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.
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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
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
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
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