The Receivables Purchase Agreement is essential for businesses seeking to monetize their accounts receivable through sale rather than traditional financing. This document type is commonly used in the United States for factoring, securitization, and other receivables-based transactions. The agreement must carefully address true sale requirements, UCC compliance, and various regulatory considerations. A well-structured Rec Purchase Agreement will typically include detailed provisions on purchase mechanics, representations and warranties, servicing arrangements, and credit enhancement features.
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1. Parties: Identification of seller and purchaser of receivables
2. Background: Context of the transaction and nature of receivables being sold
3. Definitions: Key terms used throughout the agreement including defined terms for receivables, purchase price, and eligibility criteria
4. Purchase and Sale: Core transaction terms including purchase price, payment mechanisms, and transfer provisions
5. Representations and Warranties: Seller's statements regarding receivables, business condition, and authority to sell
6. Covenants: Ongoing obligations of parties including reporting, maintenance of records, and compliance requirements
7. Events of Default: Circumstances constituting default and corresponding remedies
8. Miscellaneous: Standard provisions including governing law, notices, amendments, and assignment rights
1. Servicing Provisions: Terms for ongoing servicing of receivables, including servicing standards and fees
2. Credit Enhancement: Additional security features such as reserves, overcollateralization, or guarantees
3. True Sale Provisions: Specific language ensuring true sale treatment for bankruptcy purposes
4. Collections and Waterfall: Detailed provisions for handling collections and payment priorities
1. Schedule of Receivables: Detailed list or criteria of receivables being purchased
2. Eligibility Criteria: Specific criteria that receivables must meet to be eligible for purchase
3. Form of Purchase Notice: Standard form for initiating individual purchases
4. Form of Assignment: Standard form for documenting transfer of receivables
5. Servicing Procedures: Detailed procedures for servicing the receivables post-purchase
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