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Under the Deed of Hibah, CJSB had given and assigned the Deed of Annuity to CJ Capital, thus effectively protecting Sukuk holders in the event of CJSB's liquidation or insolvency.
CJSB is a 60:40 joint venture between UEM Land Berhad and the State via State Secretary Johore (Incorporated).
In 2000, Section 9-170 of the Code of Virginia underwent modification to renumber it to 9.1-102 and strengthen its language, giving DCJS and CJSB the "power and duty to" promulgate rules and regulations.
Under the Deed of Hibah, CJSB had given and assigned the Deed of Annuity to CJ Capital, thus effectively protecting the Sukuk holders in the event CJSB faces liquidation or insolvency.
CJSB, a 60:40 joint venture between UEM Land Berhad and the Johor State Government (State) via State Secretary Johore (Incorporation) (JSSI), was awarded the turnkey design-and-build contract for the development of Kota Iskandar in Nusajaya, Johor (Project).
JSSI is required to pay the annuity instalments to CJ Capital without any offset or deduction, even in the event that CJSB is unable to meet its obligations.
The proceeds from the proposed Sukuk will be used to repay CJSB's existing borrowings and to pay contractors/suppliers for work done on Phase 1.
JSG's obligation to pay the Annuity (via JSSI) is outlined in the Deed of Annuity and a Supplemental Agreement to the Deed of Annuity, which states that JSSI irrevocably and unconditionally covenants and undertakes to pay to CJSB an annual sum of MYR 15 million, commencing on a date that must be no later than 30 days after the issuance of the proposed Sukuk, and thereafter payable on 28 February from 2011 to 2019.
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