The General Security Agreement is a fundamental document in secured lending and financial transactions under Belgian law. It is typically used when a party (the Grantor) needs to provide security over its assets to secure its obligations to another party (the Secured Party). The agreement is essential in various contexts, including corporate lending, asset financing, and project finance transactions. It must comply with Belgian legal requirements, particularly the Belgian Pledge Act and Financial Collateral Law, and requires careful consideration of asset types, registration requirements, and enforcement mechanisms. The document includes detailed provisions on the creation and perfection of security interests, representations and warranties, covenants, and enforcement rights, along with comprehensive schedules describing the secured assets and obligations.
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1. Parties: Identification of the Secured Party (creditor) and the Grantor (debtor), including full legal names, registration numbers, and addresses
2. Background: Context of the security agreement, reference to any underlying credit or facility agreements, and purpose of the security interest
3. Definitions and Interpretation: Comprehensive definitions of terms used throughout the agreement, including specific Belgian law concepts and interpretation rules
4. Creation of Security Interest: Express grant of security interest, nature and scope of the security, and compliance with Belgian Pledge Act requirements
5. Secured Obligations: Definition and scope of the obligations being secured, including present and future debts as permitted under Belgian law
6. Representations and Warranties: Grantor's declarations regarding ownership, authority, and status of collateral
7. Positive Covenants: Grantor's obligations to maintain, protect, and preserve the collateral
8. Negative Covenants: Restrictions on Grantor's actions regarding the collateral
9. Perfection Requirements: Steps required to perfect the security interest under Belgian law, including registration requirements
10. Enforcement: Rights and remedies upon default, including Belgian law enforcement procedures
11. Power of Attorney: Appointment of Secured Party as attorney-in-fact for enforcement purposes
12. Notices: Communication procedures between parties
13. Governing Law and Jurisdiction: Explicit choice of Belgian law and jurisdiction provisions
14. General Provisions: Standard clauses including severability, amendments, and waivers
1. Financial Collateral Arrangements: Special provisions when security includes financial instruments or cash accounts, applying Belgian Financial Collateral Law
2. Intellectual Property Rights: Specific provisions for security over IP rights, including registration requirements
3. Insurance: Requirements for insurance of collateral when physical assets are involved
4. Bank Accounts: Specific provisions for security over bank accounts and cash collateral
5. Third Party Security Provider: Additional provisions when security is provided by a party other than the principal debtor
6. Cross-Border Provisions: Additional provisions for international security interests involving multiple jurisdictions
7. Data Protection: Specific provisions regarding personal data processing in compliance with Belgian Data Protection Act
8. Currency Provisions: Provisions dealing with multiple currencies when relevant to the security arrangement
1. Schedule 1 - Collateral Description: Detailed description of all assets subject to the security interest
2. Schedule 2 - Secured Obligations: Detailed list of all agreements and obligations secured by the agreement
3. Schedule 3 - Perfection Requirements: Specific steps and documents required for perfection under Belgian law
4. Schedule 4 - Registration Forms: Forms required for registration with relevant Belgian authorities
5. Schedule 5 - Existing Security Interests: List of any existing security interests or encumbrances on the collateral
6. Appendix A - Notice Forms: Template forms for various notices required under the agreement
7. Appendix B - Power of Attorney: Formal power of attorney document complying with Belgian requirements
8. Appendix C - Compliance Certificates: Template certificates for ongoing compliance confirmations
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Technology and Software
Retail and Consumer Goods
Energy and Utilities
Transportation and Logistics
Healthcare
Agriculture
Construction
Professional Services
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretariat
Credit Administration
Commercial
Business Development
Operations
Relevant Roles
Chief Financial Officer
General Counsel
Legal Director
Finance Director
Treasury Manager
Risk Manager
Compliance Officer
Corporate Lawyer
Security Trustee
Credit Manager
Transaction Manager
Commercial Director
Business Development Manager
Company Secretary
Financial Controller
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