Recourse (Rückgriff)

Classification of instruments based on the creditor’s rights to seize assets other than any protection pledged to secure the instrument. No recourse For a non-recourse instrument, the value “no recourse” is reported. Example 8: Legal final maturity date in the case of late payments Observed agent OA#1 has a loan (Loan#D) which was granted to debtor DBTR#4 on the basis of a contract (CNTRC#4) issued on 4 March 2017. The contractually agreed legal final maturity date for Loan#D is 20 September 2018. In the course of 2018, the debtor does not make all the payments it is contractually obliged to make, and by the maturity date the instrument is past due. Loan#D has been subject to AnaCredit reporting since September 2018. Despite the fact that the legal final maturity date has passed and the instrument has not been repaid yet, the legal final maturity date is not changed, and OA#1submits the following information in the instrument dataset (Table 22). Table 22 Legal final maturity date as initially reported Reporting reference date Contract identifier Instrument identifier Inception date Legal final maturity date 30/09/2018 CNTRC#4 LOAN#D 04/03/2017 20/09/2018 The legal final maturity date still remains unchanged at the reporting reference date, even though on 25 July OA#1 considers the instrument in default, which is reported in the financial dataset (not shown here). On 5 October 2018, OA#1 and DBTR#4 agree to modify the distressed loan, and the following forbearance measure is applied: the original tenor of the loan is extended until 20 March 2019. Subsequently, Table 23 illustrates the instrument data that are submitted to AnaCredit as at 31 October 2018: Table 23 Legal final maturity date as contractually amended Reporting reference date Contract identifier Instrument identifier Inception date Legal final maturity date 31/10/2018 CNTRC#4 LOAN#D 04/03/2017 20/03/2019 As the instrument is forborne as of October, OA#1 reports the following information in the financial dataset, where the date of the contractual changes is provided. Table 24 Forbearance and renegotiation status Reporting reference date Contract identifier Instrument identifier Status of forbearance and renegotiation Date of the forbearance and renegotiation status 31/10/2018 CNTRC#4 LOAN#D Forborne: instruments with other modified terms and conditions 05/10/2018 Please note that a changed legal final maturity date is reported as of August as a result of the contractual change of this specific condition of the instrument. 28 February 2017 AnaCredit Reporting Manual – Part II – Datasets and data attributes An instrument other than trade receivables is non-recourse instrument if its recovery is limited only to the value of the protection pledged to secure the instrument. In particular, if the debtor defaults, the creditor can seize and sell the collateral which is pledged to secure the loan, but if the collateral sells for less than the debt, the creditor cannot seek that deficiency balance from the debtor. For instruments which are trade receivables, please refer to Part III of the Manual which deals specifically with factoring and other trade receivables. Non-recourse debt is typically used to finance commercial real estate, shipping, or other projects with high capital expenditures, long loan periods. The loans used in project finance are in principle non-recourse loans. In the event that the project defaults, the creditors can use the proceedings out of the received protection for compensation, but have no right to seek compensation beyond the protection received. Recourse “Recourse” is reported for recourse instruments. An instrument other than trade receivables is a recourse instrument if it is not a non- recourse instrument. For trade receivables please refer to Part III of the Manual which deals specifically with factoring and other trade receivables. Recourse instruments are those where the creditor has the right to seize the debtor’s assets other than any protection pledged to secure the instrument. With a recourse loan (or recourse debt), the debtor is liable for any unpaid debt, and if the debtor defaults the creditor can take action to collect – even after seizing collateral.

Classification of instruments based on the creditor’s rights to seize assets other than any protection pledged to secure the instrument. No recourse For a non-recourse instrument, the value “no recourse” is reported. Example 8: Legal final maturity date in the case of late payments Observed agent OA#1 has a loan (Loan#D) which was granted to debtor DBTR#4 on the basis of a contract (CNTRC#4) issued on 4 March 2017. The contractually agreed legal final maturity date for Loan#D is 20 September 2018. In the course of 2018, the debtor does not make all the payments it is contractually obliged to make, and by the maturity date the instrument is past due. Loan#D has been subject to AnaCredit reporting since September 2018. Despite the fact that the legal final maturity date has passed and the instrument has not been repaid yet, the legal final maturity date is not changed, and OA#1submits the following information in the instrument dataset (Table 22). Table 22 Legal final maturity date as initially reported Reporting reference date Contract identifier Instrument identifier Inception date Legal final maturity date 30/09/2018 CNTRC#4 LOAN#D 04/03/2017 20/09/2018 The legal final maturity date still remains unchanged at the reporting reference date, even though on 25 July OA#1 considers the instrument in default, which is reported in the financial dataset (not shown here). On 5 October 2018, OA#1 and DBTR#4 agree to modify the distressed loan, and the following forbearance measure is applied: the original tenor of the loan is extended until 20 March 2019. Subsequently, Table 23 illustrates the instrument data that are submitted to AnaCredit as at 31 October 2018: Table 23 Legal final maturity date as contractually amended Reporting reference date Contract identifier Instrument identifier Inception date Legal final maturity date 31/10/2018 CNTRC#4 LOAN#D 04/03/2017 20/03/2019 As the instrument is forborne as of October, OA#1 reports the following information in the financial dataset, where the date of the contractual changes is provided. Table 24 Forbearance and renegotiation status Reporting reference date Contract identifier Instrument identifier Status of forbearance and renegotiation Date of the forbearance and renegotiation status 31/10/2018 CNTRC#4 LOAN#D Forborne: instruments with other modified terms and conditions 05/10/2018 Please note that a changed legal final maturity date is reported as of August as a result of the contractual change of this specific condition of the instrument. 28 February 2017 AnaCredit Reporting Manual – Part II – Datasets and data attributes An instrument other than trade receivables is non-recourse instrument if its recovery is limited only to the value of the protection pledged to secure the instrument. In particular, if the debtor defaults, the creditor can seize and sell the collateral which is pledged to secure the loan, but if the collateral sells for less than the debt, the creditor cannot seek that deficiency balance from the debtor. For instruments which are trade receivables, please refer to Part III of the Manual which deals specifically with factoring and other trade receivables. Non-recourse debt is typically used to finance commercial real estate, shipping, or other projects with high capital expenditures, long loan periods. The loans used in project finance are in principle non-recourse loans. In the event that the project defaults, the creditors can use the proceedings out of the received protection for compensation, but have no right to seek compensation beyond the protection received. Recourse “Recourse” is reported for recourse instruments. An instrument other than trade receivables is a recourse instrument if it is not a non- recourse instrument. For trade receivables please refer to Part III of the Manual which deals specifically with factoring and other trade receivables. Recourse instruments are those where the creditor has the right to seize the debtor’s assets other than any protection pledged to secure the instrument. With a recourse loan (or recourse debt), the debtor is liable for any unpaid debt, and if the debtor defaults the creditor can take action to collect – even after seizing collateral.

Dieses Datenfeld dient der Klassifikation von Instrumenten auf der Grundlage der Rechte des Gläubigers, andere als der Besicherung des Instruments dienende Aktiva des Schuldners zu pfänden. Es wird unterschieden: Rückgriff Für Instrumente mit Rückgriff ist „Rückgriff“ zu melden. Im Fall von „Forderungen aus Warenlieferungen und Dienstleistungen“ sind Instrumente mit Rückgriff solche, bei denen der Gläubiger das Recht hat, die Schulden von dem Unternehmen einzuziehen, das die Forderungen aus Lieferungen und Leistungen an den Gläubiger verkauft hat. Siehe „Factoring“ in den „Allgemeinen Richtlinien“, „III. Allgemeine Ausweisregelungen und sonstige Erläuterungen“ Darüber hinaus sind Instrumente mit Rückgriff solche, bei denen der Gläubiger das Recht hat, andere als der Besicherung des Instruments dienende Aktiva des Schuldners zu pfänden. Diese Rechte können u. a. durch weite Sicherungszweckerklärungen oder Haftungspflichten aufgrund von AGBs begründet werden. Bei einem Instrument mit Rückgriff ist der Schuldner haftbar für alle unbezahlten Schulden. Sind alle Sicherheiten verwertet und es verbleibt eine Restschuld, kann der Gläubiger auf andere Vermögenswerte des Schuldners zurückgreifen, um diese z. B. zu pfänden und zu verwerten. Kein Rückgriff Bei rückgriffsfreien Instrumenten wird der Wert „kein Rückgriff“ gemeldet. Fällt der Schuldner bei Instrumenten, bei denen es sich nicht um „Forderungen aus Warenlieferungen und Dienstleistungen“ handelt, aus, kann der Gläubiger die Sicherheiten, die zur Besicherung des Kredits gestellt wurden, pfänden und veräußern. Erzielt er damit jedoch einen Betrag, der niedriger ist als die Schuld, kann der Gläubiger den Fehlbetrag nicht vom Schuldner einfordern. Bei Projektfinanzierungskrediten handelt es sich grundsätzlich um rückgriffsfreie Kredite. Fällt das Projekt aus, können die Gläubiger die Erlöse aus den gestellten Sicherheiten als Ausgleich heranziehen, können aber keinen über die Sicherheiten hinausgehenden Ersatz einfordern.