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Third Party Security Agreement for the United Kingdom

Third Party Security Agreement Template for England and Wales

A Third Party Security Agreement is a legal document governed by English and Welsh law that creates security interests over assets owned by a party (the security provider) to secure the obligations of another party (the principal debtor) to a creditor (the secured party). The agreement details the assets being secured, the obligations being guaranteed, enforcement mechanisms, and the rights and obligations of all parties involved. It must comply with English law requirements for creating and registering security interests.

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Third Party Security Agreement

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What is a Third Party Security Agreement?

A Third Party Security Agreement is commonly used in complex financing arrangements where additional security is required beyond the principal debtor's own assets. Under English and Welsh law, this document creates enforceable security interests over the third party's assets, which can include both tangible and intangible property. The agreement must satisfy statutory requirements for creating valid security interests and typically requires registration at Companies House. It's particularly common in group company structures, project finance, and real estate transactions where parent companies or related entities provide security for subsidiaries or joint venture partners.

What sections should be included in a Third Party Security Agreement?

1. Parties: Identifies all parties to the agreement including the security provider, secured party, and debtor

2. Background: Sets out the context of the security arrangement and relationship between parties

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

4. Grant of Security: Details the security interest being created and secured assets

5. Representations and Warranties: Security provider's confirmations about ownership and capacity

6. Covenants: Ongoing obligations of the security provider

7. Enforcement: Rights and remedies upon default

8. Power of Attorney: Appointment of secured party as attorney for enforcement purposes

What sections are optional to include in a Third Party Security Agreement?

1. Further Assurance: Additional actions required to perfect security - used in complex security arrangements or multiple jurisdictions

2. Rights of the Security Provider: Continuing rights to deal with secured assets - used when security provider needs specific permissions to continue business

3. Costs and Expenses: Allocation of costs related to the security - used when specific cost arrangements needed

What schedules should be included in a Third Party Security Agreement?

1. Schedule of Secured Assets: Detailed list and description of assets subject to security

2. Form of Notices: Template notices to perfect security (e.g., for bank accounts, insurance)

3. Powers of Attorney: Detailed powers granted to secured party

4. Form of Security Provider Resolutions: Template corporate authorizations

Authors

Alex Denne

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

Jurisdiction

England and Wales

Document Type

Security Agreement

Cost

Free to use
Relevant legal definitions







































Clauses


































Industries

Companies Act 2006: Primary legislation governing company charges, registration requirements, corporate powers and authority requirements for creating security

Law of Property Act 1925: Fundamental legislation establishing requirements for creating legal charges over property and formalities for security interests

Financial Collateral Arrangements (No.2) Regulations 2003: Regulations specific to financial collateral and related enforcement rights in security arrangements

Enterprise Act 2002: Legislation affecting enforcement of security and administrative receivership provisions in security arrangements

Insolvency Act 1986: Key legislation governing priority of security interests, impact of insolvency on security, and enforcement during insolvency proceedings

Financial Services and Markets Act 2000: Regulatory framework applicable when security arrangements involve regulated entities

Consumer Credit Act 1974: Legislation that must be considered if the security provider is an individual rather than a corporation

EU Retained Law: Post-Brexit retained European Union regulations pertaining to security interests that remain applicable in UK law

Common Law Principles: Established case law and judicial precedents governing security interests and their enforcement

Data Protection Act 2018/GDPR: Data protection requirements that may affect information handling within security arrangements

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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