A Line of Credit Contract is a fundamental financial agreement used in Indonesian banking and commerce to establish an ongoing credit relationship between a financial institution and a borrower. This document is essential when a borrower requires flexible access to funds up to a pre-approved limit, rather than a one-time loan. The agreement must comply with Indonesian banking regulations, including Law No. 10 of 1998 and OJK regulations, particularly regarding credit provision, risk management, and consumer protection. It details crucial elements such as credit limits, drawdown mechanisms, interest calculations, security arrangements, and default provisions. The document is typically used by businesses for working capital needs, expansion projects, or ongoing operational requirements, though it can also serve individual borrowers for personal credit facilities. The contract's structure reflects Indonesian legal requirements for financial agreements, including notarization requirements where applicable.
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1. Parties: Identification of the lender (financial institution) and borrower with complete legal names and addresses
2. Background: Context of the agreement and general purpose of the credit facility
3. Definitions: Definitions of key terms used throughout the agreement
4. Facility Terms: Details of the credit facility including amount, purpose, availability period, and interest rate
5. Drawdown Provisions: Procedures and conditions for accessing the credit facility
6. Interest and Fees: Calculation and payment of interest, commitment fees, and other charges
7. Repayment Terms: Terms for repayment including minimum payments, payment schedule, and prepayment provisions
8. Security: Details of any security or collateral provided for the facility
9. Representations and Warranties: Standard declarations by the borrower about their legal and financial status
10. Covenants: Ongoing obligations of the borrower during the facility period
11. Events of Default: Circumstances constituting default and consequences
12. Termination: Conditions and process for terminating the facility
13. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution
1. Guarantees: Required when there is a third-party guarantor for the facility
2. Insurance: Required when specific insurance coverage is mandatory for the facility
3. Currency Provisions: Required for facilities available in multiple currencies
4. Special Drawing Conditions: Used when there are specific conditions for certain types of drawdowns
5. Financial Covenants: Required for corporate borrowers with specific financial performance requirements
6. Assignment and Transfer: Required when the facility may be transferred or syndicated
7. Tax Provisions: Detailed tax provisions required for large facilities or cross-border arrangements
1. Facility Details: Detailed terms of the facility including limits, interest rates, and fees
2. Conditions Precedent: List of documents and conditions required before first drawdown
3. Form of Drawdown Notice: Standard form for requesting drawdowns under the facility
4. Security Details: Detailed description of security or collateral provided
5. Repayment Schedule: Detailed payment schedule if applicable
6. Compliance Certificate: Standard form for periodic compliance certification
7. Financial Covenants Calculations: Format for calculating and reporting financial covenants
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