Common use of Purchase Request Clause in Contracts

Purchase Request. We hereby request to purchase the Commodity from the Bank and undertake as follows:- (a) to purchase the Commodity from the Bank at the Bank’s Selling Price as soon as is reasonable upon the Bank’s purchase of the Commodity from a Commodity Supplier including purchases made through Bursa Suq Al-▇▇▇▇’; and (b) for the purpose of our said purchase of the Commodity from the Bank, to enter into the Murabahah Sale Contract with the Bank upon the terms as stated under the Schedule herein. Breach of any of the terms of our undertaking herein given shall constitute an Event of Default under the Agreement. We hereby undertake to indemnify the Bank (forthwith upon demand by the Bank) for any actual loss that shall have been suffered by the Bank as a result of such breach Provided Always that in such event of breach the Bank shall have invoked its rights under this undertaking within two (2) calendar days from the date of discovery of the breach failing which this Purchase Request shall be deemed as revoked and shall be of no force and effect. For the purpose of this paragraph, reference to “actual loss” shall be determined based on the actual costs incurred by the Bank which is directly attributable to our breach of any of the terms of our undertaking herein such as the cost of legal action (on a solicitor and client basis), storage cost of the Commodity (if applicable) and, without imposing any obligation on the part of the Bank to sell the Commodity to other third party, any shortfall between the disposal price receives by the Bank for the sale of the Commodity to other third party (due to our breach herein) and the Bank’s Purchase Price. Such actual loss shall not include indirect costs such as allocated overhead costs or salary or opportunity costs such as cost of funds. Upon fulfilment of our undertaking herein and in accordance with the terms herein given, this Purchase Request shall be of no further force and effect whereupon we shall be deemed to have been discharged of our undertaking herein given. This Purchase Request shall be irrevocable (in the absence of any prior written consent of the Bank), binding on me/us and my/our successors in title, permitted assignees, heirs and personal representatives and shall be construed in accordance with the laws of Malaysia. With the issuance of this Purchase Request, we acknowledge that we understand the nature and contents of this Purchase Request.