The Termination of Security Agreement is a crucial document used when parties wish to formally end security arrangements following the satisfaction of secured obligations or as part of a broader refinancing or restructuring transaction. Under Belgian law, this document serves to evidence the discharge of secured obligations, facilitate the release of security interests, and ensure proper deregistration from relevant registers such as the National Pledge Register. The agreement is particularly important given Belgium's strict requirements regarding the termination of security interests and the need for clear documentation in financial transactions. It typically includes detailed provisions regarding the release process, confirmations of discharge, and necessary steps for removing security registrations, all while ensuring compliance with Belgian financial regulations and security laws.
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1. Parties: Identification of the Security Provider, Security Holder/Beneficiary, and any other relevant parties to the original security agreement
2. Background: Details of the original security agreement, including date, registration details, and reason for termination
3. Definitions: Definitions of key terms used in the termination agreement, including references to defined terms in the original security agreement
4. Termination: Express termination of the security agreement and release of security interests
5. Release and Discharge: Confirmation that secured obligations have been satisfied and mutual release of claims
6. Deregistration: Obligations regarding deregistration of security interests from relevant registers (e.g., National Pledge Register)
7. Return of Documents: Provisions regarding the return or cancellation of security documents
8. Representations and Warranties: Confirmations from parties regarding authority, compliance, and absence of claims
9. Costs and Expenses: Allocation of costs related to the termination and deregistration process
10. Governing Law and Jurisdiction: Confirmation of Belgian law as governing law and jurisdiction for disputes
1. Partial Termination: Include when only specific security interests or collateral are being released while others remain in effect
2. Surviving Provisions: Include when certain provisions of the original security agreement should survive termination
3. Third Party Rights: Include when there are third parties with interests in the security arrangement that need to be addressed
4. Tax Provisions: Include when there are specific tax implications of the termination that need to be addressed
5. Further Assurance: Include when additional actions may be required post-termination to complete the release process
6. Notices: Include when specific notification requirements need to be maintained post-termination
1. Original Security Agreement: Copy or details of the security agreement being terminated
2. Security Interests Schedule: List of all security interests being terminated, including registration details
3. Release Documents: Forms and notices required for deregistration of security interests
4. Evidence of Discharge: Documentation proving satisfaction of secured obligations
5. Corporate Authorizations: Required corporate approvals and resolutions for the termination
6. Confirmation Certificates: Certificates confirming completion of conditions for termination
Relevant legal definitions
Clauses
Relevant Industries
Banking & Finance
Corporate Finance
Real Estate
Manufacturing
Technology
Energy & Resources
Infrastructure
Retail & Consumer
Healthcare
Agriculture
Transportation & Logistics
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Secretariat
Credit
Transaction Management
Security Administration
Documentation
Relevant Roles
Chief Financial Officer
Treasury Manager
Legal Counsel
Corporate Finance Manager
Security Trustee
Compliance Officer
Risk Manager
Finance Director
Company Secretary
Corporate Banking Manager
Transaction Manager
Security Agent
Credit Risk Officer
Legal Operations Manager
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