Letter of Continuity Format for Loan Continuation to Bank / NBFC

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Letter of Continuity Format for Loan Continuation to Bank / NBFC  

LETTER OF CONTINUITY

Place: Kolkata 

To,

The Manager,

Starnet Finvest Limited

S-3, P3B, District Centre,

Saket, New Delhi - 110 017

 

Dear Sir(s),

 

I/We_Stabnet Tyres limited.. a company incorporated under the provisions of the Companies Act, 1956 /a partnership firm registered under the provisions of the Indian Partnership Act, 1932/ sole proprietorship concern having its office/ place of business at Gut No. 154, Dakivali, Bhiwandi Wada Road, Near Tansa River, Taluka - Wada, Dist. Palghar - 421001, Maharashtra(India) acting through Mr/Mrs Sachin Gupta, who is duly authorized in that behalf vide board resolution dated ___________ (the “Borrower(s)”), enclose a Promissory Note dated _______ for Rs _____________/- (Rupees _____________________________) payable on demand which is given to you (“DPN”) as collateral security for repayment to Starnet Finvest Limited, (hereinafter referred to as the “SFL”, including its successors and assigns) of any sum now due or which may hereafter become due from me/us to RFL in respect of Rs.__________________/- (Rupees _____________________________________) (hereinafter referred to as the “Facility”) granted by SFL vide Facility Agreement dated ____________. I/We hereby irrevocably and unconditionally agree, confirm and undertake that:

 

1.         the DPN shall operate as continuing security to you to be enforceable for the repayment of the ultimate balance and/or all sums remaining unpaid under the Facility now or hereafter, including all interest to become payable in respect of / under the Facility or which may in future be advanced; and

2.         we will remain liable on the DPN notwithstanding payment made into the account of the Facility from time to time or the Facility being reduced or extinguished from time to time or even if the balance in the account of the Facility may be in credit.

 

Yours faithfully,

 

For Stabnet Tyres Limited

 

 

 

Sachin Gupta

(Authorised Signatory)

 

Applicable where the Borrower is a Company:

 

[The Common Seal of the Company has been affixed

pursuant to its Board Resolution dated ____________

in the presence of Mr/Mrs._______________

who have affixed their signatures hereto______________ Authorized Signatory of the Company]

 

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