The Master Restructuring Agreement is a critical document used when a company needs to comprehensively restructure its debt obligations with multiple creditors in Pakistan. It becomes necessary when a borrower faces financial difficulties or requires significant modification of existing loan terms. The agreement consolidates various facilities, implements new payment schedules, and revises security arrangements, all while ensuring compliance with Pakistani regulatory requirements including the Companies Act 2017 and Banking Companies Ordinance 1962. The document typically includes detailed provisions on implementation mechanics, creditor rights, security enforcement, and monitoring mechanisms, reflecting Pakistani market practice and legal framework. It's particularly important in scenarios involving syndicated facilities, multiple security interests, or complex corporate groups requiring a coordinated restructuring approach.
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1. Parties: Identification of all parties to the agreement including the borrower, creditors, security trustee, and facility agent
2. Background: Recitals explaining the existing facilities, reason for restructuring, and overview of the restructuring arrangement
3. Definitions and Interpretation: Comprehensive definitions of terms used in the agreement and rules of interpretation
4. Effectiveness and Conditions Precedent: Conditions that must be satisfied before the restructuring becomes effective
5. The Restructuring: Core terms of the restructuring including treatment of existing facilities, new payment terms, and implementation mechanics
6. Repayment Terms: Details of revised repayment schedule, interest rates, and payment mechanics
7. Security and Guarantees: Provisions regarding existing and new security arrangements and guarantees
8. Representations and Warranties: Standard and transaction-specific representations and warranties by the borrower
9. Covenants: Financial and non-financial covenants, including information requirements
10. Events of Default: Circumstances constituting default and consequences thereof
11. Intercreditor Provisions: Rights and obligations between different classes of creditors
12. Amendments and Waivers: Procedures for modifying the agreement and waiving breaches
13. Governing Law and Jurisdiction: Choice of law and dispute resolution provisions
14. Miscellaneous: Standard boilerplate provisions including notices, assignments, and severability
1. Currency Provisions: Required when restructuring involves multiple currencies or foreign currency facilities
2. Special Industry Provisions: Specific provisions for regulated industries like energy or telecommunications
3. Subordination Provisions: Required when there are subordinated creditors or shareholder loans
4. Tax Provisions: Detailed tax provisions when restructuring involves cross-border elements or specific tax implications
5. Step Plan: Required for complex restructurings involving multiple steps or corporate actions
6. Creditor Committee Provisions: Required when a formal creditor committee is established
7. New Money Provisions: Required when the restructuring includes new financing
8. Asset Sale Provisions: Required when restructuring involves disposal of assets
1. Schedule 1 - Existing Facilities: Details of all existing facilities being restructured including amounts, lenders, and key terms
2. Schedule 2 - Restructured Facilities: Details of facilities post-restructuring including new terms and conditions
3. Schedule 3 - Security Documents: List and details of all security documents, both existing and new
4. Schedule 4 - Conditions Precedent: Detailed list of all conditions precedent documents and requirements
5. Schedule 5 - Repayment Schedule: Detailed amortization and payment schedule for restructured facilities
6. Schedule 6 - Forms of Notices: Standard form notices required under the agreement
7. Schedule 7 - Financial Covenants: Detailed financial covenants and calculation methodologies
8. Schedule 8 - Security Perfection Requirements: List of actions required to perfect security interests
9. Appendix A - Implementation Timeline: Detailed timeline for implementing the restructuring
10. Appendix B - Corporate Structure Chart: Chart showing corporate structure of borrower group
11. Appendix C - Financial Statements: Latest financial statements and projections
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