3185853 - System error is received when trying to access PunchOut catalog

When user is trying to access PunchOut catalog, error "We're sorry - a system error has occurred" with reference error number is received in UI.
When stacktrace for given reference error number is downloaded from Audit log, it has following content:

Caused by: java.lang.NullPointerException
 at ariba.cxml.punchout.PunchOutServerUtil.sendPunchOutSetupRequest(PunchOutServerUtil.java:276)
 at ariba.cxml.punchout.PunchOutCXMLDefaultHandler.sendPunchOutSetupRequest(PunchOutCXMLDefaultHandler.java:46)
 at ariba.purchasing.punchout.RequisitionPunchOutCXMLHandler.sendOriginalPunchOutSetupRequest(RequisitionPunchOutCXMLHandler.java:414)
 at ariba.purchasing.punchout.RequisitionPunchOutCXMLHandler.sendPunchOutSetupRequest(RequisitionPunchOutCXMLHandler.java:165)
 at ariba.cxml.punchout.PunchOutService.punchout(PunchOutService.java:635)
 at ariba.htmlui.approvable.PunchOutUtil.getPunchOutResults(PunchOutUtil.java:399)
 at ariba.htmlui.approvable.PunchOutUtil.getPunchOutResults(PunchOutUtil.java:317)
 at ariba.htmlui.approvable.PunchOutUtil.generatePunchOutPage(PunchOutUtil.java:185)
 at ariba.htmlui.approvable.PunchOutUtil.generatePunchOutPage(PunchOutUtil.java:120)
 at ariba.htmlui.procure.components.ARCCatalogSearchBasic.generatePunchOutPage(ARCCatalogSearchBasic.java:515)
 at ariba.htmlui.procure.components.ARCCatalogSearchBasic.createReqWizardforPunchoutPage(ARCCatalogSearchBasic.java:1008)
 at ariba.htmlui.procure.components.ARCCatalogSearchBasic.shopItemAction(ARCCatalogSearchBasic.java:419)
 at sun.reflect.GeneratedMethodAccessor3345.invoke(Unknown Source)
 at sun.reflect.DelegatingMethodAccessorImpl.invoke(DelegatingMethodAccessorImpl.java:43)
 at java.lang.reflect.Method.invoke(Method.java:498)
 at ariba.util.fieldvalue.ReflectionMethodGetter.invokeGetMethod(ReflectionMethodGetter.java:106)
 at ariba.util.fieldvalue.ReflectionMethodGetter.getValue(ReflectionMethodGetter.java:121)
 at ariba.util.fieldvalue.FieldValue_Object.getFieldValuePrimitive(FieldValue_Object.java:164)
 at ariba.util.fieldvalue.FieldValue_Object.getFieldValue(FieldValue_Object.java:206)
 at ariba.util.fieldvalue.FieldPath.getFieldValue(FieldPath.java:238)
 at ariba.ui.aribaweb.core.AWKeyPathBinding.value(AWBinding.java:156)
 ... 366 more

SAP Ariba Catalogs

Catalog, Visibility, Requisition, Composing, Requester, PunchOut, System Error, Preparer , KBA , BNS-ARI-CM , Catalog Management , BNS-ARI-PUR , Purchasing , BNS-ARI-CM-POC , Punchout Catalog , Problem