A Release of Collateral Letter is a legal template that sets out the terms and conditions for the release of collateral used as security for a loan or debt. These are the forms that Clerk's office provides for the sealing and expungement of court records.This collateral agreement template is what you need to secure an item of value as collateral for monetary debt. Do the subs also need to complete the forms or just the prime firm? Response 10: Just the prime firm. The quickest way to apply for Government Assistance is online through the MyACCESS portal. Contract as full payment for furnishing all materials, for performing all. Work under the Contract in a complete and acceptable manner, and for. Collateral assignments of a lease.