Receivables Purchase Agreement (Genie AI)

The Receivables Purchase Agreement (Genie AI) under USA law is a legal template that governs the purchase and sale of receivables between two parties, usually a company and a financial institution or investor. This agreement outlines the terms and conditions under which the seller agrees to sell its receivables, which are outstanding invoices or accounts receivable owed to the seller by its customers or clients, to the buyer.

The purpose of this agreement is to provide a legally binding framework to transfer the ownership of receivables from the seller to the buyer. It sets forth the rights and obligations of both parties, including the purchase price, payment terms, representations and warranties, indemnification provisions, and dispute resolution mechanisms.

Under USA law, this template is specifically tailored to comply with relevant federal and state laws and regulations governing the sale of receivables. It ensures that both parties adhere to statutory requirements, including disclosures, notifications, and documentation procedures.

In summary, the Receivables Purchase Agreement (Genie AI) under USA law is a comprehensive legal document that facilitates the efficient and secure transfer of receivables, allowing businesses to access immediate cash flow by selling their outstanding invoices while providing protections for both the buyer and seller under the applicable legal framework.