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Credit Agreement (Insurance)

Credit Agreement (Insurance) Template for Pakistan

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Key Requirements PROMPT example:

Credit Agreement (Insurance)

"I need a Credit Agreement (Insurance) under Pakistani law for a premium financing arrangement between ABC Bank and XYZ Manufacturing, where the bank will finance annual insurance premiums of PKR 50 million, with the insurance policies serving as security."

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Document background
This Credit Agreement (Insurance) template is designed for use in Pakistan-based credit facilities where insurance arrangements form a key component of the transaction. It is commonly used when extending credit facilities that are either secured by insurance policies or are intended to finance insurance premiums. The agreement complies with Pakistani banking and insurance regulations, including requirements under the Insurance Ordinance 2000, Banking Companies Ordinance 1962, and relevant State Bank of Pakistan directives. This document is particularly relevant when structuring credit facilities that require specific insurance coverage as security or when financing large insurance premium payments. It includes provisions for insurance policy assignments, premium financing arrangements, and related security structures, all tailored to comply with Pakistani law and market practice.
Suggested Sections

1. Parties: Identification of the lender, borrower, and any insurance providers or guarantors

2. Background: Context of the agreement, relationship between parties, and purpose of the credit facility

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Credit Facility Terms: Details of the credit amount, purpose, drawdown conditions, and repayment terms

5. Insurance Requirements: Mandatory insurance coverage, terms, and conditions

6. Representations and Warranties: Statements of fact and assurances from the borrower regarding their status and ability to enter into the agreement

7. Covenants: Positive and negative obligations of the borrower throughout the term of the agreement

8. Security Arrangements: Details of collateral, guarantees, and other security measures

9. Events of Default: Circumstances constituting default and consequences thereof

10. Payment Provisions: Payment mechanisms, schedules, and procedures

11. Term and Termination: Duration of the agreement and termination circumstances

12. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and jurisdiction for disputes

Optional Sections

1. Insurance Premium Financing: Include when the credit facility is specifically for financing insurance premiums

2. Islamic Banking Provisions: Include when the credit facility needs to be Shariah-compliant

3. Multiple Currency Provisions: Include when the facility involves multiple currencies

4. Agency Provisions: Include when multiple lenders are involved requiring an agent bank

5. Cross-Default Provisions: Include when the borrower has other significant credit facilities

6. Step-In Rights: Include when lender may need to take control of insurance policies or claims

Suggested Schedules

1. Schedule 1 - Facility Details: Detailed terms of the credit facility including amounts, interest rates, and repayment schedule

2. Schedule 2 - Insurance Requirements: Specific insurance coverage requirements, minimum coverage amounts, and approved insurers

3. Schedule 3 - Conditions Precedent: List of documents and conditions required before facility becomes effective

4. Schedule 4 - Security Details: Detailed description of all security arrangements and collateral

5. Schedule 5 - Form of Drawdown Notice: Template for requesting disbursements under the facility

6. Schedule 6 - Payment Procedures: Detailed payment mechanisms and account details

7. Appendix A - Form of Insurance Certificates: Template for insurance certificates required under the agreement

8. Appendix B - Compliance Certificates: Template for periodic compliance certification by borrower

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

Insurance

Corporate Finance

Risk Management

Financial Technology

Islamic Banking

Professional Services

General Corporate

Relevant Teams

Legal

Finance

Risk Management

Insurance Operations

Credit Administration

Compliance

Treasury

Corporate Banking

Insurance Underwriting

Policy Administration

Relevant Roles

Chief Financial Officer

Head of Legal

Insurance Manager

Credit Risk Manager

Compliance Officer

Legal Counsel

Finance Director

Risk Manager

Treasury Manager

Insurance Operations Manager

Credit Officer

Corporate Banking Manager

Insurance Underwriter

Policy Administrator

Financial Controller

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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