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Master Netting Agreement

Master Netting Agreement Template for Philippines

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Key Requirements PROMPT example:

Master Netting Agreement

"I need a Master Netting Agreement under Philippine law for use between our investment bank and multiple local securities dealers, with specific provisions for derivatives and securities lending transactions, to be implemented by March 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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
Acceleration Event
Affected Party
Affiliate
Agreement
Applicable Rate
Base Currency
Business Day
Calculation Agent
Calculation Date
Close-out Amount
Confirmation
Covered Transactions
Credit Support
Default Rate
Defaulting Party
Early Termination
Early Termination Amount
Early Termination Date
Event of Default
Governing Law
Local Business Day
Mark-to-Market Value
Master Agreement
Netting Date
Net Settlement Amount
Non-defaulting Party
Notice of Default
Parties
Payment Date
Potential Event of Default
Reference Market-makers
Relevant Jurisdiction
Settlement Amount
Specified Condition
Specified Entity
Specified Indebtedness
Specified Transaction
Spot Rate
Termination Currency
Termination Currency Equivalent
Threshold Amount
Transaction
Unpaid Amounts
Waiting Period
Relevant Industries

Banking

Financial Services

Insurance

Investment Management

Securities Trading

Corporate Treasury

Asset Management

Pension Fund Management

Government Financial Sector

Derivatives Trading

Relevant Teams

Legal

Treasury

Risk Management

Compliance

Finance

Trading

Operations

Credit Risk

Regulatory Affairs

Transaction Management

Relevant Roles

Chief Financial Officer

Treasury Manager

Risk Management Officer

Legal Counsel

Compliance Officer

Financial Controller

Trading Manager

Investment Officer

Credit Risk Manager

Operations Manager

Legal Director

Treasury Operations Officer

Regulatory Compliance Manager

Senior Financial Analyst

Banking Relationship Manager

Industries
Financial Market Infrastructure Act of 2013 (Republic Act No. 10574): Provides the legal framework for payment and settlement systems, including provisions for the enforceability of netting arrangements in the Philippines
New Central Bank Act (Republic Act No. 7653): Governs banking transactions and financial institutions, including regulations on foreign exchange transactions and banking relationships
Philippine Civil Code (Republic Act No. 386): Contains fundamental contract law principles, including formation, validity, and enforcement of contracts
Financial Rehabilitation and Insolvency Act (FRIA) of 2010 (Republic Act No. 10142): Provides the framework for bankruptcy and insolvency proceedings, including the treatment of netting arrangements during insolvency
Securities Regulation Code (Republic Act No. 8799): Regulates securities transactions and provides framework for financial market activities
Anti-Money Laundering Act of 2001 (Republic Act No. 9160): Contains provisions regarding financial transactions and reporting requirements that may affect netting arrangements
Foreign Investments Act of 1991 (Republic Act No. 7042): Relevant for cross-border aspects of netting agreements involving foreign parties
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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