LOAN AGREEMENT

This Loan Agreement is made on ____________________________ between:

_____________________., (“the Lender”) a corporation organized and

existing under the laws of the Philippines with office address at
___________________herein represented by its President,
____________________,

and

____________________, (“the Borrower”) __________years of age, married,

Filipino and with residential address at
_____________________________________

WHEREAS, the Borrower has requested a loan of ONE HUNDRED THOUSAND

PESOS (PHP 100,000.00) to from the Lender.

WHEREAS, the Lender has agreed to extend a loan to the Borrower subject
to the terms and conditions set forth herein:

NOW, THEREFORE, for and in consideration of the foregoing premises and of

the mutual covenants and agreements hereinafter stated, the Lender and the
Borrower agree as follows:

1. Loan. The Lender has extended the Loan to the Borrower, the full amount of
which is acknowledged to have been received by the Borrower.
2. Interest. The Lender has extended the loan free of interest.
3. Payment. The Borrower shall pay the loan amount within twenty five (25)
months from the date of loan through equal installments of FOUR THOUSAND
PESOS (PHP 4,000.00). The installment payments shall be deducted in full or
in half from the Borrower’s semi-monthly salary. In case Borrower has not
earned any salary from which her installment payments are to be deducted,
or in the event that after the statutory deductions are applied from her salary
and the balance is not sufficient to cover the installment payment, the
Borrower is required to settle in cash the full amount of the installment or the
remaining balance of the installment due.
4. Resignation/Separation. If the event that the Borrower is separated from the
company voluntarily or involuntarily, the balance of the loan shall be due and
demandable immediately. Should the Borrower fail to fully settle the loan
amount, this document hereby allows the Lender to apply the Borrower’s
accruing benefits or entitlements to settle the loan balance. Should the
Borrower’s accruing benefits or entitlements are not sufficient to fully settle
 the loan balance, the Lender is hereby authorized to look into the Borrower’s
existing properties and to appropriate the same as payment. It is likewise
understood that should the value of the Borrower’s properties appropriated
exceed the outstanding balance, the difference between the values of the
properties and the outstanding balance shall rightfully be due to the Borrower.
5. Consequences of Event of Default. In the event that this Loan Agreement falls
into the hands of a lawyer for purposes of collection, demand, whatsoever, the
Borrower is hereby required to pay attorney’s fees of not less than 25% of the
loan amount appearing in this instrument.
6. Waiver of the Borrower. The Borrower hereby waives all forms of future
demand, whether judicial or extrajudicial for failure to comply with the terms
and covenants under this instrument.
7. Cumulative Rights. Failure or delay of the Lender in exercising any right, power
or remedy upon any breach or default of the Borrower under this agreement
shall thereafter not be construed as a waiver, abandonment or cancellation nor
shall it impair any such right, power or remedy. Any waiver on the part of the
Lender shall be in writing. All remedies afforded the Lender under this
agreement, by law or otherwise, shall be cumulative and not alternative.
8. Assignment. This Agreement shall be binding upon and enforceable on the
Borrower and Lender and their respective successors and assigns. The
Borrower shall not assign or transfer its rights or obligations hereunder without
the prior consent of the Lender, which consent shall not be unreasonably
withheld.
9. All cases, which may arise from the interpretation, implementation,
enforcement or anything related to this Agreement, may only be filed in the
proper Courts of___________________________. All other courts are
excluded.

IN WITNESS WHEREOF and acknowledging acceptance and agreement to the

foregoing, Lender and Borrower affix their signature thereto.

LENDER: BORROWER:

Signed in the presence of

_________________________ _________________________