The Credit Agreement Contract is a fundamental document in Indonesian banking and finance transactions, used to formalize lending arrangements between financial institutions and borrowers. This agreement is essential when establishing credit facilities in Indonesia, whether for corporate financing, project development, or personal loans. The document must comply with Indonesian banking regulations, including Law No. 10 of 1998 on Banking and various OJK regulations. It includes comprehensive provisions covering facility terms, security arrangements, representations and warranties, covenants, and events of default. The agreement is typically customized based on the type of credit facility, borrower profile, and security structure, while maintaining compliance with mandatory Indonesian legal requirements.
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1. Parties: Identification of the lender (financial institution) and borrower, including their full legal names, registration numbers, and authorized representatives
2. Background: Context of the credit facility, purpose of the loan, and brief description of any relevant business relationship
3. Definitions: Definitions of key terms used throughout the agreement, including financial terms, technical terms, and regulatory references
4. Facility Details: Specific details of the credit facility including amount, purpose, tenure, and type of facility
5. Interest and Fees: Interest rate (fixed or floating), calculation method, payment dates, and all applicable fees
6. Drawdown: Conditions and procedures for drawdown, including notice requirements and drawdown periods
7. Repayment Terms: Repayment schedule, payment methods, prepayment provisions, and consequences of late payment
8. Representations and Warranties: Standard declarations by the borrower about their legal status, capacity, and financial condition
9. Covenants: Positive and negative obligations of the borrower during the loan period
10. Events of Default: Circumstances constituting default and consequences thereof
11. Termination: Conditions and procedures for early termination of the agreement
12. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction for disputes
1. Security: Details of any collateral or security interest, used when the credit facility is secured
2. Guarantee: Terms of any third-party guarantee, included when there is a guarantor
3. Insurance: Requirements for insurance of collateral or other insurance obligations, included for secured loans
4. Change of Circumstances: Provisions for market disruption or change in law, particularly relevant for long-term or large facilities
5. Assignment and Transfer: Terms for transferring or assigning rights under the agreement, important for syndicated loans
6. Increased Costs: Provisions dealing with regulatory changes affecting the lender's costs, relevant for longer-term facilities
7. Tax Provisions: Detailed tax considerations and withholding requirements, necessary for complex corporate borrowers
1. Conditions Precedent: List of documents and conditions required before first drawdown
2. Drawdown Notice Form: Standard form for requesting drawdown under the facility
3. Repayment Schedule: Detailed amortization schedule if applicable
4. Security Details: Detailed description of any collateral or security provided
5. Fee Schedule: Breakdown of all applicable fees and charges
6. Calculation of Interest: Detailed methodology for interest calculation
7. Required Insurance: Specifications for required insurance coverage
8. Compliance Certificates: Template forms for periodic compliance reporting
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