The Rec Purchase Agreement is commonly used in trade finance, factoring, and securitization transactions under English and Welsh law. It enables businesses to monetize their receivables by selling them to financial institutions or other buyers, thereby improving working capital and cash flow. The agreement typically covers both existing and future receivables, establishing the framework for ongoing purchases, and includes crucial elements such as eligibility criteria, purchase price calculations, and representations about the quality and enforceability of the receivables. This document is particularly important in structured finance transactions and must comply with English law requirements for valid assignments.
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1. Parties: Identification of buyer and seller of receivables
2. Background: Context of the transaction and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core terms of the receivables transfer
5. Purchase Price: Calculation and payment terms
6. Representations and Warranties: Seller's assurances about receivables and business
7. Covenants: Ongoing obligations of parties
8. Termination: Circumstances and process for ending the agreement
9. Governing Law and Jurisdiction: Legal framework and dispute resolution mechanisms
1. Security Provisions: Additional security arrangements when required for the transaction
2. Servicing Arrangements: Terms for ongoing management of receivables when seller continues to service them
3. Credit Enhancement: Additional credit support mechanisms when credit enhancement is required
4. True Sale Provisions: Specific provisions to ensure transaction qualifies as a true sale
1. Form of Transfer Notice: Standard form for notifying receivables transfers
2. Eligibility Criteria: Criteria for receivables to be included in purchase
3. Form of Servicing Report: Template for periodic reporting on receivables performance
4. List of Receivables: Detailed inventory of purchased receivables
5. Calculation of Purchase Price: Detailed methodology for price calculation
6. Notice Requirements: Forms and procedures for various notices required under the agreement
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