A Release of Security Agreement is utilized when secured obligations have been fully satisfied or when parties agree to terminate security arrangements. This document is essential in Indonesian business practice where security interests must be formally released to clear encumbrances on assets and update public registries. The agreement typically includes details of the original security, confirmation of obligation satisfaction, and authorization for deregistration from relevant registries. Under Indonesian law, proper documentation of security releases is crucial for maintaining clear title records and facilitating future transactions. The release must comply with specific requirements under Indonesian civil law, fiduciary law, and/or mortgage law, depending on the type of security being released.
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1. Parties: Identification of the Security Holder (creditor), Security Provider (debtor), and any other relevant parties
2. Background: Details of the original security agreement, including its date, registration details, and the secured obligations
3. Definitions: Key terms used in the release agreement, including references to the original security agreement and related documents
4. Release and Discharge: Clear statement releasing and discharging the security interest and returning ownership/control to the Security Provider
5. Confirmation of Satisfaction: Confirmation that all secured obligations have been fully satisfied or otherwise discharged
6. Return of Documents: Provisions regarding the return of original security documents and title documents
7. Authorization for Deregistration: Authorization for the Security Provider to deregister the security interest from relevant registries
8. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction for disputes
9. Execution: Signature blocks and execution formalities
1. Further Assurance: Commitment to execute additional documents if needed for full effect of the release - used when dealing with complex security arrangements
2. Partial Release: Used when only part of the secured assets are being released while maintaining security over others
3. Representations and Warranties: Additional confirmations by parties - used in complex transactions or when required by regulatory requirements
4. Costs and Expenses: Allocation of costs for registration and implementation - used when significant costs are involved
5. Surviving Provisions: Identification of provisions that survive the release - used when certain obligations need to continue
1. Details of Original Security Agreement: Full details of the security agreement being released, including registration numbers and dates
2. List of Secured Assets: Detailed description of all assets being released from security
3. Form of Public Announcement: Template for any required public announcements of the release (if applicable)
4. Powers of Attorney: Any required powers of attorney for deregistration procedures
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Agriculture
Mining
Infrastructure
Transportation
Energy
Retail
Construction
Relevant Teams
Legal
Finance
Treasury
Credit Administration
Risk Management
Compliance
Corporate Secretariat
Loan Operations
Documentation
Relevant Roles
Legal Counsel
Corporate Secretary
Finance Director
Chief Financial Officer
Risk Manager
Compliance Officer
Credit Manager
Security Documentation Officer
Treasury Manager
Loan Administrator
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