Examples of Profit Distribution Date in a sentence
In the absence of notice of such Non-Payment Election or Non-Payment Event, as the case may be, having been given in accordance with this Condition 8.3, the fact of non-payment of the relevant Periodic Distribution Amount on the relevant Mudaraba Profit Distribution Date or Mudaraba End Date, as the case may be, shall be evidence of the occurrence of a Non-Payment Election or a Non-Payment Event, as the case may be.
Notwithstanding Condition 7.4 (Periodic Distributions), DIB may in its sole discretion elect that Rab-al-Maal Mudaraba Profit will not be paid to the Trustee (in its capacity as Rab-al-Maal) on any Mudaraba Profit Distribution Date, and DIB shall, in each case, instruct the Trustee not to make payment of a Periodic Distribution Amount to Certificateholders on such Periodic Distribution Date (each a “Non-Payment Election”).
In the absence of notice of such Non-Payment Election or Non-Payment Event, as the case may be, having been given in accordance with this Condition 8.3 (Effect of Non-Payment Event or Non-Payment Election), the fact of non-payment of the Relevant Rab-al-Maal Mudaraba Profit Amount (or any part thereof) on the relevant Mudaraba Profit Distribution Date or Mudaraba End Date (as the case may be) shall be evidence of the occurrence of a Non-Payment Election or a Non-Payment Event, as the case may be.
In the absence of notice of such Non-Payment Election or Non-Payment Event, as the case may be, having been given in accordance with this Condition 8.3 (Effect of Non-Payment Event or Non- Payment Election), the fact of non-payment of the Relevant Rab-al-Maal Mudaraba Profit Amount (or any part thereof) on the relevant Mudaraba Profit Distribution Date or Mudaraba End Date (as the case may be) shall be evidence of the occurrence of a Non-Payment Election or a Non-Payment Event, as the case may be.
In the absence of notice of such Non-Payment Election or Non-Payment Event, as the case may be, having been given in accordance with this Condition 8.3, the fact of non-payment of the Relevant Rab-al-Maal Mudaraba Profit Amount (or any part thereof) on the relevant Mudaraba Profit Distribution Date or Mudaraba End Date (as the case may be) shall be evidence of the occurrence of a Non- Payment Election or a Non-Payment Event, as the case may be.
Notwithstanding the foregoing provisions of this Condition 7 (Periodic Distributions), the Mudareb may elect, in its sole and absolute discretion, pursuant to the provisions of the Mudaraba Agreement not to pay the relevant Rab-al-Maal Mudaraba Profit (whether in whole or in part) onany Mudaraba Profit Distribution Date (each a "Deferral Election").
All Sukuk Profit Distribution Payments payable shall be calculated on the basis of a year of three hundred and sixty five (365) days and the actual number of days elapsed from and including the Issue Date or, as the case may be, the previous Sukuk Profit Distribution Date up to but excluding the Sukuk Profit Distribution Date on which the Sukuk Profit Distribution Payment is paid and will be rounded upwards or downwards to the nearest sen.
The Wakala Profit will be calculated on actual balance in the Wakala Savings Account and the Wakeel will pay, provided that the withdrawal restrictions haven been met by the Mwakkil, the Actual Wakala Profit to the Muwakkil at the Profit Distribution Date.
The Mudarib may in its sole discretion elect that the Rab-al-Maal Mudarabah Profit will not be paid to the Trustee on any Mudarabah Profit Distribution Date, provided the foregoing in this Clause 5.6 shall not apply in respect of Rab-al-Maal Final Mudarabah Profit payable on any Mudarabah End Date (each a "Non-Payment Election").
On the Profit Distribution Date, the Wakeel undertakes to transfer the Net Proceeds of the Relevant Wakala Savings Account to any designated account (including but not limited to the Wakala Savings Account) as instructed by the Muwakkil in the Wakala Savings Account opening form.