A Security Assignment Agreement is a crucial document in Indonesian secured financing transactions, used when a party (Assignor) wishes to grant security over receivables, contractual rights, or other assignable rights in favor of a creditor (Assignee). This agreement is commonly used in project financing, loan transactions, and other secured lending arrangements where rights or receivables serve as collateral. The document must comply with Indonesian law requirements, particularly the Civil Code and Law No. 42 of 1999 on Fiduciary Security, including mandatory registration with the Fiduciary Registry Office. It typically includes detailed provisions on the assigned rights, perfection requirements, enforcement mechanisms, and continuing obligations of the parties. The agreement is essential for creating valid and enforceable security interests in Indonesia and must be properly executed and registered to ensure its effectiveness.
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Key Requirements PROMPT example:
Security Assignment Agreement
"I need a Security Assignment Agreement under Indonesian law for assigning receivables from my manufacturing company to a local bank as security for a USD 5 million loan facility, with the security to be registered by March 2025."
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1. Parties: Identification of the Assignor, Assignee, and any other relevant parties
2. Background: Context of the security assignment, including reference to any underlying obligations or facilities
3. Definitions and Interpretation: Key terms used in the agreement and rules of interpretation
4. Assignment: Core provisions detailing the assignment of rights and creation of security interest
5. Secured Obligations: Description of the obligations being secured by the assignment
6. Representations and Warranties: Assignor's confirmations regarding ownership, authority, and status of assigned rights
7. Perfection and Registration: Requirements for registering and perfecting the security interest under Indonesian law
8. Covenants: Ongoing obligations of the Assignor regarding the assigned rights
9. Enforcement: Rights and remedies of the Assignee upon default
10. Power of Attorney: Irrevocable power of attorney for the Assignee to perfect and enforce the security
11. Payments and Application: How payments received will be applied and handled
12. Continuing Security: Provisions establishing the security as continuing until full discharge
13. Further Assurance: Obligations to execute further documents and take additional steps if needed
14. Notices: Communication requirements and contact details
15. Governing Law and Jurisdiction: Confirmation of Indonesian law as governing law and jurisdiction provisions
1. Security Trustee Provisions: Required when the security is held by a security trustee for multiple beneficiaries
2. Future Assets: Include when the assignment covers future-acquired assets
3. Currency Provisions: Required when dealing with cross-border transactions or foreign currency obligations
4. Tax Provisions: Include detailed tax provisions when the assignment has significant tax implications
5. Regulatory Compliance: Required when the assigned rights are in regulated sectors (e.g., banking, insurance)
6. Third Party Rights: Include when there are specific third party beneficiaries to be addressed
7. Registration Cost Provisions: Detailed provisions about registration costs when significant registration fees are anticipated
1. Schedule 1 - Assigned Rights: Detailed description of the rights and assets being assigned
2. Schedule 2 - Form of Notice of Assignment: Template notice to be sent to relevant third parties
3. Schedule 3 - Form of Acknowledgment: Template acknowledgment to be obtained from relevant third parties
4. Schedule 4 - Existing Security Interests: List of any existing security interests affecting the assigned rights
5. Schedule 5 - Perfection Requirements: Specific steps required for perfection under Indonesian law
6. Appendix A - Power of Attorney: Form of power of attorney required under Indonesian law
7. Appendix B - Registration Forms: Required forms for fiduciary security registration
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Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Infrastructure
Real Estate
Manufacturing
Energy
Mining
Telecommunications
Construction
Trading
Agriculture
Retail
Healthcare
Technology
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretariat
Credit Administration
Security Administration
Project Finance
Transaction Management
Relevant Roles
Legal Counsel
Finance Director
Chief Financial Officer
Corporate Secretary
Risk Manager
Treasury Manager
Credit Manager
Security Trustee
Compliance Officer
Transaction Manager
Project Finance Manager
Contract Administrator
General Counsel
Banking Relationship Manager
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