The General Security Agreement is a fundamental document in secured lending transactions under Pakistani law, used when a party (security provider) wishes to grant security interests over its assets to secure its obligations to another party (secured party). This document is essential in various financing arrangements, from bilateral loans to syndicated facilities, and can cover multiple types of assets including movable and immovable property, receivables, intellectual property, and shares. The agreement must comply with Pakistani security laws, including registration requirements under the Registration Act 1908 and the Companies Act 2017, stamp duty requirements under the Stamp Act 1899, and enforcement provisions under the Financial Institutions (Recovery of Finances) Ordinance 2001. It serves as a comprehensive security document that protects the interests of the secured party while establishing clear rights and obligations for all parties involved.
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1. Parties: Identifies and defines the security provider/grantor and the secured party/beneficiary
2. Background: Explains the context of the security arrangement and references any related agreements
3. Definitions and Interpretation: Defines key terms and establishes interpretation rules for the agreement
4. Grant of Security Interest: Core provision creating the security interest over the collateral
5. Secured Obligations: Defines the obligations being secured by the agreement
6. Representations and Warranties: Security provider's confirmations regarding ownership, authority, and status of collateral
7. Covenants: Ongoing obligations of the security provider regarding maintenance and protection of collateral
8. Further Assurance: Obligation to execute additional documents and take actions to perfect security
9. Events of Default: Circumstances that trigger enforcement rights
10. Enforcement Rights: Secured party's rights and remedies upon default
11. Power of Attorney: Appointment of secured party as security provider's attorney for enforcement purposes
12. Notices: Process and requirements for formal communications between parties
13. Assignment and Transfer: Rights and restrictions regarding transfer of rights under the agreement
14. Governing Law and Jurisdiction: Specifies Pakistani law as governing law and jurisdiction for disputes
15. Miscellaneous: Standard boilerplate provisions including severability, amendments, counterparts
1. Negative Pledge: Prohibits creation of other security interests over the collateral - used for exclusive security arrangements
2. Insurance: Requirements for insuring collateral - included when collateral includes physical assets
3. Bank Accounts: Specific provisions for charged accounts - used when bank accounts form part of collateral
4. Intellectual Property: Specific provisions for IP security - used when IP forms part of collateral
5. Receivables: Specific provisions for receivables charging - used when receivables form part of collateral
6. Share Security Provisions: Specific provisions for share security - used when shares form part of collateral
7. Priority Arrangements: Provisions regarding ranking of security - used when multiple security interests exist
8. Currency Provisions: Provisions dealing with multiple currencies - used in cross-border transactions
1. Schedule 1 - Collateral Description: Detailed description and categorization of all assets subject to security
2. Schedule 2 - Secured Obligation Documents: List of agreements containing secured obligations
3. Schedule 3 - Form of Notice to Third Parties: Template notices for perfecting security over certain assets
4. Schedule 4 - Security Provider Details: Corporate and registration details of security provider
5. Schedule 5 - Properties: Details of any immovable property included in security
6. Schedule 6 - Bank Accounts: Details of charged bank accounts
7. Schedule 7 - Intellectual Property: Details of charged intellectual property rights
8. Schedule 8 - Form of Accession Deed: Template for additional security providers to accede to agreement
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