Guidelines for Islamic Modes of Finance, SBP

Encumbrance parties mean parties to this agreement

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encumbrance; Parties mean parties to this Agreement; Principal Documents means this Agreement and the Security Documents; Promissory Note is defined in Clause 4.01(b); Prudential Regulations means Prudential Regulations or other regulations as are notified from time to time by SBP and SECP; Rupees or Rs. Means the lawful currency of Pakistan; SBP means the State Bank of Pakistan established under the State Bank of Pakistan Act, 1956 and includes any successors thereto; SECP means the Securities and Exchange Commission of Pakistan established under the Securities & Exchange Commission of Pakistan Act, 1997 and includes any successors thereto; "Security Documents and Security is defined in Clause 4.01; Secured Assets means all the Lessee s [insert description of assets in respect of which charge/mortgage may be created]; Specified Location shall mean ______________ or such other location as the Lessor may agree in writing; Supplier means the Supplier from whom the Lessor acquires Title of the Assets for onward lease to the Lessee; Taxes includes all present and future taxes (including central excise duty and sales tax), levies, imposts, duties, stamp duties, penalties, fees or charges of whatever nature together with delayed payment charges thereon and penalties in respect thereof and "Taxation" shall be construed accordingly; Title means such title or other interest in the Assets subject to Lease under this Agreement; Total Loss shall have the same meaning assigned to it in the policy of insurance where under the Leased Assets are insured and shall include such other terms in such policy that have a meaning analogous to the term Total Loss as generally understood; file:///C|/Documents and Settings/Administrator/De.../Guidelines for Islamic Modes by SBP/leasing/1.htm (2 of 13) [2/23/2008 11:55:09 PM]
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State Bank of Pakistan - The Central Bank Value Date means the date on which the Lease commences under this Agreement and is given in the Lease Document # __; 1.03 Clause headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement. In this Agreement, unless the context otherwise requires, references to Clauses and Appendices are to be construed as references to the clauses of, and Appendices to, this Agreement and references to this Agreement include its appendices; words importing the plural shall include the singular and vice versa and reference to a person shall be construed as including references to an individual, firm, Institution, corporation, unincorporated body of persons or any state or any agency thereof. 1.04 The recitals herein above and Appendices to this Agreement shall form an integral part of this Agreement.
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