Guidelines for Islamic Modes of Finance, SBP

Evidencing the amounts if any paid or payable in

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evidencing the amounts (if any) paid or payable in respect of any deduction or withholding as aforesaid. 6. REPRESENTATIONS AND WARRANTIES The Client warrants and represents to the Institution that: a. The execution, delivery and performance of the Principal Documents by the Client will not (i) contravene any existing law, regulations or authorization to which the Client is subject (ii) result in any breach of or default under any agreement or other instrument to which the Client is a party or is subject to, or (iii) contravene any provision of the constitutive documents of the Client or any resolutions adopted by the board of directors or members of the Client; b. The financial statements submitted together with the notes to the accounts and all contingent liabilities and assets that are disclosed therein represent a true and fair financial position of the business and to the best of the knowledge of the client, its directors and principal officers, there are no material omissions and/or mis-representations; c. All requisite corporate and regulatory approvals required to be obtained by the Client in order to enter into the Principal Documents are in full force and effect and such approvals permit the Client, inter alia, to obtain financial facilities under this Agreement and perform its obligations hereunder and that the execution of the Principal Documents by the Client and the exercise of its rights and performance of its obligations hereunder, constitute private and commercial acts done for private and commercial purposes; d. No material litigation, arbitration or administrative proceedings is pending or threatened against the Client or any of its assets; e. It shall inform the Institution within ____ business days of an event or happening which may have an adverse effect on the financial position of the company, whether such an event is recorded in the financial statements or not as per applicable International Accounting Standards. 7. UNDERTAKING The Client covenants to and undertakes with the Institution that so long as the Client is indebted to the Institution in terms of this Agreement: a) It shall inform the Institution of any Event of Default or any event, which with the giving of notice or lapse of time or both would constitute an Event of Default forthwith upon becoming aware thereof; b) It shall provide to the Institution, upon written request, copies of all contracts, agreements and documentation relating to the purchase of the Goods; c) The Client shall do all such things and execute all such and Settings/Administrator/...delines for Islamic Modes by SBP/musawamah/1.htm (5 of 11) [2/23/2008 11:51:13 PM]
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State Bank of Pakistan - The Central Bank documents which in the judgment of the Institution may be necessary to; (i) enable the Institution to assign or otherwise transfer the liability of the Client in respect of the Contract Price to any creditor of the Institution or to any third party as the Institution may deem fit at its absolute discretion; (ii)
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