Common use of Availability of the Facility Clause in Contracts

Availability of the Facility. ‌ (a) At the request of the Customer(s), the Bank agrees to make available to the Customer(s) the Facility pursuant to which the parties shall enter into the Tawarruq Transactions, subject to Availability Period and in accordance with the terms of this Agreement. (b) Upon expiry of the Availability Period, the Bank at its sole discretion may review the Facility and extend the Availability Period or treat the Facility as cancelled unless an extension is granted by the Bank. (c) If the Bank does not extend the Availability Period, the Bank may treat the Facility as cancelled if the Tawarruq Transactions have not been entered into. However if the Tawarruq Transactions have been entered into, any undisbursed portion of the Customer(s)’ Sale Price after the Availability Period shall be treated as prepayment of the Bank’s Sale Price (Principal portion) and the Profit Portion for the undisbursed portion shall be waived as Ibra’ as stated in Clause 6.2.

Availability of the Facility. ‌ (a) At the request of the Customer(s), the Bank agrees to make available to the Customer(s) the Facility pursuant to which the parties shall enter into the Tawarruq Transactions, subject to Availability Period and in accordance with the terms of this Agreement. (b) Upon expiry of the Availability Period, the Bank at its sole discretion may review the Facility and extend the Availability Period or treat the Facility as cancelled unless an extension is granted by the Bank. (c) If the Bank does not extend the Availability Period, the Bank may treat the Facility as cancelled if the Tawarruq Transactions have not been entered into. However However, if the Tawarruq Transactions have been entered into, any undisbursed portion of the Customer(s)’ Sale Price after the Availability Period shall be treated as prepayment of the Bank’s Sale Price (Principal portion) and the Profit Portion for the undisbursed portion shall be waived as Ibra’ as stated in Clause 6.2.