This repurchase of accounts receivable agreement template has 5 pages and is a MS Word file type listed under our finance & accounting documents.
Sample of our repurchase of accounts receivable agreement template:
REPURCHASE OF ACCOUNTS RECEIVABLE This Repurchase of Accounts Receivable (the "Agreement") is effective [DATE], BETWEEN: [FIRST PARTY NAME] (the "First Party"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [BANK NAME] (the "Bank"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS First Party and the Bank have entered into a certain Amended and Restated Agreement of Sale and Purchase of Accounts Receivable made as of [DATE] and registered at the registry office for the registration division of [STATE/PROVINCE] on [DATE] under the number [NUMBER] and at the registry office for the registration division of [STATE/PROVINCE] on [DATE] under the number [NUMBER] (the "Master Agreement"); WHEREAS pursuant to the Master Agreement, the Bank made several purchases of accounts receivable from First Party and First Party made several sales of accounts receivable to the Bank, including without limitation the Sale Confirmation-Debts and Accounts Receivable signed by First Party on [EFFECTIVE DATE] and accepted by the Bank on [EFFECTIVE DATE], and registered at the registry office for the registration division of [STATE/PROVINCE] on [DATE] under the number [NUMBER] and at the registry office for the registration division of [STATE/PROVINCE] on [EFFECTIVE DATE] under the number [NUMBER]; WHEREAS the Bank and First Party have agreed that First Party shall repurchase all of the outstanding receivables of First Party purchased by the Bank pursuant to the Master Agreement and which have not been repaid in full as of the close of business on [EFFECTIVE DATE] by deposits to the credit of First Party or the Bank (collectively, the "Outstanding Purchased Receivables") from the Bank, without recourse and that the Bank shall reassign same to First Party, the whole upon the terms and conditions set forth in this Agreement; WHEREAS the Bank hereby acknowledges to First Party that the last check drawn on trust account number [NUMBER] in the name of "First Party, in trust for Bank of [COUNTRY] Receivables Management Corporation" at the [NUMBER] [SPECIFY] branch of the Bank of [COUNTRY] (the "Trust Account") was check number [NUMBER] dated [DATE], and has agreed that no further funds shall be withdrawn or check drawn on the Trust Account and that the Bank will cooperate, to the extent necessary, with the removal and replacement of Messrs. [INDIVIDUAL NAME], [INDIVIDUAL NAME], [INDIVIDUAL NAME], [INDIVIDUAL NAME] and [INDIVIDUAL NAME] as signing officers thereon, concurrently herewith or as soon thereafter as may be requested in writing by First Party; NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND AGREEMENTS HEREIN CONTAINED AND OTHER GOOD AND VALUABLE CONSIDERATION, THE PARTIES HERETO AGREE AS FOLLOWS: INTERPRETATION Definitions Unless the subject matter or context otherwise requires, or unless expressly provided otherwise herein, all capitalized terms used herein have the meaning ascribed thereto in the Master Agreement. Extended Meanings Words importing the singular number include the plural and vice versa and words importing the masculine gender include the feminine and neuter genders. Interpretation Not Affected by Headings The division of this Agreement into articles and insertion of headings is for convenience of reference only and shall not affect the construction or interpretation of this Agreement. Applicable Law This Agreement shall be deemed to have been made in the Province of [STATE/PROVINCE] and shall be interpreted in accordance with and be governed by the [YOUR COUNTRY LAW] of [STATE/PROVINCE] and the [YOUR COUNTRY LAW] of [COUNTRY] applicable therein and each party irrevocably attorns to the jurisdiction of the courts sitting in [STATE/PROVINCE], [STATE/PROVINCE]. Funds All currency amounts referred to in this Agreement are in lawful money of [COUNTRY]. Invalidity If any provision of this Agreement shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Agreement in any jurisdiction. Preamble The preamble forms an integral part of this Agreement. REPURCHASE AND REASSIGNMENT Repurchase and Reassignment
