Restructuring is the process adopted by a public limited or a private limited company whenever they are facing any problem related to cash flow in order to reduce their debts and restore liquidity. In such cases a document drafted between the organization referred to as the borrower and another party referred to as the creditor is known as a restructuring agreement.
The details usually mentioned in a restructuring agreement are as follows:
- Details of both the parties entering into the contract that is their name and office address.
- The law under which the agreement is being drafted.
- The exact reason for which the agreement is being drafted.
- The process in which the restructuring is going to be done.
- The details to be submitted by the borrower that include resolution of the board, justification, projected income statement and cash flow and also post dated checks.
- The repayment surcharge percentage.
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