The Third Party Security Agreement is a crucial document in Belgian financing transactions where a party provides security for another entity's obligations. It is commonly used in corporate group structures, project finance, and commercial lending arrangements where the borrower's own security is insufficient or where group financing structures require cross-collateralization. The agreement must comply with Belgian law requirements, including the Belgian Civil Code, Financial Collateral Law, and Companies Code. It contains detailed provisions on the creation and perfection of security interests, enforcement mechanisms, and the rights and obligations of all parties involved. The document is particularly important in the context of Belgian commercial transactions as it provides creditors with additional security while protecting the interests of all parties through clear documentation of the security arrangement.
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1. Parties: Identification of all parties: Security Provider (Third Party), Secured Party (Creditor), and Principal Debtor
2. Background: Context of the security arrangement, relationship between parties, and reference to principal debt obligation
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including Belgian law-specific terminology
4. Creation of Security Interest: Express provision creating the security interest, specifying type and nature of security
5. Secured Obligations: Detailed description of the obligations being secured, including principal debt and ancillary obligations
6. Representations and Warranties: Standard representations by the Security Provider regarding authority, ownership, and absence of encumbrances
7. Covenants: Ongoing obligations of the Security Provider regarding the secured assets
8. Enforcement: Rights and procedures for enforcing the security interest under Belgian law
9. Power of Attorney: Appointment of the Secured Party as attorney for perfection and enforcement purposes
10. Notices: Process for giving notices between parties
11. Governing Law and Jurisdiction: Confirmation of Belgian law as governing law and jurisdiction of Belgian courts
1. Multiple Creditors: Required when there are multiple secured parties, defining ranking and relationship between them
2. Currency Provisions: Needed for cross-border transactions involving multiple currencies
3. Tax Gross-up: Include when tax implications need to be addressed explicitly
4. Further Assurance: Additional provisions for cooperation in perfecting security
5. Release Provisions: Detailed provisions on when and how security will be released
6. Costs and Expenses: Allocation of costs related to security creation and maintenance
7. Assignment and Transfer: Include if security or secured obligations may be transferred
8. Parallel Debt: Required in syndicated facilities or when using a security agent structure
1. Schedule 1 - Secured Assets: Detailed description and/or list of assets subject to security
2. Schedule 2 - Principal Debt Documents: List and details of underlying debt obligations being secured
3. Schedule 3 - Forms of Notice: Standard forms for notices to be given under the agreement
4. Schedule 4 - Security Provider Information: Detailed information about the Security Provider including corporate details
5. Schedule 5 - Perfection Requirements: List of actions required to perfect the security interest
6. Appendix A - Registration Forms: Forms required for registering the security interest with relevant Belgian authorities
7. Appendix B - Conditions Precedent: List of documents and conditions required before security becomes effective
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