Modification of charges
This query is : Resolved
25 March 2008
sir would like to know in case of consortium arrangement of working capital limits, do banks exchange pari passu letters every year of renewal,as customary or only if there is a change in the security or increase in limits other than change in interest rates, these letters are exchanged between banks
kindly let me know
kindly let me know
22 April 2008
THERE IS NO SUCH THING AS EVERY YEAR BANKS EXCHANGING PARIPASSU LETTERS.
ONLY IF THERE IS
-A CHANGE IN TERMS OF SECURITY /
-CHANGE IN SHARING RATIO OF SECURITY BY CONSORTIUM MEMBERS /
-CHANGE IN TERMS OF THE BORROWING LIMITS /
-INCREASE OR DECREASE OF LIMITS/
- ANY DEFICIENCY POINTED OUT IN BANK AUDITS REGARDING SECURITY CREATION
-ANY SPECIAL COMPLIANCE REQUIREMENTS DUE TO CHANGE IN APPLICABLE STATUTES
THEN CONSORTIUM BANKS MAY EXCHANGE INTERSE LETTERS/PARIPASSU LETTERS.
R.V.RAO
ONLY IF THERE IS
-A CHANGE IN TERMS OF SECURITY /
-CHANGE IN SHARING RATIO OF SECURITY BY CONSORTIUM MEMBERS /
-CHANGE IN TERMS OF THE BORROWING LIMITS /
-INCREASE OR DECREASE OF LIMITS/
- ANY DEFICIENCY POINTED OUT IN BANK AUDITS REGARDING SECURITY CREATION
-ANY SPECIAL COMPLIANCE REQUIREMENTS DUE TO CHANGE IN APPLICABLE STATUTES
THEN CONSORTIUM BANKS MAY EXCHANGE INTERSE LETTERS/PARIPASSU LETTERS.
R.V.RAO
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