PROMISSORY NOTE

For value received, the undersigned ___________ represented by its Chairman / President and
CEO ________ (the “Borrower”), unconditionally promises to pay to the order of
_____________. represented by its Executive Vice President, ___________ and its Overseas De-
partment-General Manager, ________ (the “Lender”) the principal sum of PHILIPPINE PE-
SOS: FIFTEEN MILLION (₱ 15,000,000.00) and interest at Eighteen Percent
(18%) straight per annum as shown below the schedule of installments, due
and payable without the need of notice or demand:

DATE PRINCIPAL INTEREST OUTSTANDING AMOUNT DUE

(In Php) (In Php) PRINCIPAL (In Php)
(Year 2019) (In Php)

15,000,000

February 15 637,500 112,500 14,362,500 750,000

February 28 637,500 112,500 13,725,000 750,000

March 15 887,500 112,500 12,837,500 1,000,000

March 31 887,500 112,500 11,950,000 1,000,000

April 15 1,137,500 112,500 10,812,500 1,250,000

April 30 1,137,500 112,500 9,675,000 1,250,000

May 15 1,387,500 112,500 8,287,500 1,500,000
May 31 1,387,500 112,500 6,900,000 1,500,000
June15 1,637,500 112,500 5,262,500 1,750,000
June 30 1,637,500 112,500 3,625,000 1,750,000

July 15 1,812,500 112,500 1,812,500 1,925,000

July 31 1,812,500 112,500 0 1,925,000

TOTAL 15,000,000 1,350,000 16,350,000

As pre-condition in granting the loan, payment, as described in the balance sheet of the project
from April 2018 to November 2018, must be received and confirmed first by ________. before
the said loan may be granted. Parties agree and confirm that the F I F T E E N
MILLION (₱ 15,000,000.00) loan shall exclusively be used as project fund for
__________. In addition, lenders and borrowers confirm that this additional invest-
ment shall be the final investment of _________. on Penaranda and Tabon projects.

The loan shall be guaranteed by ________________ that in case of failure by the borrower to
pay, the aforementioned shall guarantee payment of the obligation. Failure of the Borrower to
pay within the stipulated date/period of any of the principal amount and/or interest due therein,
the total remaining balance shall incur a monthly penalty of two percent (2%) interest or twenty
four percent (24%) interest per annum, and the Parties hereby agree that a fraction of a month
shall be considered as one (1) entire month.

In the event that the Lender will be compelled to seek the services of an Attorney in order to pro-
tect its rights and enforce the obligations of the Borrower under this Note, the Lender shall be
entitled, by way of Attorney’s Fees, twenty percent (20%) of the total outstanding and unpaid
monetary obligation of the Borrower but in no case shall be less than One Hundred Thousand
Pesos (Php100,000.00).

Further, the Lender shall be entitled to liquidated damages representing Twenty Percent (20%) of
the total outstanding obligation but in no case shall be less than One Hundred Thousand Pesos
(Php100,000.00), in case of breach of the Borrower of any provisions/conditions/stipulations in
this Note.

In case the Borrower fails to pay two (2) consecutive monthly installments, the total principal
obligation as well as accrued interest therein, shall be immediately become due, payable and de-
mandable, without the need of any oral or written demand, protest or notice from the Lender.

Acceptance by the Lender of any payment after due date shall not constitute a waiver or exten-
sion of the time of payment nor a modification of the terms of this Note. Failure or delay in exer-
cising any right or power of the Lender shall not operate as a waiver of rights and remedies that
the Lender may be entitled to under existing laws, rules and regulations. Rights and remedies
may be exercised by the Lender singly or concurrently and shall be cumulative and not exclusive
of other rights or remedies provided under this Note or by law.

This Agreement shall be governed by the laws of the Republic of the Philippines and Japan. If
resort to court proceedings cannot be avoided, the Parties agree that the venues of any such pro-
ceedings shall be in the proper courts of Pasig City and, Japan, at the option of the Lender.

This Note shall be governed by and construed in accordance with the laws of the Republic of the
Philippines. This Note is executed by the Borrower and delivered to the Lender this 5th day of
December at 2018, Philippines.

_______________________
(Borrower)

By:

___________________

Conforme:
__________________
(Lender)
By:

___________________