PROVISIONS APPLICABLE TO THE FORFAITING OPERATIONS Sample Clauses

PROVISIONS APPLICABLE TO THE FORFAITING OPERATIONS. 2.1 Utilizations from the Facility Limit of the Forfaiting Agreement. The Bank shall acquire the Negotiable Instruments only if they cumulatively meet the eligibility conditions on the execution date of the relevant Forfaiting Agreement, as follows: (a) The Borrower is the beneficiary of all the Negotiable Instruments submitted for forfaiting; (b) The Purchase Price of the Negotiable Instruments does not exceed the Facility Limit of the Forfaiting Agreement; (c) The due date of the Negotiable Instruments (i) is a fixed date occurring within no more than one year as of the execution date of the relevant Forfaiting Agreement and (ii) does not exceed the duration of the Forfaiting Facility. (d) Each of the Borrower and the issuer / drawee is not registered with the Payment Incidents Register (in Romanian, Centrala Incidentelor ▇▇ ▇▇▇▇▇) by more than two major payment incidents involving checks, bills of exchange and promissory notes, during the previous period of 24 months; (e) The Negotiable Instruments meet all the form and substance requirements provided by the applicable law in Romania and have not been declared at Payments Incidents Register as lost, stolen, damaged, destroyed or annulled; (f) The bill of exchange is duly accepted for payment by the drawee; (g) The Negotiable Instruments have the “no protest” or “no expenses” clause written down by the drawer / issuer (if it is not stipulated who recorded the clause, it will be deemed that the drawer / issuer wrote it down); (h) Negotiable Instruments are issued in one copy (if the number of copies is not stipulated, such Negotiable (i) The subject-matter of the payment must be stipulated in the column “the value is” (No./date of agreement, invoice, etc.).
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