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Guidelines for Islamic Modes of Finance, SBP

S representatives are duly empowered to sign the

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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]
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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 Default; (e) Delivery by the Client to the Institution of a true and complete extract of all relevant parts of the minutes of a duly convened meeting of its Board of Directors approving the Principal Documents and granting the necessary authorizations for entering into, execution and delivery of the Principal Documents which shall be duly signed and certified by the person authorized by the Board for this purpose; (f) All fees, commission, expenses required to be paid by the Client to the Institution have been received by the Institution. 8.03 Any condition precedent set forth in this Clause 8 may be waived and or modified by the mutual written consent of the parties hereto. 9. EVENTS OF DEFAULT 9.01 There shall be an Event of Default if in the opinion of the Institution (a) Any representation or warranty made or deemed to be made or repeated by the Client in or pursuant to the Principal Documents or in any document delivered under this Agreement is found to be incorrect; (b) Any Indebtedness of the Client to the Institution in excess of Rs.
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