The Authorised Guarantee Agreement (AGA) is a crucial document in Belgian commercial property transactions where a tenant wishes to assign their lease to another party. It provides security for landlords by ensuring the original tenant guarantees the new tenant's performance of lease obligations. This document becomes necessary when a lease assignment is proposed, and the landlord requires continued security from the original tenant. The agreement must comply with Belgian civil and commercial law requirements, including potential notarial requirements and registration obligations. It typically includes detailed provisions on the scope of guarantee, payment obligations, enforcement mechanisms, and termination conditions. The document is particularly important in commercial real estate transactions where substantial rental obligations or strategic properties are involved.
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1. Parties: Identification of all parties: Guarantor, Beneficiary, and details of the Original Tenant whose obligations are being guaranteed
2. Background: Context of the guarantee, including details of the original lease, the assignment, and the requirement for the guarantee
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including specific Belgian law terminology
4. Guarantee and Indemnity: Core guarantee obligations, scope of the guarantee, and indemnification provisions
5. Duration and Extent of Liability: Time period of the guarantee and specific limitations on the guarantor's liability
6. Payment Obligations: Specific payment terms, timing, and mechanism for payments under the guarantee
7. Enforcement and Remedies: Rights of the beneficiary to enforce the guarantee and available remedies
8. Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and financial status
9. Tax Provisions: Treatment of tax implications and responsibilities for tax payments
10. Notices: Communication requirements and contact details for formal notices
11. Governing Law and Jurisdiction: Confirmation of Belgian law governance and jurisdiction for disputes
1. Security Provisions: Additional security measures if required, such as bank guarantees or charges over assets
2. Step-In Rights: Optional provisions allowing the guarantor to take over the lease in specific circumstances
3. Corporate Authorizations: Required for corporate guarantors, detailing internal approvals and authority
4. Currency Provisions: Required when payments might be made in multiple currencies
5. Assignment and Transfer: If transfer of guarantee rights or obligations might be permitted
6. Data Protection: Required when personal data processing is involved
7. Force Majeure: Optional provisions for extraordinary circumstances affecting guarantee obligations
8. Language Provisions: Required for multilingual agreements or when official translations are needed
1. Original Lease Details: Copy or summary of the relevant lease terms being guaranteed
2. Form of Demand: Template for making demands under the guarantee
3. Corporate Authorities: Copies of relevant corporate approvals and authorizations
4. Payment Details: Bank account and payment processing information
5. Guaranteed Obligations: Detailed list of specific obligations covered by the guarantee
6. Notice Details: Comprehensive contact information for all parties
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