Guidelines for Islamic Modes of Finance, SBP

Client from time to time"indebtedness" means

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Unformatted text preview: Client from time to time; "Indebtedness" means any obligation of the Client for the payment or any sum of money due or, payable under this Agreement; "License" means any license, permission, authorization, registration, consent or approval granted to the Client for the purpose of or relating to the conduct of its business; "Lien" shall mean any mortgage, charge, pledge, hypothecation, security interest, lien, right of set- off, contractual restriction (such as negative covenants) and any other encumbrance; "Payment Date" or "Payment Dates" means the respective dates for the payment of the installments of the Contract Price or part thereof by the Client to the Institution as specified in Murabaha Document # 6 hereto, or, if such respective due date is not a Business Day, the next Business Day; "Profit" means any part of the Contract Price which is not a part of the Cost Price; "Parties" mean the parties to this Agreement; "Principal Documents" means this Agreement, the Agency Agreement; and the Security Documents; "Promissory Note" is defined in Clause 3.02 and is negotiable only at the face value, if required; "Prudential Regulations" means Prudential Regulations or other regulations as are notified from time to time by SBP; "Purchase Requisition ” means a request from time to time by the Client to the Institution as per Murabaha Document # 3/1; “ Receipt ” means a confirmation by the Client (as Agent of the Institution) of receipt of funds by the Supplier for the supply of Goods Murabaha Document # 4. file:///C|/Documents and Settings/Administrator/D...uidelines for Islamic Modes by SBP/murabaha 1.htm (2 of 10) [2/23/2008 11:45:37 PM] State Bank of Pakistan - The Central Bank "Security Documents" and " Security " is defined in Clause 3; "Supplier" means the supplier from whom the Institution acquires Title to the Goods; "Secured Assets" means (insert description of assets in respect of which charge/mortgage may be created) offered as security by the Client; "Rupees" or "Rs." means the lawful currency of Pakistan; "SBP" means the State Bank of Pakistan; "Title" means such title or other interest in the Goods as the Institution receives from the Supplier; "Taxes" iincludes 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; "Value Date" means the date on which the Cost Price will be disbursed by the Institution as stated in the Purchase Requisition. 1.01 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 Murabaha Documents are to be construed as references to the clauses of, and Murabaha Documents to, this Agreement and references to this Agreement include its Murabaha Documents; words...
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Client from time to time"Indebtedness" means any...

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