The Interest Waiver agreement is a crucial document in Indonesian banking and finance practice, used when a lender agrees to forgo their right to collect interest on a loan. This document becomes relevant in various scenarios, including debt restructuring, financial hardship cases, or strategic business decisions to maintain valuable customer relationships. It must comply with Indonesian banking regulations, OJK requirements, and the Civil Code, while also considering Islamic banking principles where applicable. The agreement typically includes details of the original loan, the specific interest being waived, the waiver period, and any conditions attached to the waiver. It's particularly important in Indonesia's financial sector due to the country's dual banking system and the need to accommodate both conventional and Shariah-compliant financing structures.
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1. Parties: Identification of the lender/creditor and borrower/debtor, including their complete legal names, addresses, and registration numbers where applicable
2. Background: Context of the original loan agreement, current outstanding amount, and circumstances leading to the interest waiver
3. Definitions: Key terms used in the agreement including 'Interest', 'Principal Amount', 'Waiver Period', and other relevant definitions
4. Details of Original Loan: Reference to the original loan agreement including date, amount, interest rate, and current outstanding balance
5. Waiver Terms: Specific terms of the interest waiver including amount being waived and applicable period
6. Remaining Obligations: Clear statement of the borrower's remaining payment obligations after the waiver
7. Representations and Warranties: Statements by both parties confirming their authority to enter into the waiver agreement and the accuracy of information provided
8. Effect on Original Agreement: Statement clarifying that all other terms of the original loan agreement remain in force
9. Governing Law: Confirmation that the agreement is governed by Indonesian law
10. Execution: Signature blocks and execution requirements
1. Conditions Precedent: Conditions that must be met before the waiver becomes effective - include when there are specific requirements for the waiver to take effect
2. Tax Implications: Statement regarding tax treatment of the waived interest - include when tax consequences need to be explicitly addressed
3. Regulatory Compliance: Specific references to relevant OJK regulations or Bank Indonesia requirements - include for regulated entities
4. Corporate Authorizations: Details of corporate approvals obtained - include when either party is a corporation
5. Partial Payment Terms: Terms for any partial interest payments - include when the waiver is partial rather than complete
6. Future Interest Calculation: Method for calculating future interest - include when the waiver affects future interest calculations
7. Shariah Compliance: Statement of compliance with Islamic banking principles - include when involving Islamic banking institutions
1. Schedule 1 - Original Loan Details: Copy or extract of relevant portions of the original loan agreement
2. Schedule 2 - Interest Calculation: Detailed calculation of interest being waived and remaining amounts
3. Schedule 3 - Payment Schedule: Revised payment schedule reflecting the interest waiver
4. Schedule 4 - Required Approvals: Copies of regulatory or corporate approvals obtained for the waiver
5. Appendix A - Supporting Documents: Any supporting documentation justifying the interest waiver (e.g., hardship evidence, regulatory directives)
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