Guidelines for Islamic Modes of Finance, SBP

Client(b business or operations of the client and(c

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Unformatted text preview: Client; (b) business or operations of the Client; and (c) the Client ’ s ability to meet its obligations when due under any of the Principal Documents; (ii) Any change in the directors of the Client; file:///C|/Documents and Settings/Administrator/D...uidelines for Islamic Modes by SBP/murabaha 1.htm (6 of 10) [2/23/2008 11:45:37 PM] State Bank of Pakistan - The Central Bank (iii) Any actual or proposed termination, rescission, discharge (otherwise than by performance), amendment or waiver or indulgence under any material provision of any of the Principal Documents; (iv) Any material notice or correspondence received or initiated by the Client relating to the License, consent or authorization necessary for the performance by the Client of its obligations under any of the Principal Documents 8. CONDITIONS PRECEDENT 8.01 The obligation of the Institution to pay the Cost Price shall be subject to the receipt by the Institution (in form and substance acceptable to the Institution) at least ___ Business Days prior to the Value Date of: (i) Documentary evidence that: (a) This Agreement and the Agency Agreement (should the Institution appoint the Client as its Agent) have been executed and delivered by the Client; (b) The Client ’ s representatives are duly empowered to sign the Principal Documents for and on behalf of the Client and to enter into the covenants and undertakings set out herein or which arise as a consequence of the Client entering into the Principal Documents; (c) The Client has taken all necessary steps and executed all documents required under or pursuant to the Principal Documents or any documents creating or evidencing the Security in favour of the Institution and has perfected the Security as required by the Institution. (ii) Certified copy of the Memorandum and Articles of Association of the Client. (iii) Certified copies of the Client ’ s audited financial statements for the last ____ years (iv) The Purchase Requisition. 8.02 The obligation of the Institution to pay the Cost Price on the Value Date shall be further subject to the fulfillment of the following conditions (as shall be determined by the Institution in its sole discretion): (a) The payment of Cost Price by the Institution to the Supplier on the Value Date shall not result in any breach of any law or existing agreement; (b) The Security has been validly created, perfected and is subsisting in terms of this Agreement; (c) The Institution has received such other documents as it may reasonably require in file:///C|/Documents and Settings/Administrator/D...uidelines for Islamic Modes by SBP/murabaha 1.htm (7 of 10) [2/23/2008 11:45:37 PM] State Bank of Pakistan - The Central Bank respect of the payment of the Cost Price; (d) No event or circumstance which constitutes or which with the giving of notice or lapse of time or both, would constitute an Event of Default shall have occurred and be continuing or is likely to occur and that the payment of the Cost Price shall not result in the occurrence of any Event of...
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Client(b business or operations of the Client and(c the...

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