What does Capsave Finance lend?

Capsave Finance writes domestic factoring, dropline overdraft, loan against property, operating lease, overdraft / cash credit, purchase invoice discounting and 3 further products. Across those, observed facilities run ₹1 cr to ₹5 cr.

What ticket size does Capsave Finance offer?

Facilities observed on live transactions run from ₹1 cr to ₹5 cr. The band differs by product, so the figure that applies to you depends on which facility you are asking for.

What rate does Capsave Finance charge?

Rates observed on live transactions fall between 13% and 16.5% a year. Tenures run 12 to 18 months. These are observed figures, not a quote, and the rate you are offered depends on your file.

How long does Capsave Finance take to disburse?

About 58 days from application to disbursal at the median, where the file is complete. Missing financials, unresolved security or a pending no-objection from an existing lender are what usually stretch it.

What are Capsave Finance's eligibility criteria?

The first screen is the bureau: a borrower CIBIL of at least 650. Revenue, leverage and debt-service thresholds apply on top and vary by product. The full credit box for each product is set out on this page.

Lender profile

Capsave Finance business loans

Capsave Finance is on Recur Club's lender panel, writing domestic factoring, dropline overdraft, loan against property and 6 other products. Observed tickets run ₹1 cr to ₹5 cr, priced between 13% and 16.5%. Median turnaround from application to disbursal is about 58 days.

✓Tickets from ₹1 Cr – ₹5 Cr across 9 products
✓Indicative pricing 13% – 16.5%, as quoted on live transactions
✓Around 58 days from application to disbursal when the file is clean
✓We check your fit against every lender on the panel, not just this one

Check your fit →See a typical term sheet

Products live

₹1 Cr

Median sanction

Days median turnaround

Sanction letters read

— The screen your file has to clear

The screen your file has to clear

What is checked before anything else, and applies to every product below.

Rejects

Rice processing and export is a negative sector
No startups even if they show high cash
Lender advises avoiding the proposal at this stage due to default history, high leverage, and substantial accumulated losses despite recent profitability and equity infusion
Avoid this proposal due to the company's small scale of operations and absence of an integrated (backward-integrated) solar cell manufacturing facility

20 more ▾

Please avoid this basis due to thin PAT margins (below 1%), raw material cost volatility linked to crude oil, multiple days past due instances and corporate guarantee/≈30% equity exposure to related entity Prutha Packaging, and negative independent market feedback
Lender exited this borrower's account previously due to repayment issues
Avoid the deal — very thin margin (0.77%) as the company is engaged in trading activity, with Nil/negligible drawing power and an auditor's qualification on verification of creditors
Updated PEC now marks Agriculture and Allied Industries as negative (will not fund)
Company not okay with Capsave WCDL.
Not okay with FD as security.
Rejected changing loan structure from purchase invoice discounting to WCDL and reducing personal guarantees from 3 promoters to 1, stating both significantly impact risk appetite and were not part of original discussions
Capsave rejected the loan application citing hygiene/compliance and revenue mix criteria issues
Company policy does not provide financing to traders
Declined the case because the company is predominantly engaged in trading activities rather than manufacturing
They exited the company earlier and will not take exposure again.
Rejected: client in agro-commodity sector with declining revenue and profit margins over the past two years, not a viable case
Recommends avoiding the deal due to multiple red flags: compliance issues, open NCLT/IBC cases, common directorship across entities, and company strike-offs
Withdrawing from the loan deal due to concerns about the company's profile and its location presenting risk factors
Rejected loan due to municipal waste collection business model with chronically delayed payments and high overdue debtors
Not willing to explore the case further due to credit concerns
No hard security available for the proposed debt, so passing on the current opportunity
Analyst strongly recommends not proceeding with the deal for Rays Power Expert Pvt Ltd given past defaults, CIRP history, governance and compliance issues
Rejected because customer's complete business is in Textile manufacturing
Customer revenue is very small to take an exposure

Wins

Only considers profitable companies
Not okay with cash-burning companies unless there is an 18-24 month runway
Wants to do more focused manufacturing sector deals
Prefers manufacturing and services sector borrowers

13 more ▾

Prefers borrowers without much balance sheet leverage
…more in playbook
Only considers profitable companies
Not okay with cash-burning companies unless there is an 18-24 month runway
Wants to do more focused manufacturing sector deals
Prefers manufacturing and services sector borrowers
Prefers borrowers without much balance sheet leverage
Can do vendor financing
Trading only acceptable if backed by a brand license
For EPC, prefers reverse factoring, BG-backed structures
Can take hard collateral like land within city limits, funding up to 100% against it
Likes the solar module sector
Rice processing is restricted profile

Behaviour & gates

Borrower: CIBIL ≥650
age ≥2y (overdraft / cash credit)
age ≥3y (trade receivables discounting system)
avoid: Infrastructure, Engineering, Procurement, and Construction (EPC) (varies by product)
pan-India (varies by product)
Private Limited, Public (varies by product)

24 more ▾

sector-agnostic (39 sectors — full list in data JSON) (varies by product)
Financials: EBITDA ≥₹2cr (varies by product)
rev ≥₹50cr (domestic factoring, dropline overdraft, finance lease, machinery loan, purchase invoice discounting, sales invoice discounting, working capital demand loan)
rev ≥₹250cr (trade receivables discounting system)
debt/EBITDA ≤4
debt/networth ≤4
TOL/adjusted tangible net worth ≤5 (varies by product)
DSCR ≥1 (varies by product)
Deal: rate 12–18% (range across products — see matrix)
ticket ₹0.1–100cr (range across products — see matrix)
tenure 3–60mo (range across products — see matrix)
no PEP
Security (observed): Personal Guarantee Of Promoters / Directors / Property Owner (100%)
FD margin 10–15% (85%)
median ticket ₹5cr
median rate 14%
median turnaround 58d
Security asked in : Personal Guarantee Of Promoters/Directors (×1)
Security asked in : FD margin 20–30% (×10), Fixed Deposit <5% (×9), FD margin 5–10% (×9), FD margin 10–15% (×9)
Security asked in : Personal Guarantee Of Promoters/Directors (×36), 1st/pari-passu charge on current assets (×22), FD margin 10–15% (×20), FD margin 5–10% (×14)
Security asked in 2026: Personal Guarantee Of Promoters / Directors / Property Owner (×34), FD margin 10–15% (×29), 1st/pari-passu charge on current assets (×4), FD margin 15–20% (×4)
share → in-principle approval (initial interest): ≈13d
in-principle approval → sanction (underwriting): ≈18d
sanction → disburse (closing): ≈6d

— Products & indicative terms

What Capsave Finance lends, and on what terms

What has actually been offered on live transactions, not brochure numbers. Treat them as the band you are likely to be quoted inside, not a promise. Open a row for that product's credit box.

Product	Ticket	Pricing	Tenure
Dropline Overdraft▾▴ Turnaround ~58d Rejects Negative sectors Oil and GasGems and JewelleryInfrastructureAgriculture and Allied IndustriesSteelServices for Mining IndustryEngineeringProcurementand Construction (EPC) Wins Director overdue: 0.001 INR Cr States: pan-India Company types: Private Limited, Public, Sole proprietorship, Limited Liability Partner Director CIBIL: 650 19 more ▾ ▴ Min EBITDA (₹cr): 2 Min revenue (₹cr): 50 Debt / EBITDA: 4 Debt Service Coverage Ratio: 1 Debt / Net worth: 4 Offered terms (past deals): rate 13–13–13% ₹1–1–1 Cr 12–12–12 mo Turnaround: ≈58 days (share→disburse) Asks for Other (×10) — e.g. UBO declaration required Asks for Term sheet (×6) — e.g. Financial statements for FY22-24 required Asks for Bank statements (×3) — e.g. Bank statements from multiple accounts required Asks for Cap table / equity (×3) — e.g. Shareholding pattern required Asks for GST / integration (×3) — e.g. GST returns required Asks for Receivable/inventory ageing (×3) — e.g. Debtors ageing report required Asks for Audited financials (×2) — e.g. FY23 audit report, audited financials with schedules, ITR acknowledgement, tax a Asks for Provisional financials (×2) — e.g. FY26 Profit & Loss account required (only balance sheet received so far) Asks for Legal / KYC (×1) — e.g. KYC of all promoters (PAN, Aadhar card) required Asks for MIS (×1) — e.g. MIS reports required Behaviour & gates Min tenure (mo): 12 Months Min ticket (₹cr): 1 Max tenure (mo): 12 Months Min rate (%): 12 Politically Exposed Person: No Max ticket (₹cr): 100 26 more ▾ ▴ Security required: ['Personal Guarantee of Promoters / Directors / Property Owner', 'Fixed Deposit 10 - 15%'], ['Charge On Current Assets - Pari Passu First Charge', 'Personal Guarantee of Promoters / Directors / Property Owner', 'Fixed Deposit 10 - 15%'], ['Charge On Current Assets - Second Charge', 'Charge On Movable Fixed Assets/Plant & Machinery - Second Charge', 'Personal Guarantee of Promoters / Directors / Property Owner', 'Fixed Deposit 15 - 20%'], ['Bank Guarantee'] Max rate (%): 16 rate — stated 12–16%, actually offered 13–13% → within stated band Amount — stated 1–100 Cr, actually offered 1–1 Cr → within stated band Tenure — stated 12–12 mo, actually offered 12–12 mo → within stated band Updated PEC now marks Agriculture and Allied Industries as negative (will not fund) (×1 latest ) Rejected due to adverse findings on promoter Mr. Shivnarayan Vijaykumar Bansal's family history of defaults in Bansal Infracon Pvt Ltd (Kotak, SBI, -19, dissolved via IBC) and Bansal International Pvt Ltd (SBI, -19) (×1 latest ) Recommends avoiding the deal due to multiple red flags: compliance issues, open NCLT/IBC cases, common directorship across entities, and company strike-offs (×1 latest ) Analyst strongly recommends not proceeding with the deal for Rays Power Expert Pvt Ltd given past defaults, CIRP history, governance and compliance issues (×1 latest ) Food processing remains acceptable under the updated PEC (×1 latest ) Lender is selective in the Agriculture sector though it was not previously marked negative in PEC (×1 latest ) Recommend using a designated escrow account for debt repayment (×1 latest ) Agri tech is treated as a cautious sector profile, leading to dropping this case (×1 latest ) Company has an existing relationship with Capsave Corporate governance lapses including fund diversion and unsubstantiated expenses Devansh Multimetal was opened for gold business pre-COVID but never developed and was struck off Common director Mr. Raj Bansal (deceased) held insignificant shareholding in Basal Fintrade, which is not part of the group Overall assessment indicates the company is performing well with good growth prospects despite these historical entities	₹1 cr	13%	12 mo
Purchase Invoice Discounting▾▴ Turnaround ~37d Rejects Negative sectors Oil and GasGems and JewelleryInfrastructureAgriculture and Allied IndustriesSteelServices for Mining IndustryEngineeringProcurementand Construction (EPC)Trading Wins Director overdue: 0.001 INR Cr States: pan-India Company types: Private Limited, Public, Sole proprietorship, Limited Liability Partner Director CIBIL: 650 17 more ▾ ▴ Min EBITDA (₹cr): 2 Min revenue (₹cr): 50 Debt / EBITDA: 4 Debt / Net worth: 4 Offered terms (past deals): rate 13–13–13% ₹2–2–2 Cr 12–12–12 mo Turnaround: ≈37 days (share→disburse) Asks for Other (×21) — e.g. Bureau consent required Asks for Term sheet (×9) — e.g. ITR acknowledgements with income computation for FY'23, FY'24 and FY'25 required Asks for Cap table / equity (×6) — e.g. Requires equity raise details including investor names and dilution Asks for Provisional financials (×4) — e.g. CA certified provisional financials required Asks for Bank statements (×3) — e.g. Requires CC bank statement (12-month) and debtors ageing report Asks for Debt schedule / sanction letters (×3) — e.g. Sanction letters for all existing loans required Asks for GST / integration (×2) — e.g. GSTR 3B returns for March 2026 for Madhya Pradesh and Maharashtra required Asks for Receivable/inventory ageing (×2) — e.g. Requires capacity utilization excel for all units, monthly stock statement, and Asks for Audited financials (×1) — e.g. FY23-24 Audit Report, Audited Financial Statements, ITR Acknowledgement, Tax Aud Behaviour & gates Min tenure (mo): 12 Months Min ticket (₹cr): 1 Max tenure (mo): 12 Months Min rate (%): 12 Max ticket (₹cr): 10 Security required: ['Personal Guarantee of Promoters / Directors / Property Owner', 'Fixed Deposit 10 - 15%'], ['Charge On Current Assets - Pari Passu First Charge', 'Fixed Deposit 5 - 10%', 'Personal Guarantee of Promoters / Directors / Property Owner'] 32 more ▾ ▴ Max rate (%): 16 rate — stated 12–16%, actually offered 13–13% → within stated band Amount — stated 1–10 Cr, actually offered 2–2 Cr → within stated band Tenure — stated 12–12 mo, actually offered 12–12 mo → within stated band Avoid this proposal due to the company's small scale of operations and absence of an integrated (backward-integrated) solar cell manufacturing facility (×1 latest ) Lender advises avoiding the proposal at this stage due to default history, high leverage, and substantial accumulated losses despite recent profitability and equity infusion (×1 latest ) Lender exited this borrower's account previously due to repayment issues (×1 latest ) Please avoid this basis due to thin PAT margins (below 1%), raw material cost volatility linked to crude oil, multiple days past due instances and corporate guarantee/≈30% equity exposure to related entity Prutha Packaging, and negative independent market feedback (×1 latest ) Unable to proceed due to hygiene issues: continuous delay in statutory payments (GST and EPFO) and undisclosed stock income identified via GST search (×1 latest ) Avoid the deal — very thin margin (0.77%) as the company is engaged in trading activity, with Nil/negligible drawing power and an auditor's qualification on verification of creditors (×1 latest ) Loan application rejected due to multiple risk factors UK-firm ownershipsticky debtorsdeclining export salesunrated/INC statusopen NCLT IBC casehistorical fire/lossesand poor liquidity (×1 latest ) SD won't work with this client - likely a pass on the deal (×1 latest ) Rejected changing loan structure from purchase invoice discounting to WCDL and reducing personal guarantees from 3 promoters to 1, stating both significantly impact risk appetite and were not part of original discussions (×1 latest ) Capsave rejected the loan application citing hygiene/compliance and revenue mix criteria issues (×1 latest ) Loan case rejected due to hygiene/compliance and financial concerns (late tax payment, unpaid advance tax, trading-heavy revenue mix, export dependency, weak ratios) (×1 latest ) Company policy does not provide financing to traders (×1 latest ) Rejected the case due to related-party/proxy-defaulter concerns — shareholders are relatives of defaulters linked to group companies (Urjah Metallics/Committed Ispat) in default/DRT, suspected proxies for the actual defaulting Aggarwal family (×1 latest ) Declined the case because the company is predominantly engaged in trading activities rather than manufacturing (×1 latest )	₹2 cr	13%	12 mo
Secured Term Loan▾▴ Turnaround ~84d Wins Asks for Other (×6) — e.g. Latest data required as per checklist Asks for GST / integration (×3) — e.g. Requires GST certificate Asks for Term sheet (×3) — e.g. Requires ITR acknowledgements for FY23-24 Asks for Bank statements (×2) — e.g. Requires bank statements from 5 bank accounts (Axis, IDFC, CitiBank, HDFC, ICICI 6 more ▾ ▴ Asks for MIS (×2) — e.g. Latest MIS required to review doability and share feedback Asks for Receivable/inventory ageing (×2) — e.g. Requires debtors aging analysis as of March 31, and current date Asks for Audited financials (×1) — e.g. Requires audited financial statements FY22-24 with audit reports and ITR documen Asks for Cap table / equity (×1) — e.g. Requires company and promoter profiles and shareholding pattern Asks for Debt schedule / sanction letters (×1) — e.g. Requires working capital loan details with sanction letters Asks for Legal / KYC (×1) — e.g. Requires KYC for major shareholder Behaviour & gates Offered terms (past deals): rate 13–14–16.5% ₹1.5–1.5–2 Cr 12–12–18 mo Turnaround: ≈84 days (share→disburse) Rejected due to negative Adjusted Tangible Net Worth (adjusted tangible net worth), irregular statutory payments, and poor financial hygiene evidenced by a Rs 4 crore debtor write-off (×1 latest ) 21 more ▾ ▴ Dropped and limits zeroised as account was overdue for 1.5 months, 6 months post disbursement (×1 latest ) Dropped due to discomfort with financials and current burn; performance assessed as deteriorated since earlier review (×1 latest ) Rejected by credit due to cash flow issues in servicing future obligations and marginal liquidity (×1 latest ) Previously rejected due to business cyclicality and losses (×1 latest ) Not keen on the sector (×1 latest ) adjusted tangible net worth was negative Rs 2.72 Cr with Rs 4 Cr bad debt write-off, but improved to Rs 10 Cr as of June and Rs 20 Cr as of September Bad debt write-offs of Rs. 4 crores during the year flagged as a concern Cheque bounces observed Account went overdue for 1.5 months despite being disbursed only 6 months prior Company was loss-making until FY23-24 but turned profitable in FY25 with month-over-month growth Company is unrated but financials are considered reliable since they are reported to the stock exchange due to Jubilant holding a 25% stake GST payment delays for Jul-Sep due to 25% sales from online marketplaces and stock transfer reconciliation issues across multiple GSTINs provisions created for interest Customer is making provisions for both GST interest and MSME interest payments, indicating ongoing financial stress PEP (politically exposed person) flagged on the borrower Penal charges flagged as a concern in the case	₹1.5–2 cr	13–16.5%	12–18 mo
Working Capital Demand Loan▾▴ Turnaround ~191d Rejects Negative sectors Oil and GasGems and JewelleryInfrastructureAgriculture and Allied IndustriesSteelServices for Mining IndustryEngineeringProcurementand Construction (EPC) Wins Director overdue: 0.001 INR Cr States: pan-India Company types: Private Limited, Public, Sole proprietorship, Limited Liability Partner Director CIBIL: 650 18 more ▾ ▴ Min EBITDA (₹cr): 2 Min revenue (₹cr): 50 Debt / EBITDA: 4 Debt Service Coverage Ratio: 1 Debt / Net worth: 4 Offered terms (past deals): rate 14–14.2–14.5% ₹5–5–5 Cr 12–12–12 mo Turnaround: ≈191 days (share→disburse) Asks for Other (×10) — e.g. Consent form required to be completed for the loan deal Asks for GST / integration (×3) — e.g. Requires GST certificate Asks for MIS (×3) — e.g. MIS required to review EBITDA/burn trend Asks for Audited financials (×2) — e.g. Requires audited financial statements FY22-24 with audit reports and ITR documen Asks for Bank statements (×2) — e.g. Requires bank statements from 5 bank accounts (Axis, IDFC, CitiBank, HDFC, ICICI Asks for Receivable/inventory ageing (×2) — e.g. Requires debtors aging analysis as of March 31, and current date Asks for Term sheet (×2) — e.g. Requires KYC documents for three named individuals Asks for Cap table / equity (×1) — e.g. Requires company and promoter profiles and shareholding pattern Asks for Legal / KYC (×1) — e.g. Requires KYC for major shareholder Behaviour & gates Min tenure (mo): 12 Months Min ticket (₹cr): 1 Max tenure (mo): 12 Months Min rate (%): 12 Politically Exposed Person: No Max ticket (₹cr): 100 31 more ▾ ▴ Security required: ['Personal Guarantee of Promoters / Directors / Property Owner', 'Fixed Deposit 10 - 15%'], ['Charge On Current Assets - Pari Passu First Charge', 'Personal Guarantee of Promoters / Directors / Property Owner', 'Fixed Deposit 10 - 15%'], ['Charge On Current Assets - Second Charge', 'Charge On Movable Fixed Assets/Plant & Machinery - Second Charge', 'Personal Guarantee of Promoters / Directors / Property Owner', 'Fixed Deposit 15 - 20%'], ['Bank Guarantee'] Max rate (%): 16 rate — stated 12–16%, actually offered 14–14.5% → within stated band Amount — stated 1–100 Cr, actually offered 5–5 Cr → within stated band Tenure — stated 12–12 mo, actually offered 12–12 mo → within stated band Company not okay with Capsave WCDL. (×1 latest ) Not okay with FD as security. (×1 latest ) Dropped due to trader profile with only 2 years of vintage and very negligible profitability (×1 latest ) Rejected: client in agro-commodity sector with declining revenue and profit margins over the past two years, not a viable case (×1 latest ) Rejected due to negative Adjusted Tangible Net Worth (adjusted tangible net worth), irregular statutory payments, and poor financial hygiene evidenced by a Rs 4 crore debtor write-off (×1 latest ) Rejected due to adverse findings on promoter Mr. Shivnarayan Vijaykumar Bansal's family history of defaults in Bansal Infracon Pvt Ltd (Kotak, SBI, -19, dissolved via IBC) and Bansal International Pvt Ltd (SBI, -19) (×1 latest ) Recommends avoiding the deal due to multiple red flags: compliance issues, open NCLT/IBC cases, common directorship across entities, and company strike-offs (×1 latest ) Withdrawing from the loan deal due to concerns about the company's profile and its location presenting risk factors (×1 latest ) Rejected loan due to municipal waste collection business model with chronically delayed payments and high overdue debtors (×1 latest ) Cannot proceed as the entity is very small (Rs. 27 cr) and burning around Rs. 8 cr as of March'25 (×1 latest ) No hard security available for the proposed debt, so passing on the current opportunity (×1 latest ) Passed on the deal since there is no security to offer currently (×1 latest ) Rejected because customer's complete business is in Textile manufacturing (×1 latest )	₹5 cr	14–14.5%	12 mo

Also offered, with no terms observed yet: Domestic Factoring, Loan Against Property, Operating Lease, Overdraft / Cash Credit, Sales Invoice Discounting.

— Typical term sheet

What a sanction from Capsave Finance actually looks like

Reconstructed from real sanction letters. Small samples, so read them as observed rather than as a rule.

Specimen sanction

Representative of the median file. Your actual terms will move with rating, security cover and relationship.

Indicative

How often each clause appears

Share of the 7 sanction letters carrying the clause.

Other standing covenants71%

— Security & covenants

What they will ask you to pledge

Counted across the sanction letters read. A combination is normal, and most files carry more than one.

Fixed Deposit3 letters
Cash collateral / Security Deposit2 letters
auto-debit mandate / Undated Cheques2 letters
Movable fixed assets & current assets (hypothecation)1 letters
Repayment instrument (auto-debit mandate/UDC)1 letters
Movable fixed assets and current assets (hypothecation)1 letters

Fixed Deposit ×3, Cash collateral / Security Deposit ×2, auto-debit mandate / Undated Cheques ×2, Movable fixed assets & current assets (hypothecation) ×1, Repayment instrument (auto-debit mandate/UDC) ×1, Movable fixed assets and current assets (hypothecation) ×1

— Common questions

What borrowers ask about Capsave Finance

What does Capsave Finance lend?: Capsave Finance writes domestic factoring, dropline overdraft, loan against property, operating lease, overdraft / cash credit, purchase invoice discounting and 3 further products. Across those, observed facilities run ₹1 cr to ₹5 cr.
What ticket size does Capsave Finance offer?: Facilities observed on live transactions run from ₹1 cr to ₹5 cr. The band differs by product, so the figure that applies to you depends on which facility you are asking for.
What rate does Capsave Finance charge?: Rates observed on live transactions fall between 13% and 16.5% a year. Tenures run 12 to 18 months. These are observed figures, not a quote, and the rate you are offered depends on your file.
How long does Capsave Finance take to disburse?: About 58 days from application to disbursal at the median, where the file is complete. Missing financials, unresolved security or a pending no-objection from an existing lender are what usually stretch it.
What are Capsave Finance's eligibility criteria?: The first screen is the bureau: a borrower CIBIL of at least 650. Revenue, leverage and debt-service thresholds apply on top and vary by product. The full credit box for each product is set out on this page.

Next steps after Capsave Finance

Check your match

Answer a short set of questions and see which lenders on the panel your file clears, on each one's own recorded criteria.

Browse every lender

Search the panel by name, product or ticket size, and compare credit boxes side by side.

Look up a company

Registry identity, GST status, charges and ratings for any Indian company, including your own.

AICA

The underwriting platform these credit boxes come from. Built for lenders and credit teams.

Bharat Ke SuperFounders

Founder stories from the companies building in India, from the team behind Recur Club.

See whether Capsave Finance is the right lender for you

A few questions. Recur Market scores you against Capsave Finance and the rest of the panel, on each lender's own recorded criteria.

Check my match

Last updated 29 September 2026

Lender intelligence dossier - screening gates, per-product terms and sanction observations, derived from lender policy documents and observed transactions. Figures are observed from a sample and are not an offer, a commitment, or a statement of Capsave Finance's current policy. Terms are set by the lender at the time of sanction.