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Termination Of Security Agreement

Termination Of Security Agreement Template for India

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Key Requirements PROMPT example:

Termination Of Security Agreement

"I need a Termination of Security Agreement to release a charge over manufacturing equipment following full repayment of our term loan to HDFC Bank, which needs to be effective from March 15, 2025."

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Document background
The Termination of Security Agreement is utilized when secured obligations under a loan or financing arrangement have been fully satisfied and parties wish to formally terminate their security arrangements. This document is essential in Indian financing transactions to provide clear evidence that security interests have been released and obligations have been discharged. It typically follows the repayment of a loan or conclusion of a financing arrangement, and includes details of the original security agreement, confirmation of obligation satisfaction, and provisions for the release of security interests. The document must comply with Indian legal requirements, particularly under the SARFAESI Act and other relevant legislation, and may need to be filed with various registries depending on the type of security being released.
Suggested Sections

1. Parties: Details of the security provider, security holder/lender, and any other relevant parties

2. Background: Reference to the original security agreement, date of execution, and brief description of the secured obligations

3. Definitions: Definitions of key terms used in the agreement, including reference to definitions in the original security agreement if applicable

4. Confirmation of Discharge: Confirmation that all secured obligations have been fully satisfied and discharged

5. Termination: Express termination of the security agreement and release of all security interests

6. Return of Security Documents: Provisions for the return or cancellation of original security documents and certificates

7. Release and Discharge: Mutual release from all obligations under the security agreement

8. Authority and Capacity: Representations regarding authority to execute the termination

9. Governing Law and Jurisdiction: Confirmation that Indian law governs the termination agreement

10. Execution: Signature blocks and execution formalities

Optional Sections

1. Regulatory Compliance: Required when specific regulatory filings or compliance measures are needed for the termination

2. Securities Release Process: Include when there are specific procedures for releasing different types of securities

3. Surviving Provisions: Required when certain provisions of the original agreement need to survive termination

4. Costs and Expenses: Include when there are specific arrangements for bearing the costs of termination

5. Third Party Rights: Required when the termination affects rights of third parties or requires their consent

6. Further Assurance: Include when additional actions may be required post-termination to complete the release process

Suggested Schedules

1. Details of Original Security Agreement: List of all security documents being terminated, including dates and registration details

2. Security Interest Release Forms: Forms required for releasing security interests at various registries

3. List of Security Documents: Comprehensive list of security documents to be returned or cancelled

4. Required Regulatory Filings: List of necessary regulatory filings and forms for effectuating the termination

5. Authorization Documents: Corporate authorizations and board resolutions approving the termination

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

























Clauses























Relevant Industries

Banking & Financial Services

Real Estate

Infrastructure

Manufacturing

Corporate

Asset Finance

Private Equity

Non-Banking Financial Companies (NBFCs)

Commercial Lending

Project Finance

Relevant Teams

Legal

Finance

Compliance

Credit

Risk Management

Corporate Secretarial

Loan Administration

Security Administration

Transaction Management

Portfolio Management

Relevant Roles

Legal Counsel

Finance Manager

Corporate Lawyer

Compliance Officer

Security Trustee

Loan Officer

Credit Manager

Company Secretary

Documentation Specialist

Risk Manager

Transaction Manager

Portfolio Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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