Receivables specific warranties Sample Clauses
Receivables specific warranties. On the date of each Offer, the Seller making that Offer (or on whose behalf that Offer is made by the Sellers’ Agent) makes the following representations and warranties in relation to each Receivable offered for sale in that Offer:
7.2.1 the Receivable legally exists, has been originated by that Seller in the ordinary course of its business from the sale of goods and/or delivery of services, and is payable by an Eligible Buyer and (at all times during the Credit Insurance Co-insured Period) the relevant Eligible Buyer is insured under the Policy and the Insurer Limit specified in this Agreement or otherwise notified to the Bank by that Seller, as varied from time to time in accordance with Clause 6.3 (Mechanism for amending the Eligible Buyers Listing) or otherwise, is correct;
7.2.2 immediately upon the assignment of the Receivable to the Bank, it is to have no continuing proprietary interest in the Receivable;
7.2.3 an invoice has been raised evidencing the Receivable (which contains the Eligible Buyer’s name, invoice number, invoice amount, invoice date, shipment date and reference number) and the correct details of the Eligible Buyer and purchase order number appear on documents evidencing the Receivable;
7.2.4 all the goods and/or services to which that Receivable relates have been delivered by that Seller in accordance with the relevant Contract, such delivery of goods and/or services and/or dispatch of goods being (unless otherwise agreed with the Bank) to the Eligible Buyer in its jurisdiction as stated in the Eligible Buyers Listing (as amended from time to time);
7.2.5 the Receivable has not been the subject of a previous Offer;
7.2.6 the Receivable is payable in an Approved Currency, as stated in the Offer, and (unless otherwise agreed with the Bank) the payment is due from the Eligible Buyer in the jurisdiction as stated in the Eligible Buyers Listing (as amended from time to time);
7.2.7 the relevant Contract is governed by the governing law as specified in the Eligible Buyers Listing and the Receivable created under it is freely assignable;
7.2.8 the Due Date is not more than the number of days after the relevant date as specified in the “Tenor of payment” column of the Eligible Buyers Listing and has not yet occurred;
7.2.9 the relevant Eligible Buyer is obliged to pay the full amount of that Receivable on its Due Date in accordance with the relevant Contract and that Contract is valid, legal, binding and enforceable against the Eligible Buy...