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Credit Application Agreement

Credit Application Agreement Template for Belgium

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Key Requirements PROMPT example:

Credit Application Agreement

"I need a Credit Application Agreement under Belgian law for a €500,000 business expansion loan to be disbursed by March 2025, with quarterly repayments over 5 years and security over business assets."

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Document background
The Credit Application Agreement serves as the primary legal instrument for establishing credit relationships in Belgium. It is used when an individual or entity seeks to obtain credit facilities from a financial institution, whether for personal, commercial, or specific purpose financing. The document must comply with stringent Belgian financial regulations, including the Belgian Code of Economic Law (Book VII) and various EU directives. This agreement captures all essential credit terms, borrower information, financial conditions, and regulatory requirements, including GDPR compliance and anti-money laundering provisions. It forms the basis for the ongoing credit relationship and outlines the rights, obligations, and remedies available to all parties involved. The document's structure reflects Belgian legal requirements for consumer protection and financial services regulation, making it a crucial tool for credit risk management and regulatory compliance.
Suggested Sections

1. Parties: Identification of the credit institution and the credit applicant(s), including full legal names and addresses

2. Background: Context of the credit application and relationship between the parties

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

4. Purpose of Credit: Detailed description of the intended use of the credit facility

5. Credit Amount and Terms: Specification of the credit amount, duration, and key financial terms

6. Interest Rate and Charges: Detailed breakdown of interest rates, calculation methods, and all applicable fees

7. Repayment Terms: Schedule and methods of repayment, including installment calculations

8. Conditions Precedent: Conditions that must be satisfied before the credit becomes available

9. Representations and Warranties: Statements of fact and assurances given by the applicant

10. Covenants: Ongoing obligations of the borrower during the credit term

11. Events of Default: Circumstances that constitute default and their consequences

12. Data Protection and Privacy: Provisions regarding the handling of personal data in compliance with GDPR

13. Governing Law and Jurisdiction: Confirmation of Belgian law application and jurisdiction

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Arrangements: Details of any collateral or security required - include when credit is secured

2. Guarantors: Information about guarantors and their obligations - include when third-party guarantees are required

3. Insurance Requirements: Mandatory insurance provisions - include when specific insurance is required for the credit

4. Early Repayment: Terms for early repayment options - include when early repayment is permitted

5. Co-borrower Provisions: Additional terms for multiple borrowers - include when there are co-applicants

6. Credit Card Specific Terms: Additional provisions for credit card applications - include for credit card products

7. Foreign Currency Provisions: Terms for foreign currency credits - include when credit is in non-EUR currency

Suggested Schedules

1. Schedule 1 - Repayment Schedule: Detailed amortization table showing payment dates and amounts

2. Schedule 2 - Fee Schedule: Comprehensive list of all applicable fees and charges

3. Schedule 3 - Required Documents: List of documents required for the credit application

4. Schedule 4 - Standard European Consumer Credit Information: Standardized information sheet required by EU regulations

5. Appendix A - Security Documents: Forms and details related to any security arrangements

6. Appendix B - Insurance Requirements: Detailed insurance specifications and requirements

7. Appendix C - Direct Debit Authorization: Authorization forms for automatic payment processing

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Applicable Law
Application
Approval
Authorized Representative
Banking Day
Borrower
Business Day
Collateral
Confidential Information
Credit Amount
Credit Facility
Credit Institution
Credit Period
Data Protection Laws
Default Interest
Default Rate
Drawdown
Effective Date
Event of Default
Facility Documents
Financial Indebtedness
Financial Statements
Force Majeure
Guarantor
Interest Payment Date
Interest Period
Interest Rate
Lender
Material Adverse Effect
Maturity Date
Outstanding Amount
Party/Parties
Personal Data
Prepayment
Principal
Repayment Date
Repayment Schedule
Security
Security Documents
Signing Date
Standard European Consumer Credit Information
Tax
Term
Transaction Documents
Relevant Industries

Banking

Financial Services

Consumer Finance

Retail Banking

Commercial Banking

Real Estate

Automotive Finance

Small Business Lending

Corporate Finance

Mortgage Lending

Relevant Teams

Legal

Compliance

Risk Management

Credit Operations

Financial Control

Customer Relations

Documentation

Treasury

Regulatory Affairs

Credit Administration

Relevant Roles

Credit Officer

Risk Manager

Compliance Officer

Legal Counsel

Financial Advisor

Relationship Manager

Credit Analyst

Branch Manager

Underwriter

Credit Risk Officer

Document Specialist

Treasury Manager

Chief Financial Officer

Credit Operations Manager

Industries
Belgian Code of Economic Law (Book VII): Contains specific provisions on consumer credit agreements, including mandatory terms, information requirements, and consumer protection measures
Belgian Civil Code (Articles 1108-1133): Fundamental contract law provisions governing formation, validity, and enforcement of contracts
Act of 2 August 2002: Supervision of the financial sector and financial services, including regulations on credit institutions
GDPR and Belgian Data Protection Act: Regulations governing the processing of personal data in credit applications and financial services
Belgian Anti-Money Laundering Law of 18 September 2017: Requirements for customer due diligence and prevention of money laundering in financial transactions
Royal Decree of 4 August 1992: Regulations on consumer credit charges, including limitations on interest rates and additional costs
Belgian Consumer Protection Act: General consumer protection provisions affecting credit agreements and financial services
Act of 21 December 2013: Implementation of various financial regulations including provisions on credit intermediaries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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