The Loan Extension Agreement is a crucial document used when parties to an existing loan arrangement in Pakistan agree to extend the loan's maturity date. This document becomes necessary when a borrower requires additional time to repay the loan, often due to business circumstances, project delays, or cash flow considerations. The agreement must comply with Pakistani banking regulations, including the Banking Companies Ordinance 1962 and the Financial Institutions (Recovery of Finances) Ordinance 2001. It typically includes details about the extended term, revised repayment schedule, any modified interest/profit rates, and confirmation of existing security arrangements. The document may need to accommodate both conventional and Islamic banking principles, depending on the original loan structure, and requires proper stamping and registration under Pakistani law.
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1. Parties: Identification of the lender and borrower with their full legal names, addresses, and registration details
2. Background: Reference to the original loan agreement, its date, principal amount, and reason for seeking extension
3. Definitions: Key terms used in the agreement, including references to the Original Loan Agreement, Extended Term, and any modified terms
4. Extension of Term: Clear statement of the new loan maturity date and extension period
5. Repayment Terms: Specification of how the remaining loan amount will be repaid during the extended period
6. Interest Rate/Profit Rate: Confirmation of the applicable interest rate or profit rate (for Islamic financing) during the extended period
7. Conditions Precedent: Conditions that must be satisfied before the extension becomes effective
8. Representations and Warranties: Borrower's confirmations regarding their financial condition and ability to repay
9. Continuation of Security: Confirmation that existing security arrangements continue to apply during the extended term
10. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and relevant jurisdiction for disputes
1. Additional Security: Include when new security is being provided for the extended term
2. Fee and Charges: Include when there are specific extension fees or revised charges
3. Islamic Finance Provisions: Include when the loan is structured as an Islamic financing facility
4. Group Company Guarantees: Include when there are corporate guarantors involved
5. Events of Default: Include when adding or modifying default triggers for the extended period
6. Insurance Requirements: Include when specific insurance requirements are being modified or added
1. Schedule 1 - Original Loan Agreement: Copy or key details of the original loan agreement being extended
2. Schedule 2 - Repayment Schedule: Detailed schedule of repayment dates and amounts during the extended term
3. Schedule 3 - Conditions Precedent Documents: List of documents required to be delivered before extension effectiveness
4. Schedule 4 - Security Documents: List of existing and any new security documents
5. Appendix A - Form of Extension Effectiveness Certificate: Template certificate confirming satisfaction of conditions precedent
6. Appendix B - Fee Schedule: Detailed breakdown of any fees and charges applicable to the extension
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