| In a financial leasing repurchase contract, the repo obligee has the right to demand the obligor to pay the repurchase price when such conditions as delayed performance of obligation by the third party are met. The same is true for the commercial housing mortgage loan repurchase contract. The essence of such contracts is that the repo obligee transfers the risk of the third party's default to the obligor. In other words, a repurchase contract is the backup of a repo obligee for his obligatory right to the third party, so it can be called “repurchase contract as a backup”, which is very different from a guarantee contract. Therefore, the rules for a guarantee contract should not be applied directly or by analogy in a repo case. In fact, a repurchase contract as a backup can be a combination of multiple modules, including assignment of obligatory right, simultaneous transfer of contractual rights and obligations, sales, and agreed right of formation. It provides a new mechanism for the creditors in an installment contract to leave without any trouble when the transaction encounters frustration. |
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