Guidelines for Islamic Modes of Finance, SBP

In the leased assets are used unreasonably or in an

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Unformatted text preview: In the Leased Assets are used unreasonably or in an abusive manner; (l) Any costs, charges and expenses under the Principal Documents shall remain unpaid for a period of ___ days after notice of demand in that behalf has been received by the Lessee from the Lessor; (m) If there is any change in the majority ownership and/or senior management of the Lessee without the consent of the Lessor. 14.02 In the event that Lessor shall, by reason of the breach of any of the terms of this Agreement or the termination of this Lease becomes entitled to the return of the Leased Assets, then notwithstanding any terms or conditions herein contained, Lessor at its sole discretion in addition to any other remedy open to it and without obtaining a judgment, decree or other order from a court, may at any time without notice take possession of the said Leased Assets, and the Lessee hereby authorizes and empowers Lessor, its servants, agents, or other representatives to enter on any of the Lessee ’ s lands or premises, or any other place or places where the said Leased Assets may be found, for the purpose of taking possession thereof, and on the happening of such an event or events the Lessee hereby irrevocably appoints Lessor or any of its officers, agents, or representatives as the Lessee ’ s true and lawful attorneys to execute such document as may be necessary for the purpose of regaining possession of the said Leased Assets and the accessories file:///C|/Documents and Settings/Administrator/D...Guidelines for Islamic Modes by SBP/leasing/1.htm (10 of 13) [2/23/2008 11:55:09 PM] State Bank of Pakistan - The Central Bank attached thereto. The Lessee shall pay the costs of such repossession including transportation and storage charges. 15. INSPECTION The Lessee shall permit, during the currency of the Lease Agreement, persons authorized by the Lessor to inspect and examine the condition of the Leased Assets and, for the said purpose, shall permit such persons to enter upon the premises where the Leased Assets are situated, even where, in default of custody, control, and use, the Leased Assets are not situated at the Specified Location. 16. PRUDENTIAL REGULATIONS The Lessee shall comply with the Prudential Regulations and or other regulations issued by any Government regulatory body including the SBP and the SECP to Non-Banking Financial Institutions or banking companies as if such regulations are applicable and binding on the Lessee. 17. REPORT OF BUSINESS The Lessee shall furnish its latest audited and un-audited financial reports, statements or other documents relating to the financial status of the Lessee to the Lessor within ten (10) calendar days of the Lessor requesting the same. 18. REPRESENTATIONS AND WARRANTIES The Lessee hereby represents and confirms that: (a) The Lessee has not defaulted in respect of any payment obligation (whether relating to loan, finance or otherwise) or any other type of obligation owed to any bank or financial institution; and (b) The Lessee has not defaulted in payment of any taxes or...
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In the Leased Assets are used unreasonably or in an abusive...

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