The Debt Purchase Agreement is used when an entity wishes to sell its rights to receive payment under existing debt obligations to another party. This document is crucial in the debt trading market under English and Welsh law, providing a comprehensive framework for transferring debt portfolios while ensuring compliance with regulatory requirements. It includes essential details about the debt portfolio, purchase price calculations, representations about the quality of the debt, and mechanisms for transfer. The agreement is particularly important in maintaining proper documentation for regulatory purposes and protecting both parties' interests in the transaction.
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1. Parties: Identification of seller and purchaser of the debt
2. Background: Context of the debt sale and purchase transaction
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms including price and completion mechanics
5. Conditions Precedent: Prerequisites for completion of the sale
6. Representations and Warranties: Statements of fact about the debt portfolio and parties
7. Transfer Mechanics: Process for legally transferring the debts
8. Price and Payment: Purchase price details and payment terms
1. Post-Completion Obligations: Additional obligations that continue after completion of the sale, including ongoing reporting requirements and cooperation between parties
2. Data Protection: Specific provisions dealing with the transfer and handling of personal data in compliance with UK GDPR and Data Protection Act 2018
3. Regulatory Compliance: Specific provisions addressing compliance with FCA regulations and other relevant regulatory requirements for debt purchase
1. Debt Portfolio Schedule: Detailed listing of all debts being purchased including relevant debtor information and outstanding amounts
2. Form of Transfer Notice: Template for formal notifications to be used when transferring the debts
3. Warranties Schedule: Comprehensive list of specific warranties given in relation to the debt portfolio
4. Data Fields: Specification of all data fields to be transferred with the debt portfolio
5. Purchase Price Calculation: Detailed methodology and formulae for calculating the purchase price of the debt portfolio
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