The Master Netting Agreement is essential for financial institutions and corporations engaging in multiple financial transactions in the Philippines. It serves as a critical risk management tool by allowing parties to reduce their credit exposure through the netting of payment obligations. This document type is particularly relevant when parties engage in various financial transactions such as derivatives, securities lending, or foreign exchange trades. The agreement must comply with Philippine legislation, including the Financial Market Infrastructure Act of 2013 and the New Central Bank Act, while also considering international netting standards. It typically includes provisions for close-out netting, payment calculations, and default scenarios, structured to ensure enforceability under Philippine law while facilitating efficient financial relationships between parties.
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1. Parties: Identification of the contracting parties and their legal status
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Comprehensive definitions of terms used throughout the agreement
4. Scope of Agreement: Coverage of transactions and obligations subject to netting
5. Netting Arrangements: Core provisions describing the netting mechanism and calculations
6. Events of Default: Circumstances triggering close-out netting rights
7. Close-out and Early Termination: Procedures for termination and final settlement calculations
8. Payment Obligations: Terms for settlement of netted amounts
9. Representations and Warranties: Standard and specific representations by both parties
10. Covenants: Ongoing obligations of the parties
11. Security and Credit Support: Provisions for collateral and other credit support arrangements
12. Notices: Communication procedures between parties
13. Governing Law and Jurisdiction: Choice of law and dispute resolution provisions
14. Miscellaneous: Standard boilerplate provisions
1. Multicurrency Provisions: Additional provisions for handling multiple currencies in netting calculations
2. Agency Provisions: Required when one or more parties act as agents
3. Branch Provisions: Needed for agreements covering multiple branches of the same entity
4. Tax Provisions: Detailed tax considerations and gross-up obligations
5. Electronic Trading Provisions: Required for agreements covering electronic trading platforms
6. Special Entity Provisions: Additional terms for regulated entities or government institutions
7. Cross-Border Provisions: Additional terms for international transactions
1. Schedule 1 - Covered Transactions: List and details of transaction types covered by the agreement
2. Schedule 2 - Confirmation Procedures: Procedures for confirming individual transactions
3. Schedule 3 - Calculation Agent Provisions: Terms for calculation agent role and responsibilities
4. Schedule 4 - Contact Details: Contact information for notices and communications
5. Appendix A - Form of Confirmation: Standard form for transaction confirmations
6. Appendix B - Eligible Collateral: Types and terms of acceptable collateral
7. Appendix C - Local Law Provisions: Specific provisions required under Philippine law
8. Appendix D - Tax Documentation: Required tax forms and documentation
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