Common use of Authority and Representations of the Parties Clause in Contracts

Authority and Representations of the Parties. 2.1. For the purpose of authority required for execution/signing and enforcement of the Agreement, the Parties have acquired all necessary permits, approvals or proxies. 2.2. As per the Customer’s representation, his/her/its actions are not/will not be directed to deceive the Bank. Document and/or information submitted by him/her/it to the Bank in order to execute and/or enforce the Agreement taking into account the above principle, at the moment of its submission, is/will be true, explicit and complete. Furthermore, he/she/it is aware that submission of false documents and/or information as well as violation of the purpose of the Credit established by the Agreement constitutes a punishable offense according to the Legislation.