The Loan Cancellation Letter is a crucial document used in Indonesian banking and financial transactions when a lender agrees to formally terminate a loan agreement before its original maturity date. This may occur due to various circumstances such as debt restructuring, settlement agreements, or special arrangements between the parties. The document must comply with Indonesian Civil Code (KUH Perdata) requirements and relevant banking regulations, including OJK guidelines. It serves as official evidence of the loan's termination and typically includes details of the original loan, parties involved, cancellation terms, and effective date of cancellation. The letter may also address tax implications of the debt cancellation under Indonesian tax laws and specify any conditions that must be met for the cancellation to take effect.
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1. Letter Date and Reference Number: The formal date of the cancellation letter and any reference numbers for tracking purposes
2. Recipient Details: Full name and address of the borrower/debtor
3. Original Loan Reference: Details of the original loan agreement including date, reference number, and principal amount
4. Cancellation Declaration: Clear and unambiguous statement of the loan cancellation
5. Effective Date: Specific date from which the cancellation takes effect
6. Release Statement: Statement releasing the borrower from all obligations under the loan
7. Governing Law Reference: Reference to Indonesian law governing the cancellation
8. Signature Block: Space for authorized signatory of the lender with full name and title
1. Partial Payment Acknowledgment: Include when there have been partial payments made that need to be acknowledged
2. Conditions for Cancellation: Include when the cancellation is subject to specific conditions that must be met
3. Tax Implications Statement: Include when there are specific tax consequences that need to be acknowledged by the borrower
4. Mutual Release Clause: Include when both parties need to release each other from any future claims
5. Confidentiality Clause: Include when the parties wish to keep the cancellation terms confidential
6. Return of Security Documents: Include when there are security documents that need to be returned to the borrower
1. Loan Account Statement: Detailed statement showing the loan history and final outstanding amount being cancelled
2. List of Security Documents: Schedule of any security documents to be returned or cancelled
3. Payment History: Record of any payments made against the loan, if applicable
4. Related Agreements: List of any related agreements that may be affected by the cancellation
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Corporate
Real Estate
Manufacturing
Retail
Agriculture
Mining
Construction
Small and Medium Enterprises
Microfinance
Relevant Teams
Legal
Finance
Credit Operations
Risk Management
Compliance
Corporate Secretariat
Treasury
Loan Administration
Credit Risk
Document Management
Recovery and Collections
Relevant Roles
Credit Manager
Loan Officer
Legal Counsel
Financial Controller
Risk Manager
Compliance Officer
Corporate Secretary
Chief Financial Officer
Banking Relationship Manager
Credit Risk Officer
Recovery Manager
Portfolio Manager
Treasury Manager
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