New Lease Assets definition

New Lease Assets means the assets specified as such in a Substitution Notice and which shall only comprise of real estate assets which are compliant with the principles of Islamic finance;

New Lease Assets means the assets specified as such in a notice substantially in the form set out in schedule 1 (Form of Substitution Notice) of the Substitution Undertaking which shall only comprise of Shari’a compliant assets;

New Lease Assets means the assets specified as such in a Substitution Notice and which shall only comprise of Shariah compliant assets;

Examples of New Lease Assets in a sentence

• The Republic will be obliged to certify that the New Lease Assets are of a value which is equal to or greater than the value of the Substituted Lease Assets on the relevant Substitution Date.

• The Issuer will execute the Substitution Undertaking in favour of the Republic and the Representative pursuant to which the Republic has the right to require the Issuer to sell, transfer and convey on any Substitution Date the Issuer's interest, rights, benefits and entitlements in and to the Substituted Lease Assets or any part thereof to the Republic in consideration for the transfer and conveyance by the Republic to the Issuer of the New Lease Assets (pursuant to a transfer agreement).

• As one or more of the Applicable Percentage Ratios in respect of the New Lease exceed(s) 5% but less than 25%, therefore the New Lease Assets constitutes a discloseable transaction of the Company under Chapter 19 of the GEM Listing Rules and is subject to the reporting and announcement requirements under the GEM Listing Rules.

• The Trustee will execute the Substitution Undertaking in favor of the Government of Malaysia pursuant to which the Government of Malaysia has the right to require the Trustee to sell, transfer and convey on any Substitution Date all of the Trustee’s interest, rights, benefits and entitlements in and to the Substituted Lease Assets in consideration for the transfer and conveyance by the Government of Malaysia to the Trustee of the New Lease Assets (pursuant to a sale agreement).

• The Government of Malaysia will be obliged to certify that the New Lease Assets are of a value which is equal to or greater than the value of the Substituted Lease Assets on the relevant Substitution Date.In order to effect the substitution, the Trustee and the Government of Malaysia will enter into a sale agreement to effect the sale of the Substituted Lease Assets to the Government of Malaysia and the sale of the New Lease Assets to the Trustee.