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Guidelines for Islamic Modes of Finance, SBP

The obligation of the institution to purchase the

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The obligation of the Institution to purchase the Goods under this Istisna Contract shall be subject to the receipt by the Institution (in form and substance acceptable to the Institution), at least ___ Business Days prior to the first date on which the payment is to be made in accordance with clause 2.02 above, of: (a) Documentary evidence that:: (i) This Agreement has been executed and delivered by the Manufacturer/Supplier; (ii) The Manufacturer/Supplier s representatives are duly empowered to sign the Principal Documents for and on behalf of the Manufacturer/Supplier and to enter into the covenants and undertakings set out herein or which arise as a consequence of the Manufacturer/Supplier entering into the Principal Documents; (iii) The Manufacturer/Supplier 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 favor of the Institution and has perfected the Security as required by the Institution (b) Certified copy(ies)of the Memorandum and Articles of Association of the Manufacturer/Supplier. (c) Certified copies of the Manufacturer/Supplier s audited financial statements for the last ____ years (d) The Written Offer and Cost Estimate; 8.02 The obligation of the Institution to purchase the Goods shall be further subject to the fulfillment of the following conditions: (a) The purchase of the Goods under this Istisna Agreement 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 file:///C|/Documents and Settings/Administrator/De.../Guidelines for Islamic Modes by SBP/istisna/1.htm (6 of 11) [2/23/2008 11:58:33 PM]
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State Bank of Pakistan - The Central Bank as it may reasonably request in respect of sale of Goods and their necessity for the conduct of the Manufacturer/Suppliers business; (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 Contract Price shall not result in the occurrence of any Event of Default;; (e) Delivery by the Manufacturer/Supplier 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 of Directors ; and (f) All fees, commission, expenses required to be paid by the Manufacturer/Supplier have been received by the Institution.
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