Common use of Asset Clause in Contracts

Asset. 4.1 The Parties agree that: 4.1.1 the title deed of the Asset shall be registered in the name of the party named in item 8 of Schedule 2 (the Registered Party) with the relevant registration authority to hold the Asset on behalf of the Musharaka; and 4.1.2 in the event of gradual purchase by the Customer of the Bank’s Musharaka Units, the Registered Party shall hold the title of the Asset on behalf of the other Party based on the remaining Musharaka Units owned by that Party. Notwithstanding the above, on the Musharaka Commencement Date, the ownership interest in the Asset shall vest in the Parties based on their Total Contribution. 4.2 Where the Bank agrees for the Customer to be the Registered Party: 4.2.1 the Bank appoints the Customer as its agent in respect of the Bank’s Share of the Asset and authorises the Customer as its agent to carry out registration of title of the Asset in accordance with this clause; and 4.2.2 The Customer shall not resign, assign or transfer its duties as an agent of the Bank except with the prior written consent of the Bank. 4.3 The Bank’s Musharaka Units and therefore, the Bank’s Share of the Asset shall be transferred to the Customer in accordance with this Agreement and the Purchase Undertaking.

Asset. 4.1 The Parties agree that: 4.1.1 the title deed of the Asset shall be registered in the name of the party named in item 8 7 of Schedule 2 (the Registered Party) with the relevant registration authority to hold the Asset on behalf of the Musharaka; and 4.1.2 in the event of gradual purchase by the Customer of the Bank’s 's Musharaka Units, the Registered Party shall hold the title of the Asset on behalf of the other Party based on the remaining Musharaka Units owned by that Party. Notwithstanding the above, on the Musharaka Commencement Date, the ownership interest in the Asset shall vest in the Parties based on their respective Total Contribution. 4.2 Where the Bank agrees for the Customer to be the Registered Party: 4.2.1 the Bank appoints the Customer as its agent in respect of the Bank’s Share of the Asset and authorises the Customer as its agent to carry out registration of title of the Asset in accordance with this clause; and 4.2.2 The the Customer shall not resign, assign or transfer its duties as an agent of the Bank except with the prior written consent of the Bank. 4.3 The Bank’s Musharaka Units Unit(s) and therefore, the Bank’s Share of the Asset shall be transferred to the Customer in accordance with this Agreement and the Purchase Undertaking.