The Deed of Partial Release is a crucial document in Malaysian secured financing transactions where a portion of secured assets needs to be released from the original security arrangement. This commonly occurs in scenarios where a borrower has partially repaid their facility and seeks to free up specific assets, or when certain secured assets are being sold or transferred with the security holder's consent. The deed must comply with Malaysian legal requirements, including those under the National Land Code 1965 and the Contracts Act 1950. It contains detailed descriptions of the released property, confirms the continuation of security over remaining assets, and requires proper execution as a deed. The document is particularly important in property development, corporate refinancing, and partial asset disposal scenarios.
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1. Parties: Identification of the Chargee/Security Holder (releasing party) and Chargor/Security Provider (whose property is being released)
2. Background: Recitals detailing the original charge/security, its registration details, and the reason for partial release
3. Definitions: Definitions of key terms used in the deed, including reference to the Original Security Documents and Released Property
4. Release: The operative part declaring the release of the specified property/assets from the security
5. Confirmation of Remaining Security: Confirmation that the original security remains in full force for non-released assets
6. Representations and Warranties: Basic representations about authority to execute the release
7. Execution: Formal execution blocks meeting requirements for deeds under Malaysian law
1. Conditions Precedent: Used when the release is conditional upon certain requirements being met
2. Costs and Expenses: Include when there's a need to specify who bears the costs of the release
3. Further Assurance: Optional clause requiring parties to take additional steps to perfect the release if needed
4. Surviving Obligations: Used when certain obligations from the original security need to survive the partial release
5. Notices: Include when ongoing notifications may be required between parties
1. Schedule 1 - Released Property: Detailed description of the property/assets being released from the security
2. Schedule 2 - Original Security Documents: List and details of the original security documents affected by this release
3. Schedule 3 - Remaining Secured Property: Description of property/assets that remain subject to the original security
4. Appendix A - Form of Registration: Template for registration of the partial release with relevant authorities if required
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