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As mentioned in the Update Announcement, notwithstanding the above, in the event that the Manager and the Lenders are unable to agree on a debt repayment plan by 31 December 2022, EC World REIT would be in breach of its Mandatory Repayment obligations, triggering an event of default under the Existing Offshore Bank Loans and Existing Onshore Bank Loans.

EC World REIT intends to fund the Mandatory Repayment amount using the Equity Consideration to be paid by the Purchasers on or before Completion. As the Purchasers have informed the Manager that they do not expect to be able to complete the Proposed Divestment by 31 December 2022, the Parties currently expect Completion to take place by 31 January 2023 (or such other date as may be agreed among the Parties) instead.

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Prime still ok right? Prime IMO > Manulife.

Another REIT almost breaching the 50% aggregate leverage threshold: MUST

https://links.sgx.com/FileOpen/MUST%20Aggre...t&FileID=742874

The Offshore Facility 1, Onshore Facility 1, Offshore Facility 2 and Offshore Facility 3 were scheduled to mature on 31 December 2022.

Update of Status of Extension

The Trustee-Manager wishes to update that discussions with lenders for the above facilities to extend the loan maturity date to 30 April 2023 are progressing, albeit protracted. The Trustee-Manager will make further announcement in due course once the terms of the extension have been mutually agreed and finalised.

Deadline extended for EC World REIT. 

https://links.sgx.com/FileOpen/ECW_Update%2...t&FileID=743060

Prime still ok right? Prime IMO > Manulife.

83% of EC World REIT lenders have internally agreed to the repayment plan.

https://links.sgx.com/FileOpen/ECW_Update%2...t&FileID=743200

The Manager wishes to update Unitholders that the S$4,400,000 payment referred to in paragraph (b) above has been duly made to the Lenders on 6 January 2023, and that the Repayment Plan has been revised further to discussions with the Lenders. All the Lenders have approved the revised Repayment Plan, which is subject to the following conditions in addition to the conditions set out in the 3 January 2023 Announcement:

(d) the Margin Deposit, which will eventually be used for the settlement of the Mandatory Repayment, will be held in escrow till the date of completion of the Mandatory Repayment by
28 February 2023 or till its deployment in accordance with paragraph (e)(i) below (whichever is earlier), subject to the instructions of the Lenders;

(e) in the event the completion of the Mandatory Repayment does not take place by 28 February 2023:
(i) subject to the instructions of the Lenders, the Margin Deposit shall be used to repay part of the Existing Bank Loans; and
(ii) the Sponsor will be required to either put up additional collateral to the satisfaction of the Lenders for the outstanding Mandatory Repayment amount or use its cash to repay the outstanding Mandatory Repayment amount to the Lenders; and

(f) (i) subject to compliance with all applicable laws and regulations and the Trust Deed, the distributions by EC World REIT to certain Unitholders which are subsidiaries of the Sponsor,
namely Forchn International Pte. Ltd. (“FIPL”) and Forchn Global Pte. Ltd. (“FGPL”), shall be deferred for the period until the Mandatory Repayment amount is repaid (the “Relevant
Period”); or (ii) the Sponsor shall procure that FIPL and FGPL shall use any distributions which they may receive from EC World REIT during the Relevant Period for the partial repayment of the outstanding Mandatory Repayment amount.