Invest finance bank

Further conditions precedent

1. 
   The obligation of the Bank to transmit a Contribution Notice to ICD or to enter into a Murabaha Contract is subject to the further conditions precedent that on the date of the Purchase Notice, the Offer Notice and the Settlement Date for that Murabaha Contract:
   
   1. 
      the Repeating Representations are correct in all material respects;
      
   2. 
      no Default has occurred or would result from the entry into the Murabaha Contract;
      
   3. 
      since the date of the Agreement nothing has occurred which might materially and adversely affect the carrying out of the Buyer’s business prospects or financial condition, or make it improbable that the Buyer will be able to fulfil any of its obligations under the Agreement;
      
   4. 
      since the date of the Agreement, the Buyer has not incurred any material loss or liability (except for permitted liabilities, if any);
      

5. 
   the proceeds of the Contribution are not in reimbursement of, or to be used for, expenditures for goods and services supplied by any country on the Boycott List of the Organization of Islamic Cooperation; and
   
6. 
   the Buyer has not and will not be in violation of:
   

1. 
   its Charter;
   
2. 
   any provision contained in any document to which it is bound;
   
3. 
   any law, rule of regulation, directly or indirectly, limiting or otherwise restricting its borrowing power or its ability to borrow; and
   
4. 
   any provisions of the Agreement.
   
1. 
   Each Disbursement Request submitted by the Buyer to the Bank is irrevocable.
   
2. 
   Only one disbursement may be requested in each Disbursement Request.
   
3. 
   A Disbursement Request will not be regarded as having been duly completed unless:
   
   1. 
      the Settlement Date specified is:
      
      1. 
         a Banking Day falling within the Availability Period; and
         
      2. 
         no earlier than the date falling 15 (fifteen) Banking Days after the date on which the Bank receives the Disbursement Request;
         
         
   2. 
      the amount requested in the Disbursement Request is not less than USD1,000,000 or any lesser amount approved by Bank.
      
   3. 
      the proposed date on which the final payment of the Sale Price is to be made by the Buyer as expressed therein is not beyond the Final Repayment Date;
      
   4. 
      it is accompanied by an undated Disbursement Receipt (in respect of the requested disbursement amount); and
      
   5. 
      the required supporting documents, as notified by the Bank to the Buyer, are attached to the Disbursement Request.
      
4. 
   The Buyer shall request for the first disbursement under this Agreement no later than the date falling thirty (30) days from the date on which the Bank confirms satisfaction of the conditions precedents referred to in Schedule 2 (Condition Precedent Documents) in accordance with Clause3.1(b). The Bank shall have the right to cancel the Approved Amount if the first disbursement is not made within that time.
   
1. 
   AGENCY AND PURCHASE OF GOODS
   
   1. 
      Appointment of Buyer as Agent
      
      1. 
         Subject to the provisions of this Agreement, the Bank hereby appoints and, with effect from the Agency Effective Date for a proposed Purchase Contract, authorizes the Buyer to act as its agent to negotiate the purchase of and select the Goods relating to that Purchase Contract from the Supplier(s) and to receive and inspect those Goods for and on behalf of the Bank
         
      2. 
         The Buyer hereby accepts such appointment in accordance with the provisions of this Agreement.
         
      3. 
         The parties agree that the effective date for the Buyer purchasing the Goods in respect of any Purchase Contract as agent of the Bank, shall be the date it receives a Notice to Proceed in relation to that Purchase Contract (being the Agency Effective Date).
         
      4. 
         The Bank shall pay a onetime agency fee of USD100 to the Buyer (the receipt and adequacy of which the Buyer acknowledges).
         
   2.