An interbank agreement generally provides for mutual subordination of security interests and the distribution of payments among secured creditors. It can also address issues that are not closely related to priority, such as the application of rights and remedies and access to safeguards. Considering that emergency certificates can only be issued during the state of emergency and that the development of GEO 37/2020 application standards can take up to 15 days, in order to ensure the practical applicability of these benefits to debtors who are legal entities (as well as to other categories of debtors, with the exception of individuals), it may be necessary to extend the duration of the state of emergency or the length of time during which emergency certificates may be issued; From the point of view of creditors who are subject to the provisions of GEO 37/2020, these are credit institutions and non-banks, as well as subsidiaries of these two categories of regulated companies. The procedure by which debtors can benefit from these facilities In order to benefit from the deferral of payment, debtors who meet the above conditions must apply to the creditor for this facility within 45 days of GEO 37/2020 coming into force (or until 14 May 2020). The request for deferral of payment can be made (i) by letter – by mail, (ii) by mail or (iii) by telephone, using a special number to be assigned by creditors to this situation. The creditor has the right to analyze the situation before approving the terms of the deferral of payments. While it is not clear to what extent the creditor has the right to analyze or refuse, we understand that any creditor has the right to verify that the debtor meets the conditions required by geo 37/2020, or he may refuse to give his consent to the deferral. From the point of view of the documentation of the contract, it is not necessary to enter into an endorsement to the credit contract, the changes to the credit contract, which end in law. However, the creditor notifies the debtor, within 30 days, of the contractual clauses that have been amended to implement the provisions of GEO 37/2020. Therefore, the contractual clauses that can be amended must be related to the implementation of the benefits of GEO 37/2020 and must cover aspects such as the duration of the credit contract, the repayment plan. Further information on the application and approval procedure for deferral of payment must be regulated by the application standards of the Ministry of Public Finance.
Are the interests activated or not? The rates for which the deferral of payment can be requested have three important elements: principal, interest and commissions.