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Debt Release Agreement

Debt Release Agreement Template for Indonesia

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Key Requirements PROMPT example:

Debt Release Agreement

"I need a Debt Release Agreement for my company to release a corporate debt of IDR 500,000,000 owed by PT Sejahtera Industries, with the release to take effect from March 15, 2025, including provisions for tax implications and confidentiality."

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Document background
The Debt Release Agreement is a crucial legal instrument used in Indonesian business and financial transactions when a creditor agrees to formally release a debtor from their debt obligations, either partially or in full. This document is particularly relevant in debt restructuring scenarios, financial distress situations, or as part of broader settlement arrangements. It must comply with Indonesian Civil Code requirements and related financial regulations, including specific provisions for debt forgiveness and tax implications. The agreement typically includes detailed information about the original debt, the extent of release, any conditions attached to the release, and the effective date of debt forgiveness. It's commonly used in both corporate and individual contexts, requiring careful consideration of Indonesian legal formalities, especially regarding witness requirements and potential notarization needs.
Suggested Sections

1. Parties: Identification of the creditor(s) and debtor(s), including their full legal names, addresses, and any registration numbers for companies

2. Background: Recitals explaining the original debt arrangement, current situation, and the parties' intention to release the debt

3. Definitions: Definitions of key terms used throughout the agreement, including 'Debt', 'Release Date', and any other specific terminology

4. Details of the Debt: Comprehensive description of the debt being released, including principal amount, interest, and any other charges

5. Release Terms: Clear statement of the debt release, including the extent of release (full or partial) and effective date

6. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the validity of the debt

7. Tax Implications: Acknowledgment of tax consequences and responsibility for any tax liabilities arising from the debt release

8. Governing Law: Specification that Indonesian law governs the agreement

9. Execution: Signature blocks and execution requirements under Indonesian law

Optional Sections

1. Conditions Precedent: Used when the release is contingent upon certain conditions being met first

2. Security Release: Required when the original debt was secured and security interests need to be released

3. Partial Payment Terms: Included when the release is conditional upon a partial payment of the debt

4. Confidentiality: Added when parties wish to keep the terms of the release private

5. Multiple Creditor Provisions: Required when there are multiple creditors involved in the release

6. Future Cooperation: Included when parties need to specify ongoing obligations or future business relationships

7. Dispute Resolution: Added when parties want to specify particular dispute resolution mechanisms

Suggested Schedules

1. Schedule A - Debt Details: Detailed breakdown of the debt being released, including calculation of principal, interest, and other charges

2. Schedule B - Security Interests: List of any security interests, guarantees, or collateral being released (if applicable)

3. Schedule C - Payment History: Record of payments made on the debt (if relevant to partial release)

4. Schedule D - Corporate Authorizations: Copies of corporate resolutions or other authorizations required for the release

5. Appendix 1 - Original Loan Agreement: Copy of the original loan agreement or debt instrument being released

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

alex.den.21@genieai.co
Relevant legal definitions



























Clauses

























Relevant Industries

Banking and Financial Services

Corporate Finance

Real Estate

Manufacturing

Trading and Distribution

Construction

Mining and Resources

Agriculture

Retail

Professional Services

Technology

Relevant Teams

Legal

Finance

Treasury

Credit Management

Risk Management

Corporate Secretariat

Compliance

Debt Recovery

Account Management

Corporate Affairs

Relevant Roles

Chief Financial Officer

Finance Director

Credit Manager

Risk Manager

Corporate Lawyer

Legal Counsel

Debt Recovery Officer

Financial Controller

Treasury Manager

Restructuring Officer

Account Manager

Collections Manager

Corporate Secretary

Compliance 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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