“AAOIFI”:
|
the Accounting and Auditing Organization for Islamic Financial Institutions headquartered in Bahrain.
|
“Approved Amount”:
|
an amount not exceeding USD 1 000 000,0 (one million US Dollars).
|
“Applicable Laws”:
|
Local laws of the Company, or as agreed by the Parties.
|
“Business Day”:
|
Any day on which banks are officially open for business in the place where a sum or sums are payable by the Company to ITFC or a day on which the ITFC is open for the same vise-versa in the currency in which such payments shall be effected.
|
“Direct Payment”:
|
The payment of the Purchase Price directly to the Supplier.
|
“Documentary Collection”:
|
Shall have the meaning given to it in the URC.
|
“Effective Date”:
|
the date on which this Agreement shall enter into effect as provided in Section 13 hereof.
|
“Financing Availability Period”:
|
the Period of 12 months from the 1st Utilization for the utilization of the Approved Amount.
|
“First Operation”:
|
the Operation to be carried out after the effectiveness of this Agreement.
|
“Force Majeure”
|
any act, event or circumstance that serves as the basis for a force majeure claim under this Agreement including, without limitation, an act of God, war, hostilities (whether or not war has been declared), terrorist acts, acts of any civil or military authority, governmental or regulatory direction or restriction or suspension or withdrawal of licences or consents, disaster, fire, flood, extreme weather conditions, epidemic, explosion, release of ionising radiation or contamination by radioactivity, the order of any court or governmental or regulatory authority, delay in transportation or communications, unavailability of feedstock, breakage of or accidental damage to equipment, any strike, lock‑out or other industrial trade dispute (not involving solely the employees of that person), riot, civil commotion, public demonstration, structural shift or subsidence) materially affects the ability of each Party to perform its obligations under this Agreement; the cause of which is beyond the reasonable control of the relevant person whose performance is affected.
|
“Goods”:
|
Goods, stated in clause D, which ITFC has agreed to purchase and sell to the Company under this Agreement
|
“Irrevocable Commitment to Reimburse”:
|
with respect to a Letter of Credit established under any Transaction hereunder, means an irrevocable undertaking by ITFC to reimburse the Issuing Bank, the confirming or the negotiating bank (as the case may be) for payments made under Documentary Letter of Credit, or to pay to the Supplier under a Standby Letter of Credit.
|
“Issuing Bank”:
|
The bank which issued or acting as an advising bank/agent of the bank which issued the Letter of Credit.
|
“Late Payment Charge”:
|
an amount payable by the Company to ITFC in accordance with Section 11.3 for failure of the Company to make a payment when due and payable to ITFC.
|
“Letter of Credit”:
|
A Sight Letter of Credit or a Usance Letter of Credit (max 90 days) and shall have the meaning as described in the UCP.
|
“Material Adverse Effect”:
|
in relation to any event or circumstance in whatsoever nature, the occurrence of effect of which would, in the opinion of ITFC:
constitute a Force Majeure;
affect the Company, its assets and properties;
impact the financial condition, business or operations of the Company;
affect the implementation of the Operation, the financial plan or the carrying on of the Company’s business or operation; or
impair the ability of theCompany to perform or comply with its obligations under this Agreement or any related document;
affect the enforceability of any provision under this Agreement or any related document;
cause the suspension, cancellation, revocation or termination of this Agreement or any related document; or
impact the socio-political, financial and/or economic conditions of Uzbekistan which would have adverse impact on the domestic money, banking and/or capital markets.
and may do so:
in a manner or to an extent materially prejudicial to the rights and/or remedies of ITFC under this Agreement or any related agreement; or
in a manner or to an extent which, is likely materially and adversely to affect the Company’s ability to comply with any of its payment obligations under any agreement to which it is a Party or to the Company’s ability to complete the Operation as a whole;
and references herein to an event or circumstance which “has” or which “would have” a Material Adverse Effect shall be construed accordingly.
|
“Member Country”:
|
a country, which is a member of the Organization of the Islamic Cooperation.
|
“Non-Member Country”:
|
a country which is not a member of the Organization of the Islamic Cooperation (OIC).
|
“Operation”:
|
a number of Transactions to be carried out pursuant to this Agreement in a total sum that would not exceed the Approved Amount.
|
“Other Sanctionable Practices”:
|
any of Illegal Drug Trade, Illicit Origin, Money Laundering, Organised Criminal Activities, or Terrorism Funding:
|
