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The Security Trust Agreement is a crucial document in Belgian financial and corporate transactions where security interests need to be held and managed on behalf of multiple beneficiaries. While Belgian law traditionally doesn't recognize common law trusts, this agreement creates a contractual framework that achieves similar effects while complying with Belgian legal requirements. It's commonly used in syndicated lending, project finance, and other complex financial transactions where multiple parties have security interests that need to be efficiently managed. The agreement details the appointment and powers of the security trustee, the creation and perfection of security interests, enforcement mechanisms, and the rights and obligations of all parties involved. The document must comply with Belgian financial regulations, including the Financial Collateral Law and the Act on Security Interests on Movable Assets, while providing practical solutions for cross-border transactions.

1. Parties: Identification of the Security Trustee, Security Provider(s), Beneficiaries, and any other relevant parties

2. Background: Context of the security arrangement, underlying obligations, and purpose of the security trust

3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including Belgian law-specific concepts

4. Appointment and Role of Security Trustee: Terms of appointment, scope of authority, and duties of the security trustee

5. Declaration of Trust: Express creation of the security trust arrangement and its terms

6. Security Assets: Detailed description of the assets subject to the security interest

7. Creation and Perfection of Security: Provisions for creating and perfecting security interests under Belgian law

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

9. Covenants: Ongoing obligations of the parties, including maintenance of security assets

10. Enforcement: Trigger events and enforcement procedures compliant with Belgian law

11. Application of Proceeds: Order of priority for distributing enforcement proceeds

12. Trustee Rights and Protections: Powers, immunities, and indemnification of the security trustee

13. Fees and Expenses: Compensation structure for the trustee and cost allocation

14. Amendments and Waivers: Procedures for modifying the agreement or waiving rights

15. Governing Law and Jurisdiction: Explicit choice of Belgian law and jurisdiction provisions