A Collateral Release Letter is a crucial document in UAE secured lending transactions, used when a lender or security holder needs to formally release their security interest in assets that were previously pledged as collateral. This document becomes necessary when the underlying obligations have been fully satisfied, refinanced, or when there's an agreed partial release of security. The letter must comply with UAE Federal Laws, including the Civil Code (Federal Law No. 5 of 1985) and the Movable Property Security Law (Federal Law No. 20 of 2016). It typically includes specific references to the original security documents, clear release language, and details of the released collateral. The Collateral Release Letter serves as official evidence for UAE government authorities, registration bodies, and other stakeholders that the security interest has been discharged.
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1. Letter Header: Date, addressee details, and reference number
2. Reference to Original Security: Clear identification of the original security arrangement, facility agreement, or other relevant documents, including dates and parties
3. Confirmation of Obligation Fulfillment: Statement confirming that the relevant obligations have been satisfied or conditions for release have been met
4. Release Declaration: Express and unequivocal statement releasing the security interest and discharging the collateral
5. Return of Documents: Statement regarding the return or cancellation of original security documents
6. Authorization: Statement of authority to release the collateral and make the declarations
7. Governing Law: Confirmation that UAE law governs the release
8. Signature Block: Execution section including name, title, and company details of authorized signatory
1. Partial Release Provisions: Required when only part of the collateral is being released while maintaining security over other assets
2. Conditional Release Language: Used when the release is subject to specific conditions being met
3. Further Assurance: Optional clause committing to execute any additional documents needed to effect the release
4. Acknowledgment Section: Space for counterparty to acknowledge and accept the release terms, used when confirmation of receipt is required
5. Translation Statement: Required when the letter needs to be bilingual Arabic/English for UAE authorities
1. Schedule 1 - Released Collateral: Detailed description of the specific collateral being released, including any registration numbers or unique identifiers
2. Schedule 2 - Original Security Documents: List of all security documents being cancelled or returned
3. Schedule 3 - Related Facility Details: Details of the related facility or loan agreement that the security was supporting
4. Appendix A - Evidence of Authority: Copies of powers of attorney or board resolutions evidencing authority to release the security
5. Appendix B - Registration Documents: Copies of any security registration documents that need to be cancelled or amended
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