq. In the field of mortgage warehouse lending, repurchase agreements

More information

CDFI Bond Guarantee Program Secondary Loan Requirements

CDFI Bond Guarantee Program Secondary Loan Requirements CDFI Bond Guarantee Program Secondary Loan Requirements In order for an Eligible CDFI to make a Secondary Loan through the CDFI Bond Guarantee Program, it must ensure that the Secondary Loan is made in

More information

Chapter Sources of Short-Term Financing

Chapter Sources of Short-Term Financing Chapter Sources of Short-Term Financing Chapter 8 - Outline PPT 8-2 Sources of Short-Term Financing Trade Credit from Suppliers Net Credit Position Chartered Banks in Canada Types of Short-term Loans Interest

More information

BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT. Important information about. Your home loan

BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT. Important information about. Your home loan BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT Important information about Your home loan Contents PAGE 2 Introduction Agreeing a facility 3 Changes to facilities Insurance 4 Pre-conditions This document

More information

GOLDMAN SACHS EXECUTION & CLEARING, L.P. STATEMENT OF FINANCIAL CONDITION PURSUANT to RULE 17a-5 of the SECURITIES and EXCHANGE COMMISSION

GOLDMAN SACHS EXECUTION & CLEARING, L.P. STATEMENT OF FINANCIAL CONDITION PURSUANT to RULE 17a-5 of the SECURITIES and EXCHANGE COMMISSION STATEMENT OF FINANCIAL CONDITION PURSUANT to RULE 17a-5 of the SECURITIES and EXCHANGE COMMISSION As of June 30, 2013 200 WEST STREET NEW YORK, NY 10282 Statement of Financial Condition INDEX Page No.

More information

LIQUIDATION ANALYSIS

LIQUIDATION ANALYSIS APPENDIX C THIS LIQUIDATION ANALYSIS PRESENTS INFORMATION FOR ALL REORGANIZED DEBTORS ON A CONSOLIDATED BASIS. PRIOR TO THE HEARING TO APPROVE THE DISCLOSURE STATEMENT, THE DEBTORS WILL REPLACE THIS LIQUIDATION

More information

Simply put, factoring is a transaction where a company sells its invoices at a discount in exchange for quick funds.

Simply put, factoring is a transaction where a company sells its invoices at a discount in exchange for quick funds. Imagine your growing business just made a six-figure sale to a company across the country. The problem? The buyer has 60 days to pay, but your cash flow is limited, meaning you can t afford the immediate

More information

Action Capital Corporation. Creative Financing for Small Businesses Since 1959. National Veterans Small Business Engagement November 17-19,2015

Action Capital Corporation. Creative Financing for Small Businesses Since 1959. National Veterans Small Business Engagement November 17-19,2015 Action Capital Corporation Creative Financing for Small Businesses Since 1959 National Veterans Small Business Engagement November 17-19,2015 Sources of Capital & Liquidity Source of Capital Trade or Supplier

More information

INTERCREDITOR ISSUES IN ASSET-BASED AND CASHFLOW-BASED LENDING

INTERCREDITOR ISSUES IN ASSET-BASED AND CASHFLOW-BASED LENDING INTERCREDITOR ISSUES IN ASSET-BASED AND CASHFLOW-BASED LENDING By David Viëtor and Marc Orval, NautaDutilh 1. INTRODUCTION One of the more noticeable developments on the Dutch debt market during the past

More information

A Guide to Asset-Based Lending

A Guide to Asset-Based Lending Bank of America Merrill Lynch Article June 2014 A Guide to Asset-Based Lending Businesses with increased liquidity and working capital needs may find an asset-based loan (ABL) to be an attractive alternative

More information

UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT

UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT ACCRUAL BASIS JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT MONTH ENDING: MONTH YEAR IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED

More information

One of the more noticeable developments in

One of the more noticeable developments in A Primer on Second Lien Term Loan Financings By Neil Cummings and Kirk A. Davenport One of the more noticeable developments in the debt markets in the last year has been the exponential increase in the

More information

LAW OFFICES ULLMAN & ULLMAN PROFESSIONAL ASSOCIATION

LAW OFFICES ULLMAN & ULLMAN PROFESSIONAL ASSOCIATION International Secured Transactions Involving Accounts : A Case Study for a Priority Dispute with a Judgment Creditor of a Debtor located in the United States and The Legal Scheme June 4, 2012 Factoring

More information

PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS

PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS December 2014 PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS (1) The balance sheet and income statement are in euros, rounded up to integers. Amounts recorded in foreign currencies must be converted into

More information

CDFI Bond Guarantee Program Information Session

CDFI Bond Guarantee Program Information Session COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND www.cdfifund.gov CDFI Bond Guarantee Program Information Session U.S. Treasury Department Headquarters Washington, D.C. February 26, 2013 Today s Schedule

More information

The New Bankruptcy Law Amendments and their Impact on Business Bankruptcy Cases

The New Bankruptcy Law Amendments and their Impact on Business Bankruptcy Cases May 2005 The New Bankruptcy Law Amendments and their Impact on Business Bankruptcy Cases On April 14, 2005, President Bush signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act of

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

Financial. Management FOR A SMALL BUSINESS

Financial. Management FOR A SMALL BUSINESS Financial Management FOR A SMALL BUSINESS 1 Agenda Welcome, Pre-Test, Agenda, and Learning Objectives Benefits of Financial Management Budgeting Bookkeeping Financial Statements Business Financing Key

More information

Xynergy Commercial Capital LLC

Xynergy Commercial Capital LLC Xynergy Commercial Capital LLC How Can Work For You The Problem Short of cash and must pay suppliers, lease, bills and salaries? No need for stress, get your payments in advance for your invoices and pay

More information

Statement of Cash Flows

Statement of Cash Flows STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 7 Statement of Cash Flows This version of SB-FRS 7 does not include amendments that are effective for annual periods beginning after 1 January 2014.

More information

FACTORING AGREEMENT. THIS FACTORING AGREEMENT made and executed the day of Acceptance by and between the Client and LoyalCash Corp. (the Factor ).

FACTORING AGREEMENT. THIS FACTORING AGREEMENT made and executed the day of Acceptance by and between the Client and LoyalCash Corp. (the Factor ). FACTORING AGREEMENT THIS FACTORING AGREEMENT made and executed the day of Acceptance by and between the Client and LoyalCash Corp. (the Factor ). 1. CERTAIN DEFINITIONS Advances Interest Rate shall have

More information