The Legal Bases of On-line Factoring

As a precondition for using the Bank's On-line Factoring service, the customer should have an effective agreement concerning the Raiffeisen DirektNet service. The requirements set out in the Raiffeisen DirektNet agreement will be regarded as governing in respect of the On-line Factoring service as well, regarding especially the rules of responsibility and security, and technical requirements. The basis of the On-line Factoring service is the Framework Agreement concerning Assignment concluded with the Bank (the "Factoring Framework Agreement"), therefore apart from the method of submission of the order (on-line), the factoring agreement will be governing in any other issue, including the technical implementation of the transaction. The legal relationship concerning the On-line Factoring service will be established subject to the joint existence of the aforementioned conditions, with the completion of the Raiffeisen On-line Factoring Application Form as appropriate, and the acceptance of the same by the Bank.

Submission of the "Request Form" specified in the Factoring Framework Agreement to the Bank takes place via an order given electronically in the scope of the On-line Factoring service, but otherwise the On-line Factoring service will not exempt the customer from the obligation of forwarding to the Bank the invoices and other necessary documents (including especially those certifying performance) that serve as the basis for the assignment in the way specified in the Factoring Framework Agreement (either in-person, or by mail, or by fax). For the purposes of the purchase of the assigned receivables, the date/time of receipt of the invoice by the Bank by mail or fax will be regarded as the starting date/time of processing of the invoice.

Any data or information sent electronically by the customer will be regarded as received by Raiffeisen Bank Zrt. when the file including the order is incoming to Raiffeisen Bank Zrt. in a complete and faultless form. The file should satisfy the specifications set out in the Agreement Concerning the Use of the On-line Factoring Service.

Raiffeisen Bank Zrt. will not bear any responsibility whatsoever for the correctness or comprehensiveness of the data, information and any other file content provided to the Bank in the scope of the On-line Factoring service.