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Third Party Security Agreement

Third Party Security Agreement Template for Pakistan

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Key Requirements PROMPT example:

Third Party Security Agreement

"I need a Third Party Security Agreement under Pakistani law where my parent company will provide security over its commercial property assets to secure a PKR 50 million term loan facility that my manufacturing company is obtaining from ABC Bank Limited in March 2025."

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Document background
The Third Party Security Agreement is a crucial document in Pakistani financial and commercial transactions where security for obligations is provided by someone other than the primary debtor. This arrangement is commonly used in corporate group structures, family businesses, and complex financial transactions where the principal debtor may not have sufficient assets to provide security. The agreement must comply with Pakistani legislation, including the Contract Act 1872, Registration Act 1908, and Financial Institutions (Recovery of Finances) Ordinance 2001. It typically includes detailed provisions on the nature of security, enforcement mechanisms, representations and warranties, and the rights and obligations of all parties. The document is particularly important in banking transactions, corporate financing, and commercial lending, where third-party security can be a key requirement for obtaining credit facilities.
Suggested Sections

1. Parties: Identifies and defines all parties: the Security Provider (third party), the Principal Debtor, and the Security Beneficiary

2. Background: Explains the context of the security arrangement, including the underlying obligations of the Principal Debtor and the Third Party's agreement to provide security

3. Definitions and Interpretation: Defines key terms and establishes interpretation principles for the agreement

4. Creation of Security Interest: Details the security interest being created and the assets over which security is granted

5. Representations and Warranties: Statements of fact and assurances from the Security Provider regarding their authority, ownership of assets, and capacity to grant security

6. Covenants: Ongoing obligations of the Security Provider regarding the secured assets and maintenance of the security

7. Events of Default: Circumstances that trigger enforcement rights under the security agreement

8. Enforcement: Rights and procedures for enforcing the security upon default

9. Power of Attorney: Appointment of the Security Beneficiary as attorney for security enforcement purposes

10. Indemnities: Security Provider's obligations to indemnify the Security Beneficiary

11. Payments and Recoveries: Provisions regarding application of payments and recoveries under the security

12. Miscellaneous: Standard boilerplate provisions including notices, amendments, and governing law

Optional Sections

1. Security Margin: Used when the security requires maintenance of a specific value ratio to the secured obligations

2. Further Security: Include when there may be need for additional security in the future

3. Insurance: Required when the secured assets need specific insurance coverage

4. Registration Requirements: Include when the security requires registration with specific authorities

5. Third Party Rights: Include when there are existing rights over the secured assets that need to be addressed

6. Currency Provisions: Required when the security involves multiple currencies

7. Tax Provisions: Include when there are specific tax implications for the security arrangement

Suggested Schedules

1. Schedule 1 - Secured Assets: Detailed description and/or list of assets over which security is being granted

2. Schedule 2 - Secured Obligations: Description of the obligations being secured under the agreement

3. Schedule 3 - Forms of Notice: Standard form notices required for perfection of security

4. Schedule 4 - Security Provider Details: Detailed information about the Security Provider including corporate information and asset locations

5. Schedule 5 - Principal Debtor Facilities: Details of the underlying facilities or obligations of the Principal Debtor

6. Appendix A - Required Registrations: List of registrations required to perfect the security

7. Appendix B - Existing Security Interests: Details of any existing security interests over the secured assets

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions












































Clauses







































Relevant Industries

Banking

Financial Services

Real Estate

Manufacturing

Trading

Construction

Infrastructure

Energy

Telecommunications

Retail

Agriculture

Mining

Technology

Relevant Teams

Legal

Finance

Risk Management

Compliance

Treasury

Credit

Corporate Secretarial

Banking Operations

Security Documentation

Corporate Affairs

Relevant Roles

Legal Counsel

Corporate Lawyer

Finance Manager

Risk Manager

Compliance Officer

Chief Financial Officer

Credit Manager

Security Documentation Officer

Corporate Secretary

Treasury Manager

Banking Relationship Manager

Legal Director

Finance Director

Credit Risk Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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