Antonio Conejos Legal Forms Finals

III-B Loan Agreement – Tikoy and Hopia Factory

LOAN AGREEMENT

THIS LOAN AGREEMENT, made on March 15, 2008, is made between Tikoy &
Hopia Factory (the “CORPORATION”), a Corporation organized under the laws of the
Philippines with principal place of business at Room 305 65 Reliant St. Makati City, as
represented by its Treasurer and lawful attorney-in-fact, Marc Buensalido, (hereinafter,
known as "AGENT") and RICHARD BANK, a Corporation organized under the laws of
the Philippines with principal address at 15 Wayward Way Wuthering Heights Makati
(hereinafter, known as "LENDER") as represented by its Vice-President, Richard
Branson.

AMOUNT OF LOAN
The LENDER shall on March 16, 2008, loan Ten Million Pesos (P10,000,000) to the
CORPORATION as represented by the AGENT.

The loan is secured by the 450 sq. meter property of Taho Factory in the Spratlys. Such
mortgage is agreed upon in a separate instrument.

TERMS OF REPAYMENT OF LOAN

On or before March 25, 2009, FOR VALUE RECEIVED, CORPORATION promises

and legally binds itself to pay to the order of LENDER, the sum of Ten Million Pesos
(P10,000,000) together with interest thereon at a rate of three percent (3 %) per month
from the delivery of the loan. Interest compounds after every month.

The entire outstanding amount shall become due and demandable after March 25, 2009
without any need for demand by the LENDER.
The Corporation may pay any amount of the loan prior to the same becoming
demandable. Such prepayment shall represent payment on the loan of that amount and
thus will be deducted from CORPORATION’s outstanding debt when such debt becomes
due and demandable.
Default

The occurrence of borrower’s failure to pay any amount due as principal or interest on
the date required under this loan agreement shall constitute a Default by the Borrower of
the terms of this loan agreement and promissory note.

In cases of default CORPORATION agrees to pay a penalty amount of Ten Million Pesos
(P10,000,000) which is separate and distinct from the CORPORATION’s outstanding
debt at the time of default.

Fees for Dispute Resolution

Should any controversy arise from this agreement, CORPORATION aggress to pay for
any resulting legal fees/mediation costs or other such expenses as may be necessary to
resolve the controversy.

IN WITNESS WHEREOF and acknowledging acceptance and agreement of the

foregoing, AGENT and LENDER affix their signatures hereto.

CORPORATION LENDER

Tikoy & Hopia Factory Richard Bank

By: Marc Buensalido By: Richard Branson

Title: Board Member & Attorney-in Fact Title: Vice President
Dated: January 6, 2008 Dated: January 6, 2008
 ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

____________________________ ) S.S.

BEFORE ME, this 15th day of March 2008 in Makati City, personally appeared:

Tikoy & Hopia Factory, represented by Marc Buensalido with CTC No. 9384572
issued on January 16, 2008 in Manila and Richard Bank, represented by
Richard Branson with CTC No. 1212121 issued on January 2, 2008 in Manila
and known to me to be the same persons who executed the foregoing instrument
and who acknowledged to me that the same is of their free and voluntary act and
deed.

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

Doc. No. GREGOR SAMSA

Page No. Notary Public
Book No. Until 31 December 2008
Series of 2008 Atty. Roll No. 18160
IBP No. 048151 1-20-2008
PTR No. 05053 03-15-2008
MCLE Cert. No. 010718