Examples of Servicing Agency Agreement in a sentence
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The Purchase Agreement, the Lease Agreement, the Servicing Agency Agreement, the Purchase Undertaking, the Substitution and Transfer Undertaking, the Declaration of Trust and the Agency Agreement are together referred to in these Conditions as the Transaction Documents.
Insurance Proceeds means the proceeds of any claim under the Insurances (as defined in the Servicing Agency Agreement).
In accordance with the terms of the Servicing Agency Agreement, the Republic in its capacity as servicing agent (the "Servicing Agent") will be required to perform, or procure the performance of, major maintenance and structural repair and the payment of proprietorship taxes (if any) and ensure that the Lease Assets are insured to the extent reasonable and commercially practicable, in a manner compliant with the principles of Islamic finance against a Total Loss Event.
Servicing Agency Expenses means, in respect of a Rental Period, all payments made by the Servicing Agent in respect of the services provided under the Servicing Agency Agreement in relation to the Lease Assets (other than in respect of the application of any Insurance Proceeds received by the Servicing Agent towards the repair, reinstatement and/or replacement of any Lease Assets, or part thereof).
Upon the occurrence of a Total Loss Event, (i) the Lease shall automatically terminate and the Lessor will be entitled (in addition to any amounts payable pursuant to the Servicing Agency Agreement) to any due and unpaid Rental up to the date on which the Total Loss Event occurred, and (ii) the Certificates will be redeemed by the Issuer on the date specified in Condition 10(c) (Capital Distributions – Dissolution following a Total Loss Event).
Servicing Agency Agreement Under the Ijarah Agreement, the Lessor shall be responsible to procure Takaful/insurance in connection with the Asset and the Lessee has acknowledged that the Lessor may procure the services of a servicing agent (“Servicing Agent”) or its representatives, in accordance with the terms and conditions set out in a servicing agency agreement (the “Servicing Agency Agreement”), including but not limited to perform the payment of Takaful/ insurance under a Total Loss Event.
Under the Lease Agreement, the Lessor shall beresponsible for obtaining insurance for the Lease Assets, paying all Proprietorship Taxes and Levies (each as defined in the Servicing Agency Agreement) (if any) in respect of the Lease Assets and performing all major maintenance and structural repair on the Lease Assets.
The Republic has also represented and warranted in the Purchase Undertaking, among other things, that the payment obligations of the Republic under the Purchase Undertaking, the Lease Agreement and the Servicing Agency Agreement are and will be direct, unconditional, unsubordinated, unsecured and general obligations of the Republic at all times which rank at least equally with all other unsecured and unsubordinated External Indebtedness (as defined in the Conditions) of the Republic.
Pursuant to the Servicing Agency Agreement, the Servicing Agent will be responsible on behalf of the Lessor for carrying out all Major Maintenance and Structural Repair (as defined in the Lease Agreement), the payment of Proprietorship Taxes and Levies (if any) charged, levied or claimed in respect of the Lease Assets and for effecting all appropriate insurances in respect of the Lease Assets.