{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Guidelines for Islamic Modes of Finance, SBP

Shall be entitled to adjust settle or compromise any

Info iconThis preview shows pages 13–15. Sign up to view the full content.

View Full Document Right Arrow Icon
shall be entitled to adjust, settle or compromise any dispute with the insurance company(ies) and the insurance arising under or in connection with the policies of insurance and such adjustments/compromises or settlements shall be binding on the Client and the Institution shall be entitled to appropriate and adjust the amount, if any received, under the aforesaid policy or policies towards part or full satisfaction of the Client's indebtedness arising out of the above arrangements and the Client shall not raise any question or objection that larger sums might or should have been received under the aforesaid policy nor the Client shall dispute its liability(ies) for the balance remaining due after such payment/adjustment; (e) Except as required in the normal operation of its business, the Client shall not, without the written consent of the Institution, sell, transfer, lease or otherwise dispose of all or a sizeable part of its assets, or undertake or permit any merger, consolidation, dismantling or re organization which would materially affect the Client s ability to perform its obligations under any of the Principal Documents; (f) The Client shall not (and shall not agree to), except with the written consent of the Institution, create, incur, assume or suffer to exist any Lien whatsoever upon or with respect to the Secured Assets and any other assets and properties owned by the Client which may rank superior, pari passu or inferior to the security created or to be created in favour of the Institution pursuant to the Principal Documents; (g) It shall forthwith inform the Institution of: (i) Any event or factor, any litigation or proceedings pending or threatened against the Client which could materially and adversely affect or be likely to materially and adversely affect: (a) the financial condition of the 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]
Background image of page 13

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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
Background image of page 14
Image of page 15
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}