A stay of payment (repayment moratorium) came into force based on Government Decree 47/2020. (III. 18.). This means that all debtors are given a respite on fulfilling the principal, interest and fee payment obligation under their loan, credit and leasing agreements. This regulation has been supplemented by the Government Decree 62/2020. (III. 24.).
In this respect, we inform you of the following details:
- All credit, loan and lease agreements are subject to the repayment moratorium. The moratorium does not apply to other, for example, account management contracts.
- The repayment moratorium is in effect from 19 March 2020 to 31 December 2020. The time span of the repayment moratorium can be extended with a Government Decree
- The repayment moratorium is applicable to loans disbursed under the above contracts in effect at 24:00 on 18 March 2020.
- The repayment moratorium does not apply to amounts disbursed on or after 19 March 2020, nor to agreements that terminated (expired or were terminated by a party) prior to this date, such agreements must be performed contractually, unless agreed otherwise by the parties.
- The repayment moratorium has come into force automatically by operation of law, therefore, it need not be applied for.
- The debt service you will have to pay after the end of the moratorium will not increase due to recourse to the moratorium, which is ensured by extending the repayment term for a longer period than the length of the moratorium.
- If the account(s) of Your company was/were debited through our automated processes on 19 March 2020 due to your payment obligation covered by the moratorium, the debited amount will be credited with a retroactive value date.
- Your company has no principal, interest and fee payment obligation – with respect to the agreements covered by the moratorium – during the repayment moratorium. We would like to draw your attention to the fact that costs shifted by Commerzbank Zrt. on Your company are not covered by the moratorium. Principal, interest and fee payments not paid during the moratorium shall be paid during an extended term after the moratorium.
- Agreements expiring during the repayment moratorium are extended until the end of the moratorium. Principal, interest and fee payments not paid during the moratorium shall be paid during an extended term after the moratorium in this case, as well.
- Despite the repayment moratorium, Your company has the right to continue effecting its payment obligations under the original terms for all contracts concluded between Your company and Commerzbank Zrt. or for those contracts that were previously specified by Your company. If Your company does not want to participate in the moratorium, please indicate this separately to your personal relationship manager via phone or E-mail, in order that we can provide you subsequently information about the possible form of an official declaration.
- If Your company has previously stated that it intends to comply with the original terms of the contract, i.e. does not wish to use the moratorium, but wishes to participate in the repayment moratorium later during its term, it shall have the right to do so at any time during the period of the moratorium, that right shall not be subject to any further act and the exercise of that right shall not give rise to the consequences of delayed payment. Nevertheless, we ask you to indicate if you wish to use the payment moratorium later via your personal relationship manager 5 working days before the due date of your next payment obligation.
- You can receive information on the exact amount of the debt service charged to Your company from the credit or loan agreement or via telephone or e-mail to Your company’s personal relationship manager.
- The moratorium also modifies the term of the collateral agreements granted to the bank accordingly.
- The term of the collateral (bank guarantee) provided by Commerzbank Zrt. to secure payment obligations subject to the moratorium period is also extended.
- Please note that all other obligations (e.g. data supply, provisions of supplementary collateral) continue to apply and must be fulfilled contractually during the moratorium. We request your cooperation in the above!
As we have done until now, we continue to offer custom solutions to Your company to assist you in your daily finances. Unfortunately, we have to do without meeting you personally in the current situation. However, we wish to assure you that continuous communication and consultation with you has become an even higher priority in the present situation.
For this reason, our colleagues will consult you on an ongoing basis about the latest news and financial situation relevant to Your company, the wide range of financial solutions our bank has to offer and the detailed schedule of your payment obligations going forward. Please contact your relationship manager by phone or email with any questions or requests.