Examples of Wakala Agreement in a sentence
The Trustee has appointed the IsDB to perform limited actions in order to service the Portfolio of each Series of Trust Certificates pursuant to the Wakala Agreement.
The Trustee shall pay the Wakeel a nominal amount of U.S.$100 as a basic fee on the date of each Supplemental Wakala Agreement and an Incentive Fee (as defined in the Master Wakala Agreement).
However, other individuals such as the Chief Executive, Finance Director, external advisers and any relevant senior management may be invited to attend for all or part of any meeting, as and when appropriate and necessary and with the agreement of the Committee Chair.
Further, APICORP has undertaken in the Wakala Agreement to pay such additional amounts as may be necessary pursuant to this Condition 10 so that the full amount due and payable by the Trustee in respect of the Certificates to the Certificateholders is received by the Trustee for the purposes of payment to the Certificateholders in accordance with and subject to the provisions of this Condition 10.
The Wakeel would bear the loss in case of its default, negligence or violation of any of the terms and conditions of the Wakala Agreement; otherwise the loss would be borne by the Muwakkil, provided the Muwakkil receives satisfactory evidence that such loss was due to force majeure and that the Wakeel neither was able to predict the same nor could have prevented the negative consequences of the same on the Wakala.
Both parties, LARIBA & the client, sign a proxy agreement (Wakala Agreement).
Arcapita Bank is the sponsor, and liable, under a Murabaha and Wakala Agreement dated as of September 7, 2011 by and between Arcapita Bank, Arcsukuk (2011-1) Limited as Issuer and Trustee (in such capacity, the “Arcsukuk Trustee”), Arcapita Investment Funding Limited as Wakeel, and BNY Mellon Corporate Trustee Services Limited as Delegate (as amended, restated, supplemented, and/or otherwise modified, the “Arcsukuk Facility”).
All defined terms used here have the meanings given to them in the Wakala Agreement.
In accordance with the terms of the Master Wakala Agreement and where a Series comprises Lease Assets, the Wakeel is responsible for ensuring that such Lease Assets are, so long as the relevant Sukuk for that Series are outstanding, insured (to the extent reasonable and commercially practicable in a Shari’a compliant manner) against a Total Loss Event.
Each party hereto expressly acknowledges that it is bound by the provisions in Clause 10 (Limited Recourse and Non-Petition) of the Master Wakala Agreement.