Itemised pledge Sample Clauses

Itemised pledge. If a change increasing the debtor’s liability is included in the terms and conditions of the principal debt, the bank must request the pledgor who has lodged a third-party pledge to give his/her written consent in order for such a change to bind on the pledgor. Without the consent of the third-party pledgor, it is, however, possible to agree on an extension of the payment term or other changes in the terms and conditions of the principal debt which have a minor effect on the pledgor’s liability and whose grounds are detailed in the agreement concerning the principal debt. Minor changes to which the pledgor’s consent is not required include deferring repayment instalments on the principal debt in such a way that the repayment holiday during the loan term totals a maximum of two (2) years, and/or changing the repayment period of the principal debt in such a way that the loan term is extended by a maximum of two (2) years if the principal debt’s original loan term is ten (10) years or more. If the original loan term of the principal debt is less than ten (10) years, the repayment holiday may total a maximum of one (1) year and/or the extension of the loan term a maximum of one (1) year without the pledgor’s permission. Changing the reference rate applicable to the principal debt is also regarded as a minor change in case the rate is changed to OP Prime or a Euribor rate.