A Loan Purchase and Sale Agreement is utilized when one entity wishes to dispose of a loan portfolio and another wishes to acquire it. This document is crucial in the English and Welsh financial services sector for portfolio transactions, debt trading, and strategic asset management. The agreement covers essential aspects such as loan identification, pricing methodology, representations about loan quality, and transfer mechanics. It must comply with UK regulatory requirements, particularly when dealing with consumer credit agreements or regulated mortgage contracts. The document is commonly used in both single loan transfers and bulk portfolio sales, requiring careful consideration of data protection, security transfer, and borrower notification requirements.
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1. Parties: Identification and details of the seller and purchaser of the loans
2. Background: Context of the transaction and brief description of the loan portfolio
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms including purchase price and payment mechanics
5. Conditions Precedent: Prerequisites that must be satisfied before completion
6. Completion: Mechanics and timing of the transfer
7. Representations and Warranties: Statements of fact about the loan portfolio and parties
8. Seller Covenants: Ongoing obligations of the seller
9. Remedies: Rights and remedies in case of breach
1. Transitional Services: Terms for ongoing services provided by seller post-completion when seller continues to provide servicing or administration
2. Data Protection: Specific provisions regarding personal data transfer when consumer loans are involved
3. Employee Transfer: TUPE-related provisions when staff are being transferred with the portfolio
1. Loan Portfolio Schedule: Detailed list of loans being transferred
2. Form of Transfer Documents: Template documentation for individual loan transfers
3. Completion Requirements: Detailed checklist of completion deliverables
4. Warranties Schedule: Detailed warranties relating to the loan portfolio
5. Purchase Price Calculation: Methodology for calculating the purchase price
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