Terms and Procedure for Debt Settlement and Measures Applied to an Insolvent Borrower

Terms and Procedure for Debt Settlement

In the event of overdue debt under obligations, the borrower has the right to visit the Company and/or submit in writing or by a method provided for in the contract, an application containing information on the reasons for the delay in fulfilling obligations under the contract, income, and other verified circumstances (facts) that justify their request to amend the terms of the contract, including related to:

• deferment of payment on the principal debt and/or remuneration;
• amendment of the repayment schedule (extension);
• waiver of penalties (fines, interest), commissions, and other payments;
• other methods not contradicting the legislative acts of the Republic of Kazakhstan and the terms of the contract.

Consideration of Amendments to Contract Terms by the Company

The Company, in accordance with the procedures and deadlines provided by internal regulatory documents and applicable legislation, considers the proposed amendments to the contract terms and, in writing or by a method provided in the contract, informs the borrower about:

• consent to the proposed amendments to the contract terms;
• its proposals to change the contract terms (if necessary, the Company may request a relevant list of documents to decide on providing restructuring);
• refusal to amend the contract terms with a motivated explanation of the reasons for such refusal.

Measures Taken by the Creditor in Case of Non-Compliance by the Borrower

In accordance with the norms of the current legislation of the Republic of Kazakhstan and the contract terms, in case of non-fulfillment and/or improper fulfillment of the borrower’s obligations, the Company has the right to:

• make unilateral and uncontested withdrawal of funds from any of the Borrower’s bank accounts to repay the debt;
• enforce claims against provided collateral;
• declare unilateral refusal to execute the Contract with a demand to return the Loan Amount, remuneration, penalties (fines), and costs;
• reclaim the Leased Item;
• take restrictive measures – seal the Leased Item and/or temporarily seize the Leased Item or otherwise limit its actual use;
• apply any measures provided by the legislation of the Republic of Kazakhstan and/or contract terms, including changing the contract execution conditions, filing a claim in court to recover the debt under the contract, as well as enforcing claims on pledged property extrajudicially (except in cases provided by the legislative act of the Republic of Kazakhstan on mortgage of real estate) or judicially.