Article One: Definitions
| No: 41061554 | Date(g): 20/6/2020 | Date(h): 29/10/1441 |
Translated Document
Effective from 2020-06-20 - Jun 19 2020
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| 1. | The terms and phrases used in these rules shall have the meanings assigned to them in the Leasing Finance System and its Executive Regulation. |
| 2- | For the purpose of applying the provisions of these controls, the following terms and phrases, wherever used in these controls, shall have the meanings set forth below, unless the context indicates otherwise: |
Controls: The regulations for recording in the Contract Register, the data required for registration, and the rules and procedures for allowing others to view the Contract Register.
Concerned Parties: The contracting parties or individuals authorized by the contracting parties.
Registration: The recording and official documentation of leasing finance contracts in accordance with the provisions of the system, the regulations, and the controls.
Company: The joint-stock company specialized in registering leasing finance contracts, licensed according to the system.
Registered Right: The subject of the leasing finance contract concluded between the parties and recorded or to be recorded in the Contract Register.
Registrar: The Head and Clerk of the Leasing Finance Contract Register.
Head of the Contract Register: The registration head appointed by the company, responsible for registration activities and issuing documented bonds.
Contract Register Clerk: The clerk appointed by the company who is entrusted with recording the contract and its amendments in the register.
Enforcement Document Extract: A document issued by the company for the enforcement of the leased asset in accordance with the provisions of the Enforcement System and its Executive Regulation.