This is from a letter I got today, and it reads:

We hereby confirm that the loan agreement entered into between XYZ bank and aforementioned customer, has been terminated. We request you to remove the hypothetication of XYZ bank on the said vehicle.

Whereas, I think it should be like this:

We hereby confirm that the loan agreement entered between XYZ bank and aforementioned customer, has terminated. We request you to remove the hypothetication of XYZ bank on the said vehicle.

Which tense is used here and why?