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Circular 01/2003/tt-Nhnn: About The Guide Made The Adjustment Term Of Repayment Of Overdue Debt, Transferring For Financial Leasing Activities

Original Language Title: Thông tư 01/2003/TT-NHNN: Về việc hướng dẫn thực hiện việc điều chỉnh kỳ hạn trả nợ, chuyển nợ quá hạn đối với hoạt động cho thuê tài chính

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Pursuant to article 42 of Decree 21/2001/ND-CP dated 2/5/2001 of the Government on the organisation and operation of financial leasing company, characteristics of leasing activity is operating medium and long term credit; The State Bank of Vietnam to lead leasing company made the adjustment term of repayment, the repayment extension, transfer of debt overdue for leasing activities as follows: 1. financial leasing companies consider the decision adjusting the term of repayment, the repayment extension overdue debt transfer, financial rent for the lease finance lease agreement has to repay the money and finance lease interest in the same term (included the original money and interest) as follows: a. financial lease debt was not paid the correct financial term of rent agreed in the contract of financial leasing and contains suggested text adjusted States repay, the leasing company considers the decision to adjust the term of repayment of finance lease. No rental-party case suggested text to adjust repayment term or not leasing companies approved to adjust repayment term financial lease, the leasing company to transfer all of the projected actual financial lease liabilities rest of the leasing contract to delinquent debt.

b. financial rental-party does not pay the debt out of money within leasing of leasing contracts and has proposed text extended repayment, then the financial leasing company considers the decision to extend the financial lease debt. The time limit for the extension of the maximum debt by 1/2 lease agreement in the financial leasing contract. No rental-party case suggested text to extend repayment or leasing companies approved to extend the financial rent debt, financial leasing company, then transfer the entire balance of the money to hire the rest of actual financial leasing contract it to the right.

2. financial leasing companies consider the decision adjusting the term of repayment, the repayment extension, transfer of debt overdue financial rent for leasing contracts have agreed to repay the money side of financial lease include the original money, money interest rates with repayment term varies as follows a. financial rental-party does not pay debt interest debt or financial lease right term agreed in the contract of financial leasing and contains suggested text adjust the repayment term of principal or interest on debt, the leasing company considers the decision to adjust the term of repayment of principal or interest on debt. The event lessees have no text to suggest adjustments to the original repayment term, interest rate debt or financial leasing companies approved adjustments to the original repayment term, interest rate debt finance lease, the leasing company to transfer the entire original balance remaining actual financial lease contracts financial lease it to the right.

b. financial rental-party does not pay off the original debt or debt finance lease interest in the term of the leasing contract and have the text suggested the extension of the original debt or debt interest, the leasing company considers the decision to extend the original debt or debt interest. The deadline to renew the original debt or debt interest rate applied by the deadline to renew the financial rent repayment specified in point 1b of this circular. No rental-party case suggested text to extend the original debt, debt interest or leasing company approves the extension of the original debt, debt interest on financial lease, the leasing company to transfer the entire balance remaining of the actual original contract of financial leasing to the overdue debt.

3. To facilitate the implementation of the above provisions, leasing companies and finance party may agree in the contract of financial leasing is for a period in excess of the maximum repayment term is 10 working days, that party does not pay off the debt the financial lease of that term and no text suggested a term adjustments pay debt or debt extension, the leasing company balance transfer fees remaining financial debt of lease finance to owe overdue.

4. financial leasing companies make the classification and establishment of contingency risks to past due balances incurred under the provisions of the State Bank of Vietnam.

5. Implementation: a. This circular effect from on 15/3/2003.

b. for leasing contracts concluded before the date of this circular effect enforcement, financial leasing company deals with financial lease to supplement the provisions on the term of repayment, the repayment extension, transfer of debt overdue in accordance with the provisions of the circular; the case does not deal with the lease, the leasing company is considered overdue transfer decisions with respect to the financial lease does not pay the debt to the sort of debt and the redundant set excerpt handling risk, but do not change the content in the leasing contract agreed before then.

c. the head of the unit in the State Bank; Director of the State Bank branch, central cities; The Board, the Director-General (Executive Director) financial leasing companies are responsible for the implementation of this circular.