Guidelines for Islamic Modes of Finance, SBP

Principal documents e it shall not and shall not

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Principal Documents; e. It 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 Supplier 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; f. It shall forthwith inform the Institution of: (i) Any event or factor, any litigation or proceedings pending or threatened against the Supplier which could materially and adversely affect or be likely to materially and adversely affect: (a) the financial condition of the Supplier; (b) business or operations of the Supplier; and (c) the Supplier s ability to meet its obligations when due under any of the Principal Documents, (d) expiry or cancellation of a material patent, copy right or license, (e) loss of a key executive or trade Agreement; (ii) Any change in the directors or management of the Supplier; (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 Supplier relating to the License, consent or authorization necessary for the performance by the Supplier of its file:///C|/Documents and Settings/Administrator/D.../Guidelines for Islamic Modes by SBP/salaam/1.htm (6 of 10) [2/23/2008 11:56:22 PM]
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State Bank of Pakistan - The Central Bank obligations under any of the Principal Documents; g. The Supplier shall indemnify and hold the Institution and its officers and employees harmless against any claims on account of quality, merchantability, fitness for use, any latent or patent defects in the Goods and any matters pertaining to intellectual property rights in respect of such Goods. 8. EVENTS OF DEFAULT AND TERMINATION 8.1 There shall be an Event of Default if in the opinion of the Institution: (a) The Supplier fails to deliver the Goods contracted to be delivered under this Agreement on the Delivery Date at [insert Place of Delivery]; (b) Any representation or warranty made or deemed to be made or repeated by the Supplier in or pursuant to the principal Documents or in any document delivered under this Agreement is found to be incorrect; (c) Any Indebtedness of the Supplier in excess of Rs.__________ (Rupees ________________only) is not paid when due or becomes due or capable of being declared due in terms of this Agreement; (d) Any authority of or registration with governmental or public bodies or courts required by the Supplier in connection with the execution, delivery, performance, validity, enforceability or admissibility in evidence of the Principal Documents are modified in a manner unacceptable to the Institution or is not granted or is revoked or otherwise ceases to be in full force and effect; (e) The total interruption or cessation of the business activities of the Supplier; (f)
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