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Credit Waiver Template for Indonesia

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Key Requirements PROMPT example:

Credit Waiver

"I need a Credit Waiver agreement for PT Bank Central Asia Tbk to waive payment defaults under a corporate loan facility for a manufacturing company, with specific provisions for partial debt restructuring and continued security interests until March 2025."

Document background
A Credit Waiver is a crucial document in Indonesian banking and finance practice, used when a lender agrees to waive certain rights, obligations, or defaults under an existing credit facility. The document becomes necessary in various scenarios, such as when borrowers face temporary financial difficulties, during debt restructuring, or when certain credit conditions need modification. The Credit Waiver must be carefully drafted to comply with Indonesian Financial Services Authority (OJK) regulations, particularly during economic challenges or when implementing debt relief measures. It typically includes details of the original credit agreement, specific obligations being waived, conditions for the waiver, and any continuing obligations. The document plays a vital role in Indonesian credit relationships by providing a legal framework for modifying credit terms while protecting both lender and borrower interests.
Suggested Sections

1. Parties: Identification of the creditor and debtor, including their legal details and authorized representatives

2. Background: Description of the existing credit relationship, reference to original agreements, and current status

3. Definitions: Definitions of key terms used in the waiver agreement

4. Credit Obligation Details: Specific details of the credit facility, including amount, interest, and other charges being waived

5. Waiver Provisions: Express terms of the waiver, including scope and extent of obligations being waived

6. Conditions Precedent: Conditions that must be satisfied before the waiver becomes effective

7. Representations and Warranties: Statements of fact and assurances from both parties regarding their capacity and authority

8. Continuing Obligations: Specification of any obligations that remain in force despite the waiver

9. Legal Effect: Clear statement of the legal consequences of the waiver

10. Governing Law and Jurisdiction: Confirmation of Indonesian law as governing law and jurisdiction for disputes

Optional Sections

1. Security Release: Required if there are any security interests or collateral to be released

2. Third Party Consents: Include when third party rights or guarantors are involved

3. Regulatory Compliance: Required for regulated entities or when specific regulatory approvals are needed

4. Tax Provisions: Include when there are tax implications from the waiver that need to be addressed

5. Confidentiality: Include when parties wish to keep the waiver terms confidential

6. Further Assurance: Include when additional actions may be required to give effect to the waiver

7. Severability: Optional clause to preserve remainder of agreement if any provision is found invalid

Suggested Schedules

1. Schedule 1 - Original Credit Agreement: Copy or details of the original credit agreement being waived

2. Schedule 2 - Waived Obligations: Detailed list of specific obligations being waived

3. Schedule 3 - Remaining Obligations: List of obligations that continue to remain in force

4. Schedule 4 - Security Releases: Forms and details of security releases (if applicable)

5. Appendix A - Required Approvals: Copies of regulatory or third-party approvals obtained

6. Appendix B - Corporate Authorizations: Copies of corporate authorizations for executing the waiver

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions



































Clauses






























Relevant Industries

Banking & Financial Services

Commercial Lending

Corporate Finance

Real Estate & Property

Manufacturing

Retail

Agriculture

Mining & Resources

Infrastructure & Construction

Small and Medium Enterprises

Relevant Teams

Legal

Finance

Compliance

Risk Management

Treasury

Credit Administration

Corporate Secretariat

Regulatory Affairs

Business Development

Operations

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Compliance Officer

Risk Manager

Credit Manager

Corporate Secretary

Treasury Manager

Banking Relationship Manager

Financial Controller

Credit Analysis Manager

Restructuring Officer

Legal Director

Chief Risk Officer

Chief Legal Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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