PROMISSORY NOTE

P_____________

FOR VALUE RECEIVED, I/We jointly and severally promise to pay without need of
demand to the order of __Name of Payee__, at its office at _____________, Philippines, the sum
of PESOS: __________________________ (P_____________), payable in installment for a period of
_____________ months at the rate of __________________________ (P_____________) per _____________,
starting on _____________ until fully and completely paid.

Time is declared of the essence hereof and in case of default in the payment of any
installment due, all the other instalments shall automatically become due and demandable
together with all interest that may have accrued and shall make me liable for the additional
sum equivalent to _____________ (____%) percent per month based on the total amount due
and demandable as PENALTY, compounded monthly until fully paid; and in case it becomes
necessary to collect this note through any Attorney-at-Law, the further sum of _____________
(____%) percent thereof as and for ATTORNEY'S FEES, which shall not be less than
P_____________ in any event, exclusive of costs and judicial/extra-judicial expenses; Moreover,
I further empower the holder or any of his authorized representative(s), at his option, to
hold as security therefore any real or personal property which may be in my possession or
control by virtue of any other contract.

In case of extraordinary change in value of the peso due to extraordinary inflation or

deflation or any other reason, the basis of payment for this note shall be the value of the
peso at the time the obligation was incurred as provided in Article 1250 of the New Civil
Code.

DEMAND AND NOTICE OF DISHONOR WAIVED. I hereby waive any diligence,

presentment, demand, protests or notice of non-payment or dishonor pertaining to this
note, or any extension or renewal therefore. Holder(s) may accept partial payment(s) and
grant renewals or extensions of payment reserving its/their rights against each and all
indorsers, and all parties to this note. Acceptance by holder(s) of any partial payment(s)
after due date shall not be considered as extending the time for payment or as a
modification of any conditions hereof.

All actions arising from or connected with this note shall be brought exclusively in
the proper courts of Bacolod City, Philippines; and in case of judicial execution of this
obligation or any part of it, the debtor waives all rights under the provisions of Rule 39 Sec.
13, of the Rules of the Court.

__Date__, _____________, Philippines.

MAKER

SIGNED IN THE PRESENCE OF:

__________________ __________________