Guidelines for Islamic Modes of Finance, SBP

Originals of any receipts certificates or other proof

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originals of any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in respect of any deduction or withholding as aforesaid. 6. REPRESENTATIONS AND WARRANTIES 6.01 The Supplier warrants and represents to the Institution that: a. The execution, delivery and performance of the Principal Documents by the Supplier will not (i) contravene any existing law, regulation or authorization, which the supplier is subject to, (ii) result in any breach of or default under any agreement or other instrument to which the Supplier is a party or is subject to, or (iii) contravene any provision of the constitutive documents of the Supplier or any resolution adopted by the board of directors or members of the Supplier; b. The financial statements together with the notes to the accounts and all contingent liabilities and assets that are disclosed therein represent a true and fair financial position of the business of the Supplier and to the best of the knowledge of the Supplier there are no material omissions and or misrepresentations. c. All requisite corporate and regulatory approvals required to be obtained by the Supplier in order to enter into the Principal Documents are in full force and effect and such approvals permit the Supplier, inter alia, to obtain the entire sales price in advance under this Agreement and perform its obligations hereunder and that the execution of the Principal Documents by the Supplier and the exercise of its rights and performance of its obligations hereunder, constitute private and commercial acts done for private and commercial purposes; d. No material litigation, arbitration or administrative proceedings is pending or threatened against the Supplier or any of its assets; e. It shall inform the Institution within ------- Business Days of an event or happening which may have an adverse effect on the financial position of the Supplier, whether such an event is recorded in the financial statements or not as per applicable International Accounting Standards, as applicable in Pakistan. 7. UNDERTAKING 7.01 The Supplier covenants and undertakes that so long as it remains obliged under this Agreement: a. It shall inform the Institution of any Event of Default or any event, which with the giving of notice or lapse of time or both would constitute an Event of Default forthwith upon becoming aware thereof; b. It shall do all such things and execute all such documents which in the opinion of the Institution and Settings/Administrator/D.../Guidelines for Islamic Modes by SBP/salaam/1.htm (4 of 10) [2/23/2008 11:56:22 PM]
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State Bank of Pakistan - The Central Bank may be necessary to; (i) enable the Institution to assign or otherwise transfer the right of the Institution to enable any creditor of the Institution or to any third party to receive the delivery of the Goods as the Institution may deem fit at its entire discretion; (ii) create and perfect the Security; (iii) maintain the Security in full force and effect at all times including the priority thereof; (iv)
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  • Fall '11
  • Finance, Institution, state bank, Islamic modes

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