The Termination of Security Agreement is a crucial document used in Nigerian business and financial transactions when parties wish to formally end a security arrangement. This document becomes necessary when the underlying secured obligations have been fully satisfied, refinanced, or when parties mutually agree to terminate the security arrangement. It must comply with Nigerian legislation, particularly the Secured Transactions in Movable Assets Act 2017 and CAMA 2020, and often requires registration with relevant authorities. The document includes essential details about the original security agreement, confirmation of obligation satisfaction, release of security interests, and arrangements for deregistration of charges. It's particularly important in corporate and financial transactions where formal documentation of security release is required for legal and regulatory compliance.
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1. Parties: Identification of the security provider, security holder/creditor, and any other relevant parties
2. Background: Details of the original security agreement including date, reference number, and brief description of the secured obligations
3. Definitions: Definitions of key terms used in the termination agreement, including reference to defined terms in the original security agreement
4. Confirmation of Discharge: Confirmation that all secured obligations have been satisfied or waived
5. Termination: Express termination of the security agreement and release of all security interests
6. Release and Discharge: Mutual release and discharge of all rights, obligations, and claims under the security agreement
7. Return of Documents: Provisions for return or cancellation of original security documents and certificates
8. Further Assurance: Obligation to execute additional documents necessary to effect the termination
9. Governing Law: Confirmation that Nigerian law governs the termination agreement
10. Execution: Signature blocks and execution formalities
1. Partial Termination: Used when only specific assets or obligations are being released while others remain secured
2. Surviving Provisions: Used when certain provisions of the original agreement need to survive termination
3. Registration and Filing: Required when the security interest was registered and needs formal deregistration
4. Representations and Warranties: Used in complex transactions to confirm parties' authority and validity of termination
5. Costs and Expenses: Include when there are significant costs associated with the termination process
6. Third Party Rights: Required when the security agreement involved third party rights or guarantees
1. Details of Original Security Agreement: Complete details of the original security agreement including amendments
2. List of Released Assets: Comprehensive list of assets being released from security
3. Outstanding Documents: List of security documents to be returned or cancelled
4. Required Filings: List of necessary regulatory filings and registrations for termination
5. Form of Public Notices: Templates for any required public notices of termination
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Property
Manufacturing
Oil and Gas
Telecommunications
Agriculture
Mining and Natural Resources
Transportation and Logistics
Construction
Retail and Commerce
Relevant Teams
Legal
Finance
Compliance
Risk Management
Treasury
Corporate Secretariat
Credit Administration
Corporate Banking
Documentation
Regulatory Affairs
Relevant Roles
Chief Financial Officer
Legal Counsel
Company Secretary
Finance Director
Credit Manager
Security Trustee
Compliance Officer
Risk Manager
Corporate Finance Manager
Treasury Manager
Legal Director
Banking Relationship Manager
Corporate Banking Officer
Security Documentation Officer
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