SEC Contract Filing

Filing Date: 2019-07-24

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ss144761_ex1003.htm
<DESCRIPTION>RECEIVABLES PURCHASE AND SALES AGREEMENT
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 <div style="text-align: right; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> EXECUTION VERSION<br>
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 <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">RECEIVABLES PURCHASE AND SALE AGREEMENT</div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This RECEIVABLES PURCHASE AND SALE AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time,
 this &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Agreement</u></font>&#8221;), dated as of July 19, 2019, is entered into by and among VOLT CONSULTING GROUP LIMITED (registered number 01739576) (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>VCG</u></font>&#8221;) and VOLT EUROPE LIMITED (registered number 03369051) (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>VEL</u></font>&#8221;),
 each of whose registered office is at Volt House, 3 Chapel Road, Redhill, Surrey, England, RH1 1QD, VOLT INFORMATION SCIENCES, INC., a New York corporation (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Volt</u></font>&#8221;),

 and VOLT FUNDING&#160;II, LLC, a Delaware limited liability company (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Buyer</u></font>&#8221;).&#160; VCG and VEL each sometimes is referred to in this Agreement as an &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Originator</u></font>&#8221;.</font></div>
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 <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">BACKGROUND</font></div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Buyer was formed on
 January 5, 2018, as a special purpose limited liability company wholly owned directly by Volt (its sole member).</font></div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Originator is a
 pre-existing operating company that is indirectly, wholly owned by Volt and that generates Receivables in the ordinary course of its business.</font></div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To finance its
 respective operations, each Originator wishes to sell Receivables it originates (and the Related Rights) to the Buyer, and the Buyer is willing to purchase such Receivables (and the Related Rights) from each such Originator, on the terms and
 subject to the conditions set forth herein.</font></div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Originators and the
 Buyer intend each such transaction to be a true sale of such Receivables (and Related Rights) by each Originator to the Buyer, with each such transaction thereby providing the Buyer with the full benefits of ownership of the Receivables so sold.</font></div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Buyer intends to
 pledge all of the Receivables (and the Related Rights) to be sold (or purported to be sold) to the Buyer under this Agreement to the Agent pursuant to the RLSA, and in the RLSA the Buyer is engaging Volt to act as the servicer thereunder.&#160; Pursuant
 to that certain Sub-Servicing Agreement, dated as of the date hereof, among VEL, VCG, Volt, the Agent and the Buyer, Volt is engaging VCG and VEL to act as sub-servicers thereunder.</font></div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The parties hereto are
 entering into this Agreement in furtherance of the foregoing.</font></div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the receipt and sufficiency
 of which are