Applicable for financing of unencumbered property with title Sample Clauses

Applicable for financing of unencumbered property with title. (A) The Customer is legally and beneficially entitled to the unencumbered Property (as defined herein) for which separate document of title has been issued and there is no outstanding amount payable for the Property. (B) The Customer has applied to the Bank for the Facility (as defined herein) whereby the Bank is requested to enter into a Diminishing Musharakah arrangement with the Customer in the following manner and subject to the terms and conditions of this Agreement: (i) The Customer has requested the Bank to purchase part of an undivided portion of the Customer’s beneficial ownership in the Property, for which the Bank will pay the Facility Amount (as defined herein) to the Customer as the Bank’s capital contribution in the Musharakah. The Bank has, according to its financing procedure, approved the Customer’s application and offered to purchase part of the Customer’s undivided portion of beneficial ownership in the Property by way of a Sale Contract attached to the Letter of Offer (as defined herein); (ii) The Customer’s capital contribution in the Musharakah shall be represented by the value of the Customer’s remaining undivided portion of beneficial ownership in the Property in the same proportion as the Customer’s share of the Initial Capital Contribution Ratio; (iii) Thereafter: (a) the Customer undertakes to lease the Bank’s undivided portion of beneficial ownership in the Property based on the Shariah principle of Ijarah by paying the Lease Rentals (as defined herein) and purchase the Bank’s undivided portion of beneficial ownership in the Property progressively by paying the Purchase Price (as defined herein); and (b) the Bank shall periodically transfer a proportion of its undivided portion of beneficial ownership in the Property, commensurate with the Customer’s progressive payment of the Purchase Price based on the Shariah principle of Diminishing Musharakah. (C) The Bank has approved the said application subject to the terms and conditions contained herein.
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Related to Applicable for financing of unencumbered property with title

  • Unencumbered Properties Each Property included in any calculation of Unencumbered Asset Value or Unencumbered NOI satisfied, at the time of such calculation, all of the requirements contained in the definition of “Unencumbered Property Criteria.”

  • Compliance with Child, Family and Spousal Support Reporting Obligations Contractor’s failure to comply with state and federal child, family and spousal support reporting requirements regarding contractor’s employees or failure to implement lawfully served wage and earnings assignment orders or notices of assignment relating to child, family and spousal support obligations shall constitute a default under this Contract. Contractor’s failure to cure such default within ninety (90) days of notice by County shall be grounds for termination of this Contract.

  • Manner of Conveyance; Limited Warranty; Nonrecourse; Etc THE CONVEYANCE OF ALL ASSETS, INCLUDING REAL AND PERSONAL PROPERTY INTERESTS, PURCHASED BY THE ASSUMING INSTITUTION UNDER THIS AGREEMENT SHALL BE MADE, AS NECESSARY, BY RECEIVER'S DEED OR RECEIVER'S ▇▇▇▇ OF SALE, "AS IS", "WHERE IS", WITHOUT RECOURSE AND, EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED IN THIS AGREEMENT, WITHOUT ANY WARRANTIES WHATSOEVER WITH RESPECT TO SUCH ASSETS, EXPRESS OR IMPLIED, WITH RESPECT TO TITLE, ENFORCEABILITY, COLLECTIBILITY, DOCUMENTATION OR FREEDOM FROM LIENS OR ENCUMBRANCES (IN WHOLE OR IN PART), OR ANY OTHER MATTERS.

  • Maintenance of Total Unencumbered Assets The Company and its Subsidiaries will maintain at all times Total Unencumbered Assets of not less than 200% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis.

  • Please see the current Washtenaw Community College catalog for up-to-date program requirements Conditions & Requirements