Appointment of the Investment Agent. 2.1.1 The Participants hereby irrevocably appoint the Investment Agent as their agent for the purposes set out in this Agreement and hereby authorize and instruct the Investment Agent to:
(a) take such action on behalf of the Participants and to exercise such rights, remedies, powers and discretions as are specifically delegated to the Investment Agent by this Agreement, together with such powers and discretions as are reasonably incidental thereto;
(b) receive amounts in respect of the Musharakah and to thereafter distribute the same to the Participants;
(c) to enter into the Transaction Documents on behalf of the Participants and to exercise all rights, remedies, powers and discretions granted therein;
(d) to hold the benefit of the Security for and on behalf of and in trust for the Participants;
(e) to hold the benefits arising from the Trust Assets for and on behalf and in trust for the Participants; and
(f) to issue notices and make claims and demands on Client/borrower and / or any other third party in relation to the Musharakah, pursuant to the Transaction Documents;
(g) to do all such acts as may be necessary and / or incidental for safeguarding the interests of the Participants in relation to each Participants investment in the Musharakah.
Appointment of the Investment Agent. (a) In consideration for the Investment Agent agreeing to so act and the payment by the Participants of a fee in the amount of USD100 (the receipt and adequacy of which the Investment Agent hereby acknowledges), each Participant irrevocably:
(i) appoints the Investment Agent to act as its agent under and in connection with the Murabaha Finance Documents; and
(ii) irrevocably authorises the Investment Agent to:
(A) enter into and deliver on its behalf each Murabaha Finance Document expressed to be entered into by the Investment Agent; and
(B) perform the duties and to exercise the rights, powers, authorities and discretions under or in connection with the Murabaha Finance Documents that are specifically given to the Investment Agent by this Agreement, together with any other rights, powers, authorities and discretions as are reasonably incidental thereto.
(b) By its signature to this Agreement, the Investment Agent accepts its appointment as set out in this Clause 3.
Appointment of the Investment Agent. 6.1.1 Each Participant irrevocably:
(a) appoints the Investment Agent to act as its agent in connection with the Transaction Documents and the Investment Agent hereby accepts such appointment; and
(b) authorises and instructs the Investment Agent to enter into each Transaction Document to which the Investment Agent is expressed to be a party as its agent on its behalf and to take such action on its behalf and to exercise such rights, remedies, powers and discretions as are delegated to the Investment Agent by this Agreement, together with such rights, remedies, powers and discretions as are reasonably incidental thereto.
Appointment of the Investment Agent
