In this Compendium a facility for the purchase of receivables on a "whole turnover" basis means that:

1.1.1 all of the receivables, present and future, originated by the originator are purchased on terms
whereby prepayments of the purchase price are paid only against eligible receivables (i.e. the
ineligible receivables are purchased but not paid for until the debtor pays); and
1.1.2 unless otherwise stated, the purchase is on a recourse basis, i.e. if the underlying debtor fails
to pay the receivable the bank may call upon the originator to refund the purchase price or
otherwise indemnify the bank.

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