BANK UNDERTAKING

WHEREAS, NBS ENTERPRISES, owned by JASMINE C. SIERRAS, of legal

age, Filipino, married and a resident of Bañezville, Apitong, Tacloban City, hereinfter
referred to as the “CLIENT”, has maintained a Special Savings Account with BANCO
FILIPINO, Tacloban Branch, hereinafter referred to as “BANK”, under SSA#30-567-
001306-2, with a current and Withdrawable balance of PhP200,000.00 to date; that the
CLIENT has applied for a Credit Line with the BANCO FILIPINO in the amount of
TWO HUNDRED THOUSAND PESOS ONLY (P200,000.00) for its purchases from
CONVOY MARKETING, hereinafter referred to as the “COMPANY” of the following
items:

LIQUORS, WINES AND WATER

WHEREAS, the BANK has approved of its extension and grant the CLIENT of
the Credit Line applied for in the amount aforementioned for an effective period from 29
April 2003 up to __________;

WHEREAS, the CLIENT has authorized the BANK to make payments directly t
the COMPANY for CLIENT’s account, against and from funds provided under the said
Credit Line, for CLIENT”s purchases of the items from the COMPANY enumerated in
the first WHEREAS clause hereof;

NOW, THEREFORE, premises considered, the BANK hereby executes this

Undertaking and confirms the following:

1. AMOUNT AND USE – The credit is for TWO HUNDRED THOUSAND

PESOS ONLY (P200,000.00) Philippine Currency, which the COMPANY
may draw against for the payment of all purchases of the items above
enumerated, made by the CLIENT from the COMPANY, during the
effectivity period of the Credit Line.
2. DRAWING PROCEDURE – The COMPANY may draw, from time to time,
on the Credit Line, during its effectivity, by presenting to the BANK at its
BRANCH OFFICE located at J. Romualdez St., Tacloban City, the following
documents for each drawing:

a) Invoices and delivery receipts signed by the CLIENT or her lawfully

constituted representative covering the completed/due and payable
transactions subject of the drawing; and

b) Statement of Account of the CLIENT with the COMPANY.

For this purpose, any drawing by the COMPANY hereunder shall be

considered as an availment of the said Credit Line by the CLIENT, with
interest which shall be computed at prevailing market rate at the time of
such availment/drawing and which shall be payable within ________ days
from such avalment; provided, however, that such drawing/availment shall
be subject to the terms and conditions of the Credit Agreement executed
by the Bank and Client dated ______________.

3. EFFECTIVITY – This Bank Undertaking shall commence to be effective as

of the same date that the Credit Line granted by the BANK to the CLIENT
becomes effective as specified in the second WHEREAS clause of this Bank
Undertaking, and until and up to _____________; provided, however, that in
the event the said Credit Line is cancelled by the BANK and all the
outstanding amounts of availments made by the CLIENT under the said
Credit Line are immediately and effectively rendered due and payable, this
Bank Undertaking shall automatically be deemed similarly cancelled;
provided, further, that the COMPANY shall, however, have a period of thirty
(30) days from the expiry date of this Bank Undertaking or receipt of the
notice of cancellation of this Bank Undertaking within which to make
drawings on the Credit Line for payment of purchases or obligations of the
CLIENT made or incurred prior to the termination date of the said expiry date
which remain unpaid.

4. TO WHOM AVAILABLE – The BANK holds in trust for, and agrees to

make available to, the COMPANY the full amount of the Credit Line during
its effectivity period mentioned in the second WHEREAS clause hereof and
during the effective period of this Bank Undertaking established in the next
preceding paragraph, subject to the proviso therein stipulated.

5. NON-WAIVER – Nothing in the foregoing shall be construed as a waiver by

the COMPANY of its right to demand payment from the CLIENT of all
obligations remaining unpaid after the exhaustion, expiration or termination
of the Credit Line.
 IN WITNESS WHEREOF, the BANK has caused this Bank Undertaking to be
signed by its duly authorized officer on this __ day of April 2003 at Tacloban City.

BANCO FILIPINO
TACLOBAN BRANCH
(BANK)
By:

ALRIC C. SURPIA
Branch Manager

CONFORME:
NBS ENTERPRISES
By:

JASMINE C. SIERRAS
(CLIENT)

SIGNED IN THE PRESENCE OF:

_______________ __________________

Republic of the Philippines)

Province of Leyte ) SS
City of Tacloban )

ACKNOWLEDGMENT

BEFORE ME, this __ April 2003 at Tacloban City personally appeared ALRIC C.
SURPIA, with CTC No. ________ issued on _____________ at Tacloban City, in his capacity as
Branch Manager of BANCO Filipino, known to me to be the same person who executed the
foregoing BANK UNDERTAKING, consisting of 3 pages including this page on which this
Acknowledgment is written, every page of which has been signed by him and his instrumental
witnesses and who acknowledged to me that the same is his free and voluntary act and deed, as
well as the free and voluntary act and deed of the Bank he hereby represents.

WITNESS MY HAND AND NOTARIAL SEAL on the date and place above written.

Doc. No. ___

Page No. ___
Book No. XXXIV
SERIES OF 2003