The Non-Recourse Promissory Note is a crucial financial instrument in Indonesian business transactions where lenders agree to limit their recovery rights solely to specific collateral assets. This document is particularly valuable in project financing, real estate transactions, and asset-based lending scenarios where the lender accepts the financed asset as the sole source of repayment. The note must comply with Indonesian Civil Code (KUH Perdata) requirements for debt instruments and the Commercial Code (KUHD) provisions for negotiable instruments. It typically includes detailed descriptions of the collateral, specific enforcement mechanisms, and clear non-recourse language that explicitly limits the lender's rights to the designated collateral. This type of note is often used when the asset's value and income-generating potential are more important to the lender than the borrower's general creditworthiness.
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1. Parties: Identification of the Maker (promissor) and Payee (promissee), including complete legal names and addresses
2. Promise to Pay: Unconditional promise to pay, specifying the principal amount, currency, and maturity date
3. Payment Terms: Details of payment schedule, interest rate, calculation method, and payment mechanics
4. Non-Recourse Provision: Clear statement of the non-recourse nature and limitation of recovery to specified collateral
5. Collateral Description: Detailed description of the collateral securing the note and its location/registration details
6. Default Events: Specific circumstances constituting default under the note
7. Enforcement Rights: Rights and remedies of the Payee limited to the collateral upon default
8. Governing Law: Specification of Indonesian law as governing law and jurisdiction
1. Prepayment Terms: Include when early payment is permitted, specifying any penalties or conditions
2. Currency Provisions: Include when the note involves foreign currency, addressing exchange rate mechanisms
3. Transfer Rights: Include when the note is intended to be transferable or negotiable
4. Tax Provisions: Include when specific tax considerations need to be addressed
5. Insurance Requirements: Include when insurance of the collateral is required
6. Notice Provisions: Include when specific notice requirements for significant events need to be detailed
1. Collateral Schedule: Detailed inventory or description of the collateral assets, including registration numbers, locations, and values
2. Payment Schedule: Amortization table or payment schedule if installment payments are involved
3. Collateral Registration Documents: Copies of relevant registration certificates or filings for the collateral
4. Property Documents: If real estate is collateral, relevant property certificates and documentation
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