Guidelines for Islamic Modes of Finance, SBP

It is agreed by the parties as follows 1 purpose and

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Unformatted text preview: IT IS AGREED BY THE PARTIES as follows: 1. PURPOSE AND DEFINITIONS 1.01 This Agreement sets out the terms and conditions upon and subject to which the Lessor has, acting on the Written Request of the Lessee which is attached as Lease Document # __ of this Agreement, acquired/beneficially acquired the requested assets and have agreed to Lease the same to the Lessee; 1.02 In this Agreement, unless the context otherwise requires: “ Business Day ” means a day on which the Banks are open for normal business in Pakistan; “ Due Date(s) ” means the respective dates for the payment of the lease rentals as stated in the Appendices or if such file:///C|/Documents and Settings/Administrator/De.../Guidelines for Islamic Modes by SBP/leasing/1.htm (1 of 13) [2/23/2008 11:55:09 PM] State Bank of Pakistan - The Central Bank respective due date is not a Business Day, the next Business Day; “ Event of Default ” means any of the events or circumstances described in Clause 14 hereto; “ Indebtedness ” means any obligation of the Lessee for the payment or any sum of money due or, payable under this Agreement; “ Leased Assets ” means Assets that are subject to Lease under this Agreement, more particularly described in Lease Document # __; “ Lessee ” means the Client and is defined in the preamble; “ Lessor ” means the Institution and is defined in the preamble; “ License ” means any license, permission, authorization, registration, consent or approval granted to the Lessee 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; “ 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,...
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