Method of Financing. Under the arrangement of Tawarruq and the Bank’s financing procedure, the arrangement is concluded in the following manner:-
(a) Purchase of the Asset by the Bank. The Customer will issue a Purchase Request to the Bank and the Bank (at its own capacity) will proceed to purchase the Commodity at the price which is equivalent to the Bank’s Purchase Price.
(b) Purchase of the Asset by the Customer from the Bank Thereupon, the Bank will subsequently sell the Commodity to the Customer where the Customer shall pay the Bank’s Selling Price on deferred basis.
(c) Execution of the Murabahah Sale Contract
(i) To conclude the sale of the Commodity, Bank and the Customer will execute the Murabahah Sale Contract where the beneficial ownership of the Commodity together with the right to take delivery of the Commodity including all the risks and liability shall immediately pass from the Bank to Customer.
(ii) The Commodity when purchased by the Customer from the Bank shall be on “as is where is” basis where both, the Bank and the Customer are mutually agree to waive any right of warranty and any claim of defect liability in respect of the Commodity against the Bank.
(iii) The Murabahah Sale Contract may be terminated by either the Bank or the Customer upon occurrence of breach of specific terms of the Murabahah Sale Contract or subject to mutually agreed terms between the Bank and the Customer, whereupon, the Commodity will be returned to the bank and the Bank’s Selling Price (less Ibra’ (rebate)) will be returned to Customer. In the event that the Commodity has been sold to the third party, an amount equivalent to the value of the Commodity will be return to the Bank.
(d) Sale of the Commodity by the Customer If the Customer wished to sell the Commodity to a third party for cash and on spot basis, the Customer may appoint the Bank as agent to undertake such transaction on behalf of the Customer pursuant to Master Agency Agreement.
(e) Effect Nature and Scope of agency
(i) The Customer may appoint the Bank to be its agent to execute the Murabahah Sale Contract and/or sell the Commodity for and on its behalf (ii) The Customer may requests the Bank to provide several quotations as to the price of the Commodity prior to the Bank selling or purchasing the Commodity as an agent for the Customer.
Method of Financing. The total amount of Section 5316 JARC funds available to the Durham-Chapel Hill-Carrboro Metropolitan Planning Organization will be determined annually by the Federal Transit Administration (FTA). The portion of these funds to be passed through to Durham County by the City will be determined by the Durham-Chapel Hill-Carrboro Metropolitan Planning Organization (DCHC MPO) Transportation Advisory Committee (TAC) through a competitive process. Durham County will provide local matching funds as specified in this agreement and Attachment B in order to receive the Sections 5316 funds. The City will process reimbursements to Durham County, subject to the timely submission by Durham County to the City of all necessary reports and statements under the Section 5316 programs and within thirty (30) days of receipt by the City of the quarterly payment from NCDOT/FTA under the Sections 5316 programs.
Method of Financing. Under the arrangement of Tawarruq and the Bank’s financing procedure, the arrangement is concluded in the following manner:-
2.1 Purchase of the Commodities by the Bank.
(i) In accordance with the Shariah principle of Tawarruq and the Bank’s Islamic financing facilities procedures, the Customer will issue the Purchase Requisition to purchase the Commodities from the Bank at the Selling Price;
(ii) Upon receipt by the Bank of the Purchase Requisition from the Customer, the Bank will purchase the Commodities from a Commodity Trader at the cost price of the Commodities payable on cash basis which shall be an amount equivalent to the Purchase Price;
(iii) The Commodity Trader will deliver the Commodities evidenced by a certificate together with the delivery order as evidence for the transfer of ownership to the Bank;
2.2 Purchase of the Commodities by the Customer from the Bank Pursuant to the Agency Agreement under which the Customer appoints the Bank as its agent to purchase the Commodities on his/her behalf from the Bank on terms and conditions contained in Section 2.3 below, the Bank and the Customer will execute the Murabahah Sale Contract at the Selling Price based on the Murabahah concept (cost plus profit) which will be payable by the Customer to the Bank by way of instalment or deferred payment or any other manner as prescribed by the Bank;
Method of Financing. The plan will be financed by the Employer. A separate accounting record of benefits paid from the plan will be kept by the Employer.
Method of Financing. Section 2.01. Subject to the provisions of the Loan Agreements and except as the Co-lenders shall otherwise agree, it is the intention of each Co-lender that the items to be cofinanced out of the proceeds of the EXIMBANK Loan and the World Bank Loan shall be financed on a parallel basis.
Section 2.02. Supervision of the procurement process and disbursement notification with respect to the EXIMBANK Loan shall be carried out by the World Bank in accordance with Article III of this Agreement.
Method of Financing. The Project shall be financed with a combination of Sources of Financing as provided in the Method of Financing. Owner shall use diligent, good faith efforts to secure (i) the Low Income Housing Tax Credits and all other necessary Sources of Financing for the Project and
Method of Financing. Each school district, which is a party to this agreement, agrees to finance the operation of Keystone in the manner herein specified. Assessments for the current school year are based on:
Method of Financing. The primary method of financing for the organization will be □ fundraising and/or □ member dues. All fundraising activities will specify that no federal endorsement is intended by the private organization. Audits will be conducted IAW AFI 34-223.
Method of Financing. 2.1 Each Unified School District which is a party to this Agreement, agrees to finance the operation of the Center services subject to this Agreement in the manner hereinafter specified. The funds required to operate these services shall be derived from fees charged by the Center for contracted services provided to Unified School Districts, community colleges, and other educational institutions, districts, and organizations, plus funds anticipated to be received from state and federal projects.
2.2 The budget of the Center shall be established by the Board of Directors on or before July 1 preceding the school year for which said budget is proposed.
Method of Financing. The Acquisition and Development Costs shall be financed with a combination of Sources of Financing as provided in the Method of Financing (Attachment No. 4).