Trade Receivable Purchase Program : Sumitomo Mitsui Banking Corporation

On the Purchase Date diagram

Chelsea purchases the receivables from Seller.
Chelsea borrows Non-Recourse Loan from SMBC for the purchase of reseivables.
Seller receives the proceeds from Chelsea.

On the Collection Date diagram

Seller, as a collection agent for Chelsea, collects the reseivables from Obligors.
Seller remits the proceeds to Chelsea on the settlement date.
Chelsea repays the loan on maturity.