The Facilities Agreement serves as the primary documentation for credit arrangements in Pakistan's banking sector. It is used when a financial institution extends credit facilities to corporate borrowers, establishing the legal framework for the lending relationship. The agreement must comply with Pakistani banking laws, including the Banking Companies Ordinance 1962 and State Bank of Pakistan regulations, while incorporating necessary security arrangements and enforcement mechanisms. The document typically covers facility terms, conditions precedent, drawdown procedures, repayment obligations, and security arrangements, with specific attention to local registration requirements and stamp duty obligations. This type of agreement is essential for both conventional and Islamic banking facilities in Pakistan, requiring careful consideration of local regulatory requirements and market practices.
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1. Parties: Identifies the lender(s), borrower(s), and any guarantors or security providers
2. Background: Sets out the context of the facility and purpose of the loan
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. The Facility: Details the type, amount, and purpose of the facility
5. Conditions Precedent: Conditions that must be satisfied before drawdown
6. Drawdown: Procedures and requirements for utilizing the facility
7. Interest: Interest rates, calculation methods, and payment terms
8. Repayment: Terms and schedule for repayment of the facility
9. Prepayment: Provisions for early repayment and any associated costs
10. Representations and Warranties: Statements of fact and assurances given by the borrower
11. Covenants: Positive and negative obligations of the borrower during the facility period
12. Events of Default: Circumstances that trigger default and lender's remedies
13. Security: Overview of security arrangements for the facility
14. Payments: Payment mechanics, timing, and currency provisions
15. Costs and Expenses: Allocation of costs, fees, and expenses
16. Changes to Parties: Rules for assignment and transfer of rights and obligations
17. Notices: Communication procedures between parties
18. Governing Law and Jurisdiction: Specifies Pakistani law as governing law and jurisdiction for disputes
1. Syndication Provisions: Required for syndicated facilities with multiple lenders
2. Islamic Finance Provisions: Required for Shariah-compliant facilities
3. Foreign Currency Provisions: Required when facility is in foreign currency or involves cross-border elements
4. Green Financing Provisions: Required for environmentally sustainable or green projects
5. Security Trustee Provisions: Required when security is held through a security trustee
6. Intercreditor Provisions: Required when there are multiple creditors with different priorities
7. Project Finance Provisions: Required for project-specific financing arrangements
8. State Bank Compliance: Additional provisions required for compliance with specific SBP regulations
1. Facility Terms: Detailed terms of the facility including amounts, interest rates, and fees
2. Conditions Precedent Documents: List of required documents and conditions for drawdown
3. Form of Drawdown Request: Template for borrower to request drawdown
4. Repayment Schedule: Detailed schedule of repayment dates and amounts
5. Security Documents: List and copies of all security documents
6. Form of Transfer Certificate: Template for transferring rights and obligations
7. Financial Covenants: Detailed financial ratios and calculations
8. Form of Compliance Certificate: Template for periodic compliance certification
9. Existing Security: Details of any existing security interests
10. Contact Details: Contact information for all parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Real Estate and Construction
Energy and Utilities
Technology and Telecommunications
Healthcare
Retail and Consumer Goods
Infrastructure
Agriculture
Mining and Natural Resources
Transport and Logistics
Education
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Operations
Security Administration
Loan Administration
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Banker
Relationship Manager
Credit Risk Manager
Legal Counsel
Compliance Officer
Corporate Secretary
Financial Controller
Banking Operations Manager
Security Trustee Officer
Facility Agent
Credit Administrator
Risk Assessment Officer
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