The Non-Recourse Loan Agreement is commonly used in Belgian financing transactions where lenders agree to look solely to specific assets for repayment, particularly in project finance, real estate, and asset-based lending scenarios. This document type is essential when parties wish to ring-fence liability to particular assets, providing the borrower with limited liability while giving the lender specific rights over defined collateral. The agreement must comply with Belgian civil law, financial regulations, and security interest requirements, including the reformed contract law of 2023 and specific provisions of the Belgian Code of Economic Law. It typically includes detailed collateral descriptions, valuation mechanisms, enforcement procedures, and specific provisions required under Belgian law for creating and perfecting security interests.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the loan agreement including purpose and basic terms
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. The Facility: Details of the loan amount, purpose, and drawdown conditions
5. Interest and Fees: Interest rate, calculation method, payment dates, and any applicable fees
6. Repayment Terms: Repayment schedule, prepayment provisions, and payment mechanics
7. Security and Collateral: Detailed description of the assets securing the loan and perfection requirements
8. Limited Recourse Provisions: Explicit provisions limiting the lender's recourse solely to the specified collateral
9. Representations and Warranties: Borrower's confirmations regarding their status, authority, and the collateral
10. Covenants: Ongoing obligations regarding the maintenance and protection of the collateral
11. Events of Default: Circumstances constituting default and consequences
12. Enforcement and Remedies: Lender's rights and procedures for enforcing against the collateral
13. Miscellaneous: Standard provisions including notices, amendments, and governing law
1. Insurance Requirements: Required when the collateral needs specific insurance coverage
2. Tax Provisions: Include when there are specific tax implications or requirements
3. Security Agent Provisions: Required in syndicated loans or when a security agent is appointed
4. Hedging Obligations: Include when interest rate or currency hedging is required
5. Environmental Provisions: Required when the collateral includes real estate or industrial assets
6. Intercreditor Provisions: Include when there are multiple creditors or ranking of security
7. Registration Requirements: Include when specific asset registration is required under Belgian law
1. Schedule 1 - Collateral Description: Detailed description and identification of the collateral assets
2. Schedule 2 - Repayment Schedule: Detailed payment dates and amounts
3. Schedule 3 - Form of Drawdown Notice: Template for requesting loan disbursements
4. Schedule 4 - Security Documents: Forms of security agreements and registrations
5. Schedule 5 - Conditions Precedent: List of required documents and conditions before drawdown
6. Appendix A - Valuation Report: Independent valuation of the collateral assets
7. Appendix B - Asset Registration Details: Official registration information for the collateral
8. Appendix C - Insurance Certificates: Proof of required insurance coverage
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