Will the conditions of my loan contract be changed?

The conditions of loan contracts will remain unchanged, but General Terms and Conditions governing your loan contract will be amended as of 1st December 2022 (including, but not limited to, the documents “General Lending Conditions”, “Business Regulations”, “General Terms and Conditions of Guarantees”, “List of Conditions”), and some of technical provisions of loan contracts may be altered—originating from differences in operation—following the portfolio transfer. A detailed letter explaining those changes have been sent to you by the bank. 

The General Terms and Conditions effective as of 1st December 2022 and the documents summarising the changes are accessible at the links below:

• General Lending Conditions – consolidated amendment of Commerzbank Zrt.’s General Lending Conditions governed by Act V of 2013 and Act IV of 1959. (The amendment becomes effective on 1st December 2022).
• Major Amendments to General Lending Conditions
• General Terms and Conditions of Guarantees - consolidated amendment of Commerzbank Zrt.’s General Terms and Conditions of Guarantees. (The amendment becomes effective on 1st December 2022)
• Major Amendments to General Terms and Conditions
• Business Regulations - consolidated amendment of Commerzbank Zrt.’s Business Regulations governed by Act V of 2013 and Act IV of 1959. (The amendment becomes effective on 1st December 2022)
• Major Amendments to Business Regulations
• List of Conditions – consolidated amendment of List of Conditions in consideration of the portfolio transfer containing the service provision general agreement on deposit and payments services between Commerzbank Zrt. (Transferor Credit Institution) and ERSTE Bank Hungary Zrt. (Transferee Credit Institution) on the basis of Section 17, Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises (The amendment becomes effective on 1st December 2022)
• Amendments to Some Technical Provisions of Lending Contracts

Do I have to do anything regarding loan contracts?

Save a few exceptions, there is no need for amending loan contracts in the context of the portfolio transfer. Exceptions may occur in cases where the services described in your contract cannot be provided by Erste Bank Hungary Zrt. with the exact same conditions as Commerzbank Zrt., due to differences in operation. If you have such a contract, you have been contacted by our colleagues regarding potential contract amendment. 

Is there a charge for amending my loan contract?

You will incur no costs if a contract amendment is necessary for your loan contract.

Do I have to do anything with regard to collateral contracts?

With the transfer of loan and guarantee transactions, the collateral acting as security to said transactions are also transferred to Erste Bank Hungary Zrt. Therefore, you have nothing to do in this regard. However, automatic transfer of Letters of Authorisation issued with Commerzbank Zrt. being the beneficiary, guarantees issued under laws other than Hungarian law as well as Letters of Comfort is not possible by law. Therefore, new Letters of Authorisation, guarantees (if issued abroad), and Letters of Comfort are necessary to be provided for you if such securities were provided for Commerzbank Zrt. as beneficiary in relation to such loan contracts the first place. 

Who can I contact if I have questions regarding the loan contracts?

If you have questions or comments regarding loan contracts, do not hesitate to reach out to your contact person or us at EBHKKV@erstebank.hu 

Question related to financing

Declaration (Multipurpose, MCY)

• Are declarations sent by email accepted by Erste Bank?
  Declarations with certified electronic signature are accepted by email. Of course, paper-based declarations affixed with authorised signature are also accepted.
• Are bank signatures or authorised signatures required for the declarations?
  Authorised signatures are required.
• How many days are required for the process?
  Performance deadlines for the various declarations are contained in the relevant loan contracts and the amended General Terms and Conditions. Declarations related to the allocation of mcy/multiborrower current account overdrafts (made on the basis of general allocation declaration) are processed within 2 working days.
• How often can I use this option?
  Allocation of mcy/multiborrower current account overdraft is only possible once a week for reach account, while typically there are no limitation for other declarations.

When will Erste Bank be conducting the first review of loans?

By taking your particulars and the specifics of your transactions into consideration, they will be defined and recorded individually. Further information may be provided by your Erste Bank contact person.

Will Erste Bank retain the current financing volume?

In every case, the existing loan portfolio and credit line are migrated on the day of the portfolio transfer.

Will the scope of monitoring data provision remain the same?

Yes, conditions contained in the loan contracts are applicable to data provision.

Will quarterly monitoring be retained?

Requirements defined in the loan contract will remain applicable with regard to contractual data provision.

Will guarantee provided by the parent company have to be renewed?

Yes, if a guarantee statement was issued by the parent company (no need to recontract bilateral surety contracts), because this type of security will not be transferred to Erste Bank.

Will Erste Bank accept existing Patronatserklärungs?

Since Patronatserklärungs will not be transferred to Erste Bank, such declarations (Patronatserklärung or Letter of Comfort) are required to be reissued with Erste Bank named as beneficiary.

Will interest and fee conditions agreed upon with Commerzbank remain unchanged?

The original contract provisions are applicable to interest and fee conditions, therefore they remain unchanged with the exception of individual cases.

You are kindly requested to peruse the contractual documents thoroughly.

If you consent to their contents, all documents in the envelope with

1. authorised signatures affixed at the designated places
2. initials affixed on each page, and
3. name of the signatory in the signature panels entered in block capital letters in legible form

shall be returned to us in all copies sent to you to the address below:

Commerzbank Zrt.
Corporate Banking
1054 Budapest
Széchenyi rkp. 8.