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The Blocked Account Agreement is a specialized banking document used in Belgium when parties need to secure funds for specific purposes or transactions. This agreement is commonly utilized in real estate transactions, corporate acquisitions, regulatory compliance scenarios, or when establishing security arrangements under Belgian law. The document details the establishment of a blocked account, specifies the conditions under which funds can be blocked and released, and outlines the rights and obligations of all parties involved. It must comply with Belgian banking regulations, including the Belgian Banking Law of 2014 and relevant EU directives. The agreement is particularly important in transactions where funds need to be ring-fenced or held securely until specific conditions are met, providing legal certainty and protection for all parties involved.

1. Parties: Identification of all parties to the agreement, including the account holder, the bank, and any beneficiary or security agent

2. Background: Context of the agreement, purpose of the blocked account, and any relevant transaction or relationship between the parties

3. Definitions: Definitions of key terms used throughout the agreement

4. Account Establishment: Details of the blocked account, including account number, currency, and initial deposit requirements

5. Blocking Mechanism: Specific provisions on how the funds are blocked and the technical implementation of the blocking

6. Release Conditions: Detailed conditions under which funds can be released from the account

7. Operating Procedures: Day-to-day operation of the account, including handling of interest, fees, and statements

8. Bank's Rights and Obligations: Specific duties and rights of the bank in managing the blocked account

9. Account Holder's Rights and Obligations: Rights and obligations of the account holder regarding the blocked funds

10. Representations and Warranties: Standard representations and warranties from all parties

11. Fees and Costs: All applicable fees, charges, and cost allocation between parties

12. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

13. Governing Law and Jurisdiction: Confirmation of Belgian law as governing law and jurisdiction for disputes

14. Miscellaneous: Standard boilerplate provisions including notices, amendments, and severability