Guidelines for Islamic Modes of Finance, SBP

Excise duty and sales tax levies imposts duties stamp

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Unformatted text preview: 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] 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. 2. LEASE 2.01 The Lessor hereby leases to the Lessee and the Lessee hereby agrees to take on lease from the Lessor, the Leased Assets for the period stated herein upon the terms and conditions herein set forth. 2.02 The Lessee covenants and agrees to pay the amount of Rs. [-------] to the Lessor on execution of this Agreement as a security deposit to be applied in the absolute discretion of the Lessor in respect of any rent in default under this Lease at any time or from time to time. The Lessee shall have no right of set off against such security deposit, but shall be entitled to the return of the said deposit after deduction of any costs, charges or expenses at the end of the term of this Lease. 3. TERMS AND PERIOD OF LEASE 3.01 The term of the Lease and the charges payable hereunder (hereinafter referred to as lease rental) with respect to the Leased Assets shall be as set-forth in the aforementioned Lease Document # __ attached hereto. The lease rental shall be payable monthly/quarterly/semi-annually in advance/arrears on the day mentioned in the Lease Document # __ during the term of the Lease....
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excise duty and sales tax levies imposts duties stamp...

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