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Guidelines for Islamic Modes of Finance, SBP

The client shall not and shall not agree to except

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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 file:///C|/Documents and Settings/Administrator/...delines for Islamic Modes by SBP/musawamah/1.htm (6 of 11) [2/23/2008 11:51:13 PM]
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State Bank of Pakistan - The Central Bank pursuant to the Principal Documents; g) It shall forthwith inform the Institution of: i) 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; 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: a) Documentary evidence that: i) This Agreement and the Agency Agreement (should the Institution appoint the Client as its Agent) have been executed and delivered by the Client; ii) 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; iii) 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. b) Certified copy of the Memorandum and Articles of Association of the Client. c) Certified copies of the Client s audited financial statements for the last ____ years d) 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 file:///C|/Documents and Settings/Administrator/...delines for Islamic Modes by SBP/musawamah/1.htm (7 of 11) [2/23/2008 11:51:13 PM]
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State Bank of Pakistan - The Central Bank following conditions (as shall be determined by the Institution in its sole discretion): a) The payment of Cost Price by the Institution to
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