The Intercreditor Agreement (Real Estate) is a crucial document in Belgian real estate financing transactions where multiple creditors are involved in the financing structure. It becomes necessary when there are different classes of creditors (such as senior lenders, mezzanine lenders, and hedge counterparties) providing financing for real estate acquisitions, developments, or refinancing in Belgium. The agreement establishes the ranking and relationship between these creditors, sets out the payment priorities, defines enforcement rights, and addresses security sharing arrangements, all within the framework of Belgian law. It includes specific provisions addressing Belgian mortgage law requirements, security interest rankings, and enforcement procedures, while ensuring compliance with local property and security regulations. This document is particularly important given Belgium's specific legal requirements regarding security interests in real estate and the registration of mortgages.
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1. Parties: Identification of all creditors, debtors, security agents, and other relevant parties
2. Background: Context of the financing arrangement, existing facilities, and purpose of the agreement
3. Definitions and Interpretation: Defined terms, construction rules, and Belgian law-specific interpretations
4. Ranking and Priority: Establishment of creditor rankings, priority of payments, and security interests
5. Payment Provisions: Rules governing payments, payment waterfall, and turnover obligations
6. Security Principles: Principles governing shared security, including mortgage arrangements
7. Enforcement: Rights and limitations regarding enforcement of security, including real estate specific provisions
8. Application of Proceeds: Rules for distributing proceeds from enforcement or insolvency
9. Changes to Parties: Transfer and assignment provisions, including requirements under Belgian law
10. Administration of Security: Role and powers of security agent, particularly regarding real estate security
11. Costs and Expenses: Allocation of costs, including registration and enforcement expenses
12. Notices: Communication requirements and methods
13. Miscellaneous: Standard boilerplate provisions adapted for Belgian law
14. Governing Law and Jurisdiction: Belgian law as governing law and jurisdiction provisions
1. Subordinated Creditor Provisions: Include when there are subordinated creditors in the structure
2. Hedge Counterparty Provisions: Include when hedging arrangements are part of the financing structure
3. Intra-Group Lender Provisions: Include when there are intra-group loans to be regulated
4. Mezzanine Facility Provisions: Include when mezzanine financing is part of the structure
5. VAT Facility Provisions: Include when there is specific VAT financing
6. Construction Security Provisions: Include when the real estate involves construction or development
7. Purchase Price Retention Provisions: Include when there are purchase price retention arrangements
1. Form of Accession Deed: Standard form for new parties to accede to the agreement
2. Form of Resignation Letter: Standard form for parties to resign from their roles
3. Security Documents: List and details of all security documents, including mortgages
4. Notice Details: Contact details for all parties
5. Existing Facilities: Details of all existing facilities and their key terms
6. Form of Security Agent Power of Attorney: Standard form for security agent powers, compliant with Belgian requirements
7. Payment Waterfall: Detailed payment priorities and calculations
8. Property Schedule: Details of all real estate assets subject to security
Relevant legal definitions
Clauses
Relevant Industries
Commercial Real Estate
Residential Real Estate
Retail Property
Industrial Property
Office Buildings
Logistics
Healthcare Real Estate
Hotel and Leisure
Mixed-Use Development
Student Housing
Relevant Teams
Legal
Finance
Real Estate
Treasury
Risk Management
Corporate Finance
Property Management
Investment
Compliance
Credit
Transaction Management
Relevant Roles
Legal Counsel
Finance Director
Real Estate Manager
Treasury Manager
Chief Financial Officer
Risk Manager
Property Investment Manager
Debt Finance Manager
Corporate Finance Manager
Real Estate Finance Director
General Counsel
Senior Loan Officer
Security Trustee
Facility Agent
Transaction Manager
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