The Master Receivables Purchase Agreement is used when parties wish to establish a continuing relationship for the purchase and sale of receivables in the Philippines, rather than documenting each transaction separately. It provides a comprehensive framework that addresses all aspects of receivables purchases, including offering mechanics, pricing, servicing, and regulatory compliance. The agreement is particularly useful for businesses seeking to optimize working capital management through receivables financing and for financial institutions providing such financing solutions. It incorporates specific provisions required under Philippine law and regulation, including requirements for perfection of transfers, tax considerations, and banking regulations where applicable. The document typically allows for multiple draws or purchases under a single master agreement, streamlining the documentation process for ongoing transactions.
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1. Parties: Identifies the seller and purchaser of the receivables
2. Background: Sets out the context of the agreement and the parties' intentions
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. Purchase and Sale Framework: Establishes the master framework for receivables purchases
5. Eligibility Criteria: Specifies the criteria that receivables must meet to be eligible for purchase
6. Purchase Mechanism: Details the process for offering and accepting receivables for purchase
7. Purchase Price and Payment: Specifies how purchase price is calculated and paid
8. Transfer and Perfection: Addresses requirements for legally effective transfer under Philippine law
9. Representations and Warranties: Standard and transaction-specific representations and warranties
10. Servicing Provisions: Requirements for collection and administration of purchased receivables
11. Covenants: Ongoing obligations of the parties
12. Events of Default: Circumstances constituting default and consequences
13. Termination: Termination events and process
14. Tax and Expenses: Allocation of tax liabilities and transaction expenses
15. Confidentiality: Confidentiality obligations and permitted disclosures
16. Notices: Process for giving notices under the agreement
17. Governing Law and Jurisdiction: Specifies Philippine law as governing law and jurisdiction for disputes
18. Miscellaneous: Standard boilerplate provisions
1. Security Arrangements: Include if additional security is required for the seller's obligations
2. Credit Enhancement: Include if there are guarantees or other credit enhancement features
3. True Sale Provisions: Enhanced provisions if true sale characterization is critical
4. Data Protection: Include if personal data is involved in the receivables
5. Electronic Trading Platform: Include if an electronic platform will be used for offerings
6. Reserve Account: Include if a reserve account mechanism is required
7. Back-up Servicing: Include if back-up servicing arrangements are required
8. Currency Provisions: Include if multiple currencies are involved
1. Form of Offer Notice: Standard form for offering receivables for purchase
2. Form of Acceptance Notice: Standard form for accepting offered receivables
3. Purchase Price Calculation: Detailed methodology for calculating purchase price
4. Eligibility Criteria Details: Detailed specifications of eligibility requirements
5. Perfection Requirements: Detailed requirements for perfecting transfers under Philippine law
6. Form of Transfer Documents: Standard forms for documenting transfers
7. Servicing Requirements: Detailed servicing standards and requirements
8. Required Documents: List of required documentation for each purchase
9. Form of Reports: Standard forms for required reporting
10. Contact Details: Contact information for key personnel
11. Existing Receivables: Details of any receivables purchased at signing
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