Guidelines for Islamic Modes of Finance, SBP

All repairs replacements or substitution of the parts

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All repairs, replacements or substitution of the parts or component of the Leased Assets necessitated due to normal usage shall be at the Lessee s expense; 13.05 The Lessor has not made and does not hereby make any representation as to merchantability, condition or suitability of the Leased Assets for the purpose of the Lessee or any other representation, with respect thereto. The Lessee agrees that its obligation hereunder to pay rentals herein provided for shall not in any way be affected by any such defect or failure of performance of the Leased Assets once it has accepted the delivery of the same; 13.06 Whenever they fall due, the Lessee shall be liable to forthwith pay all fees, central excise duties, taxes, levies and penalties, under any statute or enactment for the time being in forced as may relate to or charged upon or otherwise payable in respect of the Leased Assets or any services in relation to leasing or any transaction or activities under this Agreement. In the event any fees, duties, taxes, levies and penalties or any maintenance or operating costs are levied and paid by the Lessor, the Lessee shall be responsible to reimburse the Lessor for the amount so paid. The Lessee recognizes that the Lessor has no liability whatsoever to make any payment whatsoever in respect of above stated account and the amount receivable under this Lease Agreement as Lease rental shall be net and not reducible in value on any account whatsoever. 14. DEFAULT AND TERMINATION 14.01 There shall be an Event of Default if in the opinion of the Lessor: and Settings/Administrator/De.../Guidelines for Islamic Modes by SBP/leasing/1.htm (9 of 13) [2/23/2008 11:55:09 PM]
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State Bank of Pakistan - The Central Bank (a) Any representation or warranty made or deemed to be made or repeated by the Lessee in or pursuant to the Principal Documents or in any document delivered under this Agreement is found to be incorrect; (b) The lease rentals payable under this Agreement remain outstanding for a period of more than [Insert period]; (c) Any Indebtedness, including lease rentals outstanding under this Agreement, of the Lessee in excess of Rs.__________ (Rupees ________________only) is not paid when due or becomes due or capable of being declared due prior to its stated maturity; (d) In the event of the Lessee making an assignment for the benefit of its creditors; (e) In the event of the Lessee (A) voluntarily or involuntarily becoming the subject of proceedings under the Bankruptcy or insolvency law, or procedure for the relief of financially distressed debtors. (B) Has been unable or has admitted in writing its inability to pay his debts as they mature to the Lessor or to another party or the financial Lessor, (C) taken or suffered any action for its reorganization, liquidation or dissolution, or (D) had a receiver or liquidator appointed for all or any part of its assets or business (f) Any authority of or registration with governmental or public bodies or courts required by the Lessee in connection with the execution,
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