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Intercreditor Agreement (Real Estate) Template for Belgium

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Intercreditor Agreement (Real Estate)

"I need an Intercreditor Agreement (Real Estate) under Belgian law for a mixed-use development project in Brussels, involving senior bank financing, mezzanine debt, and a VAT facility, with anticipated closing in March 2025."

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What is a Intercreditor Agreement (Real Estate)?

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.

What sections should be included in a Intercreditor Agreement (Real Estate)?

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

What sections are optional to include in a Intercreditor Agreement (Real Estate)?

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

What schedules should be included in a Intercreditor Agreement (Real Estate)?

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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