Common use of Receiver’s obligation Clause in Contracts

Receiver’s obligation. THE BENEFICIARY/BUYER, WITH FULL CORPORATE AND LEGAL RESPONSIBILITIES, AND UNDER PENALTY OF PERJURY, CONFIRMS THAT HE IS FULLY AWARE OF HIS FINANCIAL ABILITY AND FACILITIES WITH HIS BANK WHEN SIGNING THIS LOI AND/OR OTHER AGREEMENTS AND DOCUMENTS WITH THE PROVIDER. THE BENEFICIARY/BUYER FURTHER CONFIRMS THAT THE PROVIDER IS AUTHORIZED TO VERIFY THE FUNDS OF EACH TRANCHE OF THE CONTRACT WITH HIS BANK, IF NECESSARY. IN THE EVENT OF UNSATISFACTORY VERIFICATION, THE TRANSACTION WILL BE SUSPENDED IMMEDIATELY AND THE RECEIVER IS IN BREACH OF THE CONTRACT AND LIABLE FOR LEGAL CONSEQUENCES.

Receiver’s obligation. THE BENEFICIARY/BUYER, WITH FULL CORPORATE AND LEGAL RESPONSIBILITIES, AND UNDER PENALTY OF PERJURY, CONFIRMS THAT HE IS FULLY AWARE OF HIS FINANCIAL ABILITY AND FACILITIES WITH HIS BANK WHEN SIGNING THIS LOI AND/OR OTHER AGREEMENTS AND DOCUMENTS WITH THE PROVIDER. THE BENEFICIARY/BUYER FURTHER CONFIRMS THAT THE PROVIDER THEPROVIDER IS AUTHORIZED TO VERIFY THE FUNDS OF EACH TRANCHE OF THE CONTRACT WITH HIS BANK, IF NECESSARY. IN THE EVENT OF UNSATISFACTORY VERIFICATION, THE TRANSACTION WILL BE SUSPENDED IMMEDIATELY AND THE RECEIVER IS IN BREACH OF THE CONTRACT AND LIABLE FOR LEGAL CONSEQUENCES.