Written question asked by Lord Grayling (Conservative) on Wednesday, 22 May 2002, in the House of Commons. It was due for an answer on Monday, 10 June 2002. It was answered by David Jamieson (Labour) on Monday, 10 June 2002 on behalf of the Department for Transport.

Dept for Transport

Question: To ask the Secretary of State for Transport, Local Government and the Regions, if he will make a statement on the requirement in the Commercial Loan Agreement for the Railtrack Administrator to repay commercial loans in September.

Answer: Chris Grayling: To ask the Secretary of State for Transport, Local Government and the Regions if he will make a statement on the requirement in the Commercial Loan Agreement for the Railtrack administrator to repay commercial loans in September. [59358] Mr. Jamieson: I have been asked to reply. Under Clause 11.1.1 of the Commercial Loan Agreement, repayment is due on the earlier of, the date notified to the agent as being the date expected to fall seven days before a transfer scheme is made or if no transfer scheme is made, an Alternative Railway Transfer, or discharge of the Railway Administration Order, or 23 September 2002 or the date which is the next business day following any date to which the availability period is extended. The availability period is defined as the period from (and including) financial close to (and including) 20 September 2002 or such later date as may be determined pursuant to Clause 5.5 of the Commercial Loan Agreement.

Secondary information