Iba Format For Working Capital Consortium Agreement

He said the work will include six members with representatives of public, private and foreign banks. 1) Convening unionized meetings2)Get the necessary documents, clarify, etc., from the borrowing unit.3) Provisions relating to the joint assessment of the loan proposal by all member banks. Establish a joint evaluation report and forward it to all member banks and finalize the decision after consultation. 4) Fixing the credit limit. 5) Closing the loan file to be obtained from the borrower6)Convocation of the unionized meeting for the execution of documents and registration of the royalty for the borrower`s assets. 7) Preservation of documents, securities, etc. on behalf of itself and the consortium of banks.8)Checking the documents/securities that he or the banking consortium have pledged.9)To preserve the mutual interest between consortium banks and credit institutions, 10) Obtain a monthly inventory and ensure the maintenance of adequate stock for the loan.11) Obtain insurance coverage for the entire portfolio and extend insurance coverage from time to time.12 , a consortium meeting should be held once a year. A senior member of the Consortium Bank, who is empowered to make decisions on behalf of the institution, is expected to attend the meeting. The evaluation should be presented to members 10 days earlier at the time of the meeting. Deliberations should be submitted to members within 15 days of the date of the meeting. If it is an existing consortium, the representative of the unionized banks should make his own decision at the meeting. In the case of a new consortium, member banks should notify their “commitments in principle” within one month and the sanction of the ceiling should be notified to the Federbank within two months of notification of “obligations in principle”.

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Author: swillans