Loss or expense which the lessor shall certify as

loss or expense which the Lessor shall certify as rightly incurred
by it as a consequence of : (i) the occurrence of any Event of
Default, other than those stipulated in sub clauses (b), (c) & (i)
of Clause 14 of this Agreement and (ii) arising out of any
misrepresentation.
10.06 All proceeds of insurance, whether consisting of Total
Loss Proceeds or otherwise, shall be applied at the option of
Lessor towards:
(a) The replacement restoration or repair of the
Leased Asset if the same may be reasonably
possible.
(b) The payment obligations of the Lessee to the
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State Bank of Pakistan - The Central Bank
Lessor hereunder.
10.07 If any event covered by the insurance occurs, the Lessee
shall forthwith notify the Lessor regarding the same in writing
and shall immediately take all steps as may be required for
ensuring that the insurance claim is properly lodged, and for
said purpose, the Lessee shall sign all such documents as may
be required and allow full opportunity to the insurance company
and its nominee for carrying out inspection test, investigation
and examination.
10.08 The Lessee agrees to pay the Lessor the cost of repairing
or replacing any damage arising out of misuse to the Leased
Assets;
11. REGISTRATION AND TITLE
11.01 The Leased Assets shall, where applicable, be registered
in the name of Lessor under the Federal/ Provincial/Municipal
laws pertaining to registration of such assets. Title, ownership
and right of property in and to the Leased Assets leased
hereunder shall at all times remain vested in Lessor and the
Lessee covenants and agrees not to do or perform any act
prejudicial thereto. Notwithstanding such registration, it is
understood and agreed between the parties hereto that Lessor
shall not be liable or responsible for the infraction of or
noncompliance with any Federal/Provincial/Municipal statute,
law, ordinance, rule or regulation whatsoever relating to the
operation or use of Leased Assets;
11.02 Payment of all taxes incidental to usage and ownership
including the Road Tax, if applicable, shall be the sole
responsibility of the Lessee, and it is understood this payment
has been factored in the Lease Rentals. Further provided that if
Lessee is not in default under this Lease, the Lessor will, upon
request, furnish the Lessee a letter of authority for this purpose;
11.03 The Lessee shall affix a plate or label or other mark on
the Leased Assets indicating that it has been leased from the
Lessor and the Lessee shall ensure that such plates, labels or
marks are not covered up, obliterated, defaced or removed. The
detailed specifications and wordings of such plates, labels and
marks shall be provided by the Lessor to the Lessee and the
Lessee shall affix the plates, labels and marks on the leased
assets in conformity with said specifications and wordings;
11.04 As between the Lessor and the Lessee, the Leased Assets
shall remain personal or moveable property and shall continue in