PROMISSORY NOTE

Due Date: 05-Jan-2012 Value Date: 07-Jan-2011 PN No. CSMC2011-001-028444N

Borrower SANTOS, JUAN A.

Address 1942-D ARELLANO ST. STA. MESA, MANILA
Loan Amount THIRTY THOUSAND AND XX/100 (PHP 30,000.00) Add-on Rate 12.00%
Term (months) 12 Number of Payments 24
Amortization ONE THOUSAND FOUR HUND AND XX/100 (PHP 1,400.00)
First Amortization Date 20-Jan-2011 Last Month Date 05-Jan-2012

For value received, indicated above as the Loan Amount, I/we, the undersigned Borrower and Co-borrower/s, jointly and severally promise to pay CAPEX FINANCE AND
INVESTMENT CORPORATION (hereinafter referred to as Lender), or its order, the Loan Amount plus interest based on the Amortization and Number of Payments indicated
above, beginning on the First Amortization Date up to and inclusive of Last Amortization Date, aggregating to the Total Receivables, subject to and inclusive of interest at the Add-
on Rate stipulated above.
The proceeds of this promissory note (Note) shall be used for personal consumption. Payments of interest and principal on this Note shall be made in lawful money of the Republic
of the Philippines.
In case I/we fail to pay any amount payable under this Note as they fall due, whether on stipulated due date or by acceleration, I/we shall be declared to be in default, causing any
and all outstanding amounts on this Note, inclusive of interest, penalties, and other charges, without need of notice or demand, to become due and demandable. I/we agree that
failure to pay any other obligations, which I/we may now or in the future owe to the Lender, whether as principal/s or guarantor/s, or in the event of bankruptcy or insolvency,
receivership, levy on execution, garnishment or attachment, death, or in case of conviction/s for criminal offense/s by final judgment/s carrying with it/them the penalty of civil
interdiction affecting all or any one of us, or in any of the cases covered by Article 1198 of the Civil Code of the Philippines, shall likewise be construed as an event of default. I/we
further agree that in case this Note is executed together with an authority to deduct, the occurrence of any event that would render such authority inoperative, including my
separation from the party implementing the deduction, shall be an event of default under this Note.
Upon the occurrence of any one or more of the events of default, which renders the amounts payable under this Note to be due and demandable, I/we jointly and severally agree
to pay a penalty equivalent to two and a half percent (2.5%) per month of the unpaid amount due from due date, compounded monthly, until fully paid. I/we further agree to pay
the sum of twenty-five percent (25%) of the total amount due (which includes interests, charges, and penalties) in full and without any deduction, as and for attorney’s fees
whether actually incurred or not, exclusive of any judicial and extra-judicial expenses and costs, such amount to bear the same rate of interest as the principal obligation,
compounded monthly. However, when default is due to maternity leave or prolonged sick leave and payment of the unpaid amortizations and interests therein would make it more
difficult for the borrower to service, he/she has the option to re-structure the loan in a manner that the payment term and amortization is suited to his/her current needs.
In the event of default, I/we hereby authorize and empower the Lender at its option at any time, without notice, to apply to the partial or full payment of this Note and/or any other
particular obligation or obligations of all or any one of us to the Lender, irrespective of the dates of maturity, whether or not said obligations are then due, any or all monies,
securities, and things of value which are now or which may hereafter be in its hands or deposit or otherwise to the credit of, or belonging to, all or any one of us. I/we further
authorize the Lender to sell at public or private auction such securities or things of value for the purpose of applying their proceeds to such payments.
I/We hereby authorize the Lender to increase or decrease as the case maybe, the interest rate presently stipulated in this Note without any advance notice to me/us in the event a
law or regulation is passed or promulgated by the Bangko Sentral ng Pilipinas or appropriate government entities, increasing or decreasing such interest rate. The interest rate shall
be adjusted based on the prevailing interest rate at the time of re-pricing/renewal/extension until fully paid; provided however, that if I/we disagree with the new rate, I/we shall
prepay within thirty (30) calendar days from notice of the new rate, the outstanding balance with interest thereon at the last applicable rate. Failure to pay such balance within the
30-day period shall be deemed as my/our acceptance of the new rate.
I/We hereby waive demand, protest, and notice of any kind, and hereby consent to any and all extensions, renewals, waivers, restructuring, or modifications that may be granted
by the Lender to any one or all of us with respect to payment or other provisions of this Note. This note shall be joint and several obligations of all makers, sureties, guarantors, and
endorsers, and shall be binding upon me/us, my/our heirs, executors, administrators, successors and assigns.
I/We further declare that any action which may arise out of or in connection with this Note shall be filed exclusively in the proper courts of Makati City, whether the action be by or
against any one or all of us.
Pursuant hereto, I/we hereby acknowledge receipt of a copy of the following disclosure statement prior to the consummation of the credit transaction and that I/we understand and
fully agree to the terms and conditions thereof.

DISCLOSURE STATEMENT ON LOAN/CREDIT TRANSACTION

(As required under R. A. 3765, Truth in Lending Act)

1. Loan Granted/ Renewed/Extended Php30,000.00

2. FINANCE CHARGES

a. Interest 12.00% from 20-Jan-2011 to 05-Jan-2012 Php3,600.00

b. Additional Interest (broken period)

days(s) from 0.00

c. Other charges incidental to the extension of credit _______________________________

Total Finance Charges _______________________________

AMOUNT TO BE FINANCED (Net of Finance Charges) Php30,000.00

3. NON-FINANCE CHARGES

a. Insurance Premium

b. Taxes

c. Documentary Stamps Tax

d. Notarial Fees 0.00

 e. Processing Fee 0.00

f. Others _______________________________

Total Non-Finance Charges Php0.00

4. Net Proceeds of Loan Php30,000.00

5. Percentage of Finance Charges to Total Amount Financed

6. Effective Interest Rate

7. Schedule of Payment

Payable in 24 semi-monthly payments of 1,400.00

8. This loan is wholly/partially secured by _______________________________.

Certified True and Correct

By:

BORROWER SIGNATURE
 1945-D ARAULLO ST. STA. MESA, MANILA

SANTOS, JUAN A. SSS : 07-3188123-8

1ST CO-BORROWER SIGNATURE

 1869 J. VICTOR ST. MAKATI CITY

REYES, PEDRO C. SSS : 04-32982518

2ND CO-BORROWER SIGNATURE

