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MORATORIUM

HBOR MORATORIUM

Direct loans / issued guarantees

After initially approved moratorium on obligations maturing until 30 June 2020, HBOR made it possible for its clients to whom a direct loan has been granted or a guarantee issued to use an additional or a new moratorium on obligations maturing from 1 July  2020 until no than:

a) 30 September 2020 - for all clients of HBOR,

b) 31 December 2020 - for all clients of HBOR who have a positive COVID score (with negative information included) according to FINA (Financial Agency)*,

c) 30 June 2021 - for all clients of HBOR active in the tourism industry**.

MORATORIUM TERMS AND CONDITIONS:

  • final loan repayment deadline is extended depending on the duration of moratorium period and the agreed dynamics of loan repayment. If the first loan repayment instalment matures after the expiry of the planned moratorium period, the principal repayment maturity and the final loan repayment deadline remain as agreed,
  • in the moratorium period, no loan principal is repaid,
  • in the moratorium period, regular interest and fees are charged but not collected,
  • interest and fees charged during the moratorium period are collected in 12 equal monthly instalments (or depending on the duration of the moratorium period, if the moratorium period lasts longer than 12 months), of which the first one matures one month after the expiry of the moratorium period, on which no regular interest is charged,
  • these terms and conditions apply also on loans, i.e. obligations, covered by moratorium, for which borrowers have accepted moratorium on loan obligations maturing from 1st March 2020 until 30th June 2020 where the borrowers accept also moratorium in accordance with these terms and conditions,
  • no fee on the change of terms and conditions of placements is charged on moratorium approval.

APPROVAL OF MORATORIUM

Each beneficiary of direct loan / issued guarantee of HBOR will be delivered the Notification of Terms and Conditions of Moratorium and the Consent form. For a moratorium to be approved, it is necessary to submit to HBOR, by the deadline stated in the Notification, the Consent form in which the borrower has selected moratorium category and, depending on the moratorium category, also additional documentation: - for moratorium on obligations maturing by 31st December 2020:
    •  COVID score of the Financial Agency for borrowers with included negative information, where all values, except for "negative" value, are acceptable for HBOR to approve a moratorium, or
    • If COVID score of the Financial Agency for a borrower cannot be obtained due to technical reasons, Statement on the Impact of Coronavirus on Business given under material and criminal responsibility together with evidence of the decline in income/revenues of the borrower compared with the same period previous year (excerpt from business records).
- for moratorium on obligations maturing by 30 June 2021 (if business entity is active in the tourism industry and if business entity has not been classified to NKD category considered to be a tourism category in the Notification on the Classification of Business Entity According to the NKD):
    • Statement given under material and criminal responsibility on having generated at least 30% of annual income/revenues in 2019 and/or 2020 from tourism activities.
If the Consent cannot be submitted by the deadline stated in the Notification or should any additional questions arise, the person stated in the received Notification can be contacted or an e-mail can be sent to the address: kreditiranje@hbor.hr in order to agree on further proceedings.

Loans under HBOR loan programmes approved through or in cooperation with commercial banks or leasing companies

The clients that have been approved an HBOR loan through a commercial bank/leasing company should submit a request for moratorium to the commercial bank or the leasing company with which they have executed the loan contract. HBOR is willing to support any moratorium application submitted by clients to whom an HBOR loan has been granted through a commercial bank/leasing company or through the risk-sharing model.

*If COVID score cannot be obtained due to technical reasons, clients can submit a Statement on the Impact of Coronavirus on Business together with evidence of the decline in income/revenues. ** Activities in the tourism industry:

-  a business entity whom the Croatian Bureau of Statistics has, in the Notification on the Classification of Business Entity According to the NKD (National Classification of Business Activities), classified into one of the following NKD categories: 50.10 Sea and coastal passenger water transport, 55.10 Hotels and similar accommodation, 55.20 Holiday and other short-stay accommodation, 55.30 Camping grounds, recreational vehicle parks and trailer parks, 55.90 Other accommodation, 56.10 Restaurants and other food preparing and serving providers, 56.21 Catering activities, 56.29 Other activities of food preparing and serving providers, 79.11 Travel agency activities, 79.12 Tour operator activities, 77.34 Renting and leasing of water transport equipment, 93.21 Activities of amusement parks and theme parks, 93.29 Other amusement and recreation activities, or

- a business entity who can prove that more than 30% of income/revenues is generated through above listed activities.

_______________________________________________________________________________________________ Press Release 24. 3. 2020

Direct loans / issued guarantees

As the first measure, HBOR approved to its clients who have been granted a direct loan or to whom a guarantee has been issued, a moratorium in the period from 1 April 2020 to 30 June  2020 on unpaid obligations maturing from 1 March 2020 to 30 June 2020.

MORATORIUM TERMS AND CONDITIONS:
  • moratorium in the period from 1 April 2020 to 30 June 2020,
  • in the moratorium period, no loan principal is repaid,
  • in the moratorium period, regular interest and fees are charged but not collected,
  • upon expiry of the moratorium period, the principle amount due, accrued interest and fees are collected in 12 equal monthly instalments, the first of which falls due one month after the expiry of the moratorium period,
  • no regular interest will accrue on the obligations of directly granted loans covered by the moratorium,
  • no fee will be charged for the moratorium implementation.
Should the adverse impacts of the COVID-19 pandemic on the economy last for a longer period of time, HBOR will consider the possibility of extension of the moratorium period.

APPROVAL OF MORATORIUM: Each beneficiary of direct loan / issued guarantee of HBOR will be delivered the Notification of the terms and conditions of moratorium. The beneficiaries should provide feedback to HBOR on the use of moratorium no later than 25 April 2020 by regular mail (address: Zelinska 3, 10000 Zagreb) or by electronic mail to the address received in the Notification of the terms and conditions of moratorium.

If the feedback cannot be provided until the requested deadline or should any additional questions arise, the person stated in the received Notification can be contacted or an e-mail sent to: kreditiranje@hbor.hr in order to agree on further proceedings. If HBOR does not receive feedback information by 25 April 2020 or if the payment of due obligations is not settled in any other way, they will be considered due in accordance with the regular repayment schedule.

LOANS UNDER HBOR’S PROGRAMMES APPROVED THROUGH COMMERCIAL BANKS

The clients, to whom loans under HBOR’s loan programmes have been granted through commercial banks, have to submit their moratorium applications to the commercial banks with which they have executed loan contracts. HBOR is willing to support any moratorium application submitted by clients to whom loans under HBOR’s loan programmes have been approved through commercial banks or under risk-sharing models.