The Guaranty Agreement is a fundamental legal instrument in Belgian commercial and financial transactions, used to provide additional security for various types of obligations. This document is typically employed when a creditor requires additional assurance beyond the principal debtor's commitment, particularly in scenarios such as corporate group financing, real estate transactions, or major commercial contracts. The agreement must comply with Belgian law requirements, including specific provisions of the Belgian Civil Code regarding suretyship (cautionnement/borgtocht) and, where applicable, financial services regulations. The document includes detailed provisions on the scope of the guarantee, trigger events, enforcement mechanisms, and the rights and obligations of all parties involved. Special consideration must be given to corporate benefit requirements for corporate guarantors and consumer protection regulations for individual guarantors.
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1. Parties: Identification of the Guarantor, the Beneficiary (creditor), and the Principal Debtor
2. Background: Context of the guarantee, including reference to the principal debt or obligation being guaranteed
3. Definitions: Key terms used throughout the agreement, including 'Guaranteed Obligations', 'Event of Default', and 'Enforcement Event'
4. Guarantee: Core guarantee provisions, including scope, nature (independent or accessory), and limitations
5. Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and financial condition
6. Payment Obligations: Terms of payment, currency, and method of payment upon demand
7. Enforcement: Circumstances and process for enforcing the guarantee, including notice requirements
8. Preservation of Rights: Provisions ensuring the guarantee remains valid despite changes to the underlying obligation
9. Tax Gross-up and Indemnities: Provisions dealing with tax implications and related indemnities
10. Duration and Release: Term of the guarantee and conditions for release
11. Notices: Communication requirements and contact details
12. Governing Law and Jurisdiction: Confirmation of Belgian law application and jurisdiction for disputes
1. Multiple Guarantors: Required when there is more than one guarantor, addressing joint and several liability
2. Currency Provisions: Needed for cross-border guarantees involving multiple currencies
3. Security Interest: Used when the guarantee is secured by specific assets
4. Step-in Rights: Included when the beneficiary has the right to take over the principal debtor's position
5. Financial Covenants: Required when the guarantor must maintain specific financial metrics
6. Corporate Benefit Language: Required for corporate guarantors to address Belgian corporate benefit requirements
7. Consumer Protection Provisions: Required when the guarantor is a natural person acting as a consumer
1. Schedule 1 - Guaranteed Obligations: Detailed description of the obligations being guaranteed
2. Schedule 2 - Form of Demand: Template for making a demand under the guarantee
3. Schedule 3 - Conditions Precedent: List of documents and conditions required before the guarantee becomes effective
4. Schedule 4 - Financial Information: Forms and requirements for financial reporting, if applicable
5. Schedule 5 - Security Documents: Details of any security provided in support of the guarantee
6. Appendix A - Corporate Authorizations: Copies of relevant corporate approvals and authorizations
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