A Third Party Security Agreement is utilized in UAE financing transactions where an entity or individual (the security provider) provides security over their assets to secure the obligations of another party (the principal debtor) to a creditor. This arrangement is common in corporate group structures, family businesses, and other commercial relationships where one party is willing to support another's financing. The document must comply with UAE security laws, including Federal Law No. 20 of 2016 for movable assets and relevant provisions of the UAE Civil and Commercial Codes. It contains detailed provisions on security creation, perfection requirements, enforcement mechanisms, and necessary UAE law protections for the secured party.
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Key Requirements PROMPT example:
Third Party Security Agreement
"I need a Third Party Security Agreement under UAE law where our holding company will provide security over its commercial property portfolio to secure a USD 50 million facility being provided to our operating subsidiary by Emirates NBD, with completion targeted for March 2025."
1. Parties: Identifies the security provider, secured party, and principal debtor
2. Background: Sets out the context of the security, including reference to the principal debt/facility and the relationship between the security provider and principal debtor
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles, including Arabic/English language precedence
4. Creation of Security: Establishes the security interest and specifies the secured assets
5. Secured Obligations: Defines the obligations being secured, including principal debt and related amounts
6. Representations and Warranties: Security provider's confirmations regarding ownership, authority, and asset status
7. Covenants: Security provider's ongoing obligations regarding the secured assets
8. Perfection Requirements: Actions required to perfect the security under UAE law
9. Enforcement: Rights and procedures for enforcing the security interest
10. Power of Attorney: Irrevocable power of attorney for security perfection and enforcement
11. Payments and Recoveries: Application of proceeds and payment mechanics
12. Amendments and Waivers: Provisions for modifying the agreement and effect of waivers
13. Assignment and Transfer: Rights to transfer or assign the security interest
14. Notices: Communication procedures between parties
15. Governing Law and Jurisdiction: Confirms UAE law governance and jurisdiction of UAE courts
1. Sharia Compliance: Required if the transaction must comply with Islamic finance principles
2. Further Advances: Include if the security will cover future advances under the principal facility
3. Security Agent Provisions: Required if security is held through a security agent structure
4. Priority Arrangements: Include if there are multiple security interests over the same assets
5. Insurance: Required if secured assets must be insured
6. Free Zone Provisions: Include if assets are located in UAE free zones
7. Release and Discharge: Detailed provisions for releasing security if required by transaction structure
1. Secured Assets Schedule: Detailed description and/or list of assets subject to security
2. Form of Notice: Template notices for perfection requirements (e.g., notice to account bank, tenant)
3. Form of Acknowledgment: Template acknowledgments from relevant third parties
4. Principal Facility Terms: Summary of key terms of the underlying facility being secured
5. Powers of Attorney: Forms of powers of attorney required under UAE law
6. Security Perfection Requirements: Checklist of registration and filing requirements
7. Existing Security Interests: Details of any permitted existing security over the assets
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Finance
Real Estate
Manufacturing
Trading & Commerce
Construction
Healthcare
Hospitality
Retail
Technology
Energy & Resources
Infrastructure
Transportation & Logistics
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Secretariat
Commercial
Credit
Operations
Relevant Roles
General Counsel
Legal Director
Corporate Lawyer
Finance Director
Chief Financial Officer
Treasury Manager
Compliance Officer
Legal Manager
Corporate Secretary
Risk Manager
Commercial Director
Banking Relationship Manager
Security Trustee
Facility Agent
Transaction Manager
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