Here is a sample of Credit Agreement that I translated from Indonesian-English for a client :
I.
XXX, Bachelor of Political Science, Master of Management, Temporary
manager of Small Credit Center PT. Bank XXX (Company), Inc,
acting in his position by virtue of Board of Directors’ Power of Attorney
PT. XXXX (Company), Inc
Number 20 dated 17 June 1999 , this agreement is made by and in the presence of XXX, Bachelor of Law, Master of Law, Notary in Jakarta,
thereby based on the Articles of Association along with the recent amendments
as set forth in Deed No. 13 dated May 12, 2010 made in presence of XXXX, Bachelor of Law, Notary in Jakarta, which has been received and recorded
by the Minister of Justice and Human Rights of the Republic of Indonesia with a
letter Number AHU-AH.01.10-13852 dated 7 June 2010, and therefore authorized to
act for and on behalf of XXXX (Company), Inc, located and headquartered in Jakarta, with an
address in Jalan Jenderal Sudirman Kavling XXXX, hereinafter referred to as
II.
1. XXX, resides in XXX, with an address
in XXX, RT 01 RW 11, XXXX, XXXX, proof of identity : Resident Identity Card
Number XXXX, acting as DIRECTOR
2. XXXX, also known as XXXX, resides in Sidoarjo, with an address
XXXXX RT. 04.
RW. 05., XXXX,
XXXX, proof of identity: Resident Identity Card Number XXXXX, acting as VICE
DIRECTOR.
3. XXXXX, resides in Kota XXX, with an
address Jalan XXXXX, RT 02 RW 05, XXXX, Kecamatan Batu, proof of identity
: Resident Identity Card Number XXXXXX, acting as COMPANY’sLIMITED PARTNER
4. XXXX, resides in Kota XXXX, with an
address XXXX, RT 03 RW 04, Kelurahan XXXX, Kecamatan XXXX, proof of
identity : Resident Identity
Card Number XXXX,acting
as COMPANY’s LIMITED PARTNER.
In this case,
each acting in their position above mentioned as stipulated in Article 5 of Articles of
Association authorized to act for and on behalf of as well as legitimate
to represent COMPANY’s LIMITED PARTNERSHIP “XXXXXXX” domiciled in XXXXX, of which the Articles of Association
stipulated in Deed No. 10 dated 17 December 2003, made by and in the presence
of XXX, Bachelor of Law, Notary in XXXX, who has been registered
in the XXXX Local Court Registrar : Number 176/CV/XI/2004, dated 9 November
2004, hereinafter referred to as
BANK and
CREDIT RECIPIENT collectively referred to as the Parties, explained beforehand
the following:
-
Based upon Credit Request dated 05 May 2011 CREDIT RECIPIENT has
made application for Investment Credit Facilities
-
Based upon Credit Decree Letter No. SBC 03/0370/R dated 07 June
2011 which is an integral part of this agreement. BANK has approved the provision of
Investment Credit in accordance with the prevailing terms and conditions in
this Credit Agreement.
Based upon
the explanations above mentioned, the Parties hereby agreed to the Credit
Agreement with the following terms and conditions:
DEFINITIONS
- In this Credit Agreement the definitions of the following terms are as follows:
- Collateral means the security given by CREDIT RECIPIENT and/or third party to the Bank bonded with rights guarantees, mortgages, fiduciary to guarantee repayment to the Bank.
- Installment means the amount of money paid periodically by the CREDIT RECIPIENT as repayment of credit, calculated from the debt balance account.
- Debt Balance means the amount of credit facility that have been withdrawn and have not been paid back by the CREDIT RECIPIENT to the BANK.
- Interest means the interest rate that shall be the amount of money paid regularly by the CREDIT RECIPIENT for the use of credit facilities.
- Effective interest rate means the interest rate that can change during the course of the loan period in accordance with the prevailing interest rate in the BANK.
- Fines means the amount of money payable by the CREDIT RECIPIENT to the BANK for not fulfilling the obligations by the CREDIT RECIPIENT as stipulated in the Credit Agreement.
- Delinquent payment fines means the fines required to be paid by the CREDIT RECIPIENT to the BANK for late payment.
- Business days means the days which BANK operates to conduct its businesses and when Bank Indonesia is open to perform inter-bank clearing.
- Debt means the sum of money which must be paid at an agreed time by the CREDIT RECIPIENT to the BANK as stipulated in the Credit Agreement that include but not limited to Debt Balance Account, Interest, Fines, and Expenses and Costs which must be paid by the CREDIT RECIPIENT to the BANK.
- Credit means the provision of fund or equivalent claims made available by the BANK to the CREDIT RECIPIENT in pursuit of prevailing terms and conditions set forth under the Credit Agreement.
- Maximum Credit means the highest amount of credit that can be used by the CREDIT RECIPIENT where CREDIT RECIPIENT have met all the conditions set forth by the BANK.
- Credit Agreement means this agreement with all additions, amendments , extensions and/or renewal.
- Commitment Fee means income received by the BANK, which is the fee paid by the CREDIT RECIPIENT for the approval of credit facilities. Loan Account means the account opened by the BANK to record or administer the disbursement and loan repayments by the CREDIT RECIPIENT.
- Characteristic of credit: Installment (Aflopend) means withdrawal is done according to specific timetable and credits which have been repaid by the CREDIT RECIPIENT , that credit amount cannot be withdrawn again.
- Interest means interest rate.
- Delinquent Payment means the obligation of payment by CREDIT RECIPIENT which is not paid on time as stipulated in this Credit Agreement which can installments, interest or penalty.
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