The Payment Undertaking Agreement is a crucial financial instrument used in the Philippine business environment when one party needs to provide a firm, legally binding commitment to make payments to another party. This document is commonly utilized in various scenarios including project financing, debt restructuring, commercial transactions, and long-term payment arrangements. It provides security to the payment recipient while establishing clear obligations for the payment provider. The agreement must comply with Philippine financial regulations, including the New Central Bank Act and Anti-Money Laundering laws, and typically includes detailed payment terms, default provisions, and enforcement mechanisms. It's particularly valuable in situations requiring documented payment commitments, whether for single large payments or recurring payment obligations, and can be structured to include security arrangements or guarantees as additional protection for the payment recipient.
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1. Parties: Identification of the payment obligor and obligee, including their complete legal names, addresses, and registration details
2. Background: Context of the payment obligation, including reference to any underlying transaction or relationship giving rise to the payment obligation
3. Definitions: Definitions of key terms used throughout the agreement, including payment-related terminology, dates, and calculation methods
4. Payment Obligations: Detailed description of the payment obligations, including amount, currency, and payment schedule
5. Payment Terms: Specific terms regarding method of payment, account details, and payment instructions
6. Interest and Charges: Provisions regarding interest calculations, default interest, and any additional charges or fees
7. Representations and Warranties: Standard representations and warranties from the obligor regarding capacity, authority, and financial condition
8. Events of Default: Definition of events that constitute default and their consequences
9. Remedies: Available remedies in case of default or breach
10. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
11. Notices: Process and requirements for serving notices under the agreement
12. Miscellaneous: Standard boilerplate provisions including amendments, waivers, and severability
1. Security Arrangements: Details of any security or collateral provided to secure the payment obligations - include when security is being provided
2. Conditions Precedent: Conditions that must be satisfied before payment obligations become effective - include when there are specific prerequisites
3. Currency Provisions: Provisions dealing with multiple currencies, exchange rates, and currency conversion - include for cross-border transactions
4. Tax Provisions: Detailed tax-related provisions including withholding tax requirements - include when tax implications are significant
5. Step-In Rights: Rights of third parties to assume payment obligations - include when there are guarantors or backup obligors
6. Force Majeure: Provisions dealing with circumstances beyond parties' control - include when long-term payment obligations exist
7. Assignment and Transfer: Rights to assign or transfer payment obligations - include when transferability is important
1. Payment Schedule: Detailed schedule of payment amounts and due dates
2. Calculation Methodology: Methods for calculating variable payments, interest, or adjustments
3. Form of Payment Notice: Template for payment notices or demands
4. Security Documents: Forms of security documents if security is provided
5. Bank Account Details: Specified bank accounts for making and receiving payments
6. Contact Details: List of authorized representatives and their contact information
7. Form of Compliance Certificate: Template for periodic compliance certifications if required
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Manufacturing
Energy and Utilities
Infrastructure
Telecommunications
Mining and Natural Resources
Retail and Commerce
Agriculture
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Commercial
Corporate Secretariat
Credit Control
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Financial Controller
Credit Manager
Risk Manager
Commercial Director
Business Development Manager
Account Manager
Compliance Officer
Company Secretary
Managing Director
Chief Executive Officer
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