GATEWAY CREDIT ASSISTANCE CORPORATION

107 Aguirre Avenue, Pilar Village, Las Pias City

PROMISSORY NOTE
P.N. No : DATE GRANTED : LOAN AMOUNT :
FOR VALUE RECEIVED, I/we hereby jointly, severally and solidarily promise to pay GATEWAY CREDIT ASSISTANCE CORPORATION (GCAC) or order, at its office address at 107 Aguirre Avenue, Pilar Village, Las Pias City the principal sum of _____________________________________________________________________________ (PhP___________________________) with addon/discounted interest thereon at the rate of ________ percent (_______%) per month, within ___________________________________ from the date payable in _____________(____________) consecutive semi-monthly / monthly installment of (PhP___________________) payable every ____________ of each month commencing on _________________________until fully paid. If I/we default in the payment of any installment of this Note as and when the same becomes due and payable or should anyone of us die, cease to be employed by our current employer for any reason whatsoever, or becomes insolvent, or if in the sole opinion of GCAC, the payment of our obligation becomes doubtful for whatever reason, then or anytime after the happening of any such event, the entire principal and interest due on this Note, at the option of GCAC and without notice to shall immediately become due and payable, without necessity of demand, presentment, protest or notice of any kind whatsoever, all of which are hereby waived by us. I/We hereby give GCAC a lien as well as the right to retain any and all our properties, with full power and authority to sell assign and deliver all or any part of our property at any public or private sale without need for demand and advertisement or notice of any kind, all of which are herby expressly waived. I/We understand and agree to pay the surcharges at the rate of five percent (5%) per month on delayed or unpaid installment in addition to the interest payable under this Note. I/We understand and agree that any amount deducted from our salary by our employer but not remitted to GCAC shall be considered as payment until actually receipt of such payment by GCAC. GCACs acceptance of payment of any installment or portion thereof after the due shall not be considered as extending the time for payment of any of the installments or as modification of any of the terms of conditions hereof. Moreover, any change in interest rate or amortization or extension of the term or period for payment shall not in any way be deemed as novation or amendments of the obligations under this Note or prejudice GCAC rights or remedies under the law. GCAC failure to exercise or delay in exercising any right, power, or privilege hereunder or under other documents executed in connection herewith shall not operate as a waiver thereof unless made in writing. GCACs rights and remedies herein provided shall be cumulative and may be exercised singly or concurrently and shall not be exclusive of any rights or remedies provided by law. In case of judicial execution of this obligation or any part of it, we waive all our rights under the provisions of Rule 39, Section 13 of the Rules of Court. In case this Note is referred to an attorney for collection, either judicially or extra-judicially, I/we also bind ourselves, jointly, severally and solidarily to pay GCAC, its successor, assigns, or endorses a sum equivalent to twenty-five (25%) of our outstanding obligation as and for attorneys fees, exclusive of costs and expenses of litigation, but in no cased less than PhP5,000.00. In case of suit, venue shall be laid before the proper court of justice in Las Pias City. I/We agree and understand that GCAC may assign this Note and the obligation evidences hereby to any third party who shall be entitled to all GCACs right, remedies and obligations as oblige under this Note as though it were any original party hereto without need of our consent nor notice to us. I/We further agree and understand that GCAC is not liable for any damage or defect of any item purchased by the borrower from the proceeds of this loan. I/We hereby affirm and acknowledge that we have carefully read and have understood all the foregoing stipulations and certify that at the time I/we affixed my/our signatures hereto all the blank spaces have been correctly and completely filled-up. Executed this _________________________________________ at Pilar Village, Las Pias City, Philippines.

_________________________________________________ Maker/Borrower

___________________________________________________ Co-Maker/Surety

With my consent

With my consent

_________________________________________________ Spouse

____________________________________________________ Spouse

SIGNED IN THE PRESENCE OF:

______________________________________________________ Signature Above Printed Name

__________________________________________________________ Signature Above Printed Name

SUBSCRIBED AND SWORN to before me this ____________ day of _____________________________________, 2010, affiant exhibited to me his/her/their Community Tax Certificate No.__________________________________________________________ issued at _____________________________________________________ on ________________________________________________.

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