Vihar Patel - Partner
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Most commercial banks and lenders utilize laser pro or commercially available loan documents for most typical loans. However, there is a tendency to issue and send various letters and amendments to the promissory note throughout the process that often can create a misunderstanding, a lack of meeting of the minds and ambiguities in the interpretation of the promissory note and/or any associated guarantees. In a recent case, the Lender had issued two letters of credit, executed a promissory note, and a guarantee without taking the time to cross-reference the documents and fully incorporating the borrowing bases in both all documents. The total amount of the loan or the line of credit was increased from 2 million to 2.6 million, but without incorporating the changes in the letter agreement and the original promissory note in the Additional Terms section. Thus, the bank was essentially an unsecured creditor or lender for the excess or increase in the amount of the line of […]
Samples of Some of our Presentations on Business, Employment and Intellectual Property (Copyrights, Patents, Trademarks, and Trade Secrets) Law Matters:
- Commercial Loan Documentation Practices of Lenders and Bankers: The Good, the Bad and the Ugly!
- Impact of the Definition of a Judicial Entity and the Principles of Corporate Citizenship on the Internet!
- Corporate Asset Transactions are Subject to Continuation Rule and Fraud Exceptions for Successor Liability to Attach!