I (We) promise to pay to the order of Macondray Finance Corporation (“MFC”) payable on a monthly installment until full payment including the interests, penalties and charges due on the following terms and conditions:

  1. The loan is for an all purpose loan.

  2. That shall be payable at the HEAD OFFICE of MFC or at any other office/s that MFC may designate.

  3. In the event that the maturity date or the due date of any installment or interest thereon falls on a holiday or non-working day, the payment must be made on the next working day.

  4. The following events shall be considered events of default on the loan, in which case, the whole sum together with the applicable outstanding penalties and interests shall immediately become due and payable at the option of MFC:

    1. failure to pay on maturity or due date any installment, interest, penalty and other fees due;

    2. attachment or garnishment of any property, material change in the ownership, death, dissolution, receivership, insolvency, suspension of payment, suspension of usual business, or similar proceedings of the undersigned or his/her guarantors or sureties;

    3. happening of any of the events mentioned under Article 1198 of the Civil Code and Section 76 and 77 of the General Banking Act;

    4. default in the payment by the undersigned or his guarantors or sureties of any other present or future loan or obligation, or default in the payment of an obligation guaranteed or secured by pledge, assignment or mortgage by the undersigned or his guarantors or sureties, whether due to MFC or any creditor;

    5. any material representation or warranties made by me (us) or any other document relative to my (our) application that is incorrect or misleading;

    6. any act or event which, in the opinion of MFC results in the impairment of the financial ability of the undersigned to meet his obligation; and

    7. failure to comply with any of the terms and conditions or any other agreement related to my (our) application.

  5. Loan may be preterminated or paid in advance of the maturity only with the express approval of MFC. In case of pretermination, I (we) shall pay to MFC a pretermination fee equivalent to the interest due for the succeeding two (2) months from the date of pretermination.

  6. In the event that it is not paid on maturity date or if any installment or interest payable is not paid when due, the undersigned, without need of demand, shall pay MFC a penalty equivalent to three percent (3%) per month of the amount due and unpaid computed from the date due until fully paid, in addition to interest/s and other charge/s. The undersigned understands and agrees that deductions made by the employer but not actually remitted and/or received by MFC shall not be considered as payment.

  7. In case of death, disability, disappearance, termination, separation from service or resignation therefrom of the undersigned or of any event or changes which may have an effect on the ability of the undersigned to pay his/her loan, MFC is hereby appointed as attorney-in-fact with full authority to negotiate and/or enter into with the employer, to execute and sign on behalf of the undersigned without need of further notice to the undersigned such agreement which shall have the purpose of holding, setting off, or applying as payment of any installment, interest, penalty or charges due under this Note such monies including salary, separation pay, other benefits due to the undersigned from its employer and such other placements or other properties belonging to the undersigned which may be in the possession of or under the control of the employer of the undersigned. The undersigned shall however remain liable for any deficiency.

  8. For an orderly collection of the amortizations, interests, penalties and other charges due, I (we) shall issue Post Dated Checks (PDCs) covering the entire obligation or shall execute an allotment agreement appointing MFC or its assignee as its allottee of a fixed amount every pay day which shall be satisfied from the salary, benefits and other amounts due to the undersigned from his employer. The undersigned hereby warrants that the allotment is with the conformity of the compulsory heirs of the undersigned. The allotment agreement shall contain sufficient authority for the employer to automatically deduct from his/her salary and/or other benefits the amount/s due and payable every payday and remit the same to MFC. The allotment in favor of MFC cannot be revoked by the undersigned unless all the outstanding obligations due has been completely satisfied.

  9. In the event that this is referred to an attorney or agency for collection, I (we) shall pay attorney’s or collection fees equivalent to twenty five percent (25%) of the amount due or P 15,000.00 whichever is higher in addition to the costs and expenses of collection or litigation. Any court action arising out of this Note shall be brought exclusively in the proper court of Makati City or at any other office/s that MFC may designate.

  10. I (We) hereby authorize MFC to increase the stipulated interest rate when warranted by prevailing market or economic conditions based on the maximum interest rate which may be prescribed by law or regulation upon notice to the undersigned, provided that the interest rate, if increased, may also be reduced when warranted by prevailing market or economic conditions or when the applicable maximum interest rate is reduced by law or regulation.

  11. I (We) expressly consent to any extension or renewal, in whole or in part, which may be granted to any or all of the undersigned, and to any changes in the interest rate and other terms and conditions of the loan as a result of said extension or renewal, and shall continue to be liable thereon.

  12. Presentment, demand, notice of dishonor, protest or notice of any kind are hereby waived in case of judicial execution.

  13. Any notice given to me (us), shall be considered validly received and binding upon me (us) if served at the current address/es as stated in any document submitted by me (us) to MFC or at such address/es as may be given in writing by me (us) to MFC. I (We) undertakes to inform MFC of any change in their address and other relevant information in connection with my (our) loan application.

  14. I (We) hereby bind themselves to be solidarily liable to MFC.

SEC No: 0091196628
COA No: 155