Received, upon the trust hereinafter mentioned, from BANCO DE ORO UNIBANK, INC.

(the “Bank”), the

goods and merchandise (“Goods”), the property of the said Bank, which are covered by the bill of lading
and / or delivery receipt as follows: ENTRUSTEE BUSINESS ADDRESS L/C No. IB No. INVOICE VALUE OF
GOODS BANK CHARGES CONVERSION RATE AMOUNT OF OBLIGATION MATURITY DATE DESCRIPTION OF
GOODS ORIGINAL DOCUMENTS DELIVERED UNDER TRUST RECEIPT  Commercial Invoice  Certificate of
Origin  Bills of Lading  Certificate of Analysis  Airways Bills of Lading  Certificate of Inspection 
Packing List  Others  Insurance Policy Certificate And in consideration thereof, I/We HEREBY AGREE
TO HOLD THE SAID GOODS IN TRUST FOR THE SAID BANK AS ITS PROPERTY, with permission to sell them
for its account at not less than the invoice value of the Goods plus all charges and expenses, but without
authority to make any other disposition whatsoever of the said Goods, or of any part thereof (or the
proceeds thereof or title thereto) or in any manner to encumber the same by means of conditional sale,
pledge, chattel mortgage, assignments, or any other kind of lien or encumbrance. In case of sale of the
Goods, I/We agree to turn-over the proceeds thereof to the Bank as soon as received, to apply against
the amount of obligation under this Trust Receipt and for the payment of any other indebtedness of
mine/ours, whether due or not yet due to the Bank. The Bank shall not in any manner be responsible as
principal or as vendor under any sale contract made by me/us. In case of non-sale of the Goods, I/We
agree to return the Goods to the Bank immediately upon demand or within ______________________.
This Trust Receipt is executed for the purpose of securing the payment of the Obligation as specified
above, including all interests, penalties, bank charges, reimbursements, and other obligations I/We owe
to the Bank, whether direct or indirect, principal or secondary, absolute or contingent, as provided in
the pertinent/related documents the cost of collecting the same and other expenses which the Bank
may incur in connection with or as an incident to this Trust Receipt, as well as my/our faithful
compliance with the terms and conditions of this Trust Receipt and of separate instruments under which
the obligations hereby secured were obtained including amendments thereon. I/We shall pay all
amounts payable hereunder in the currency of the obligation and im Goods if the same shall have been
made up or used in the manufacture of any other goods or merchandise, and the Bank shall have the
same rights and remedies against the Goods in their manufactured state or the product of said
manufacture, as they would have had such Goods remained in their original state and irrespective of the
fact that other and different merchandise may have been used in completing such manufacture.
Whenever the Bank finds it necessary, I/We shall submit an accounting or such reports, relating to the
Goods as the Bank shall require, and/or shall permit the Bank’s representatives or agents to inspect the
Goods as well as my/our books and records especially those pertaining to the disposition of the Goods
and/or the proceeds thereof. Upon my/our refusal, for any reason, to return the Goods to the Bank,
I/We hereby give authority to the Bank to enter my/our premises where the Goods are or may be
located, by use of force, if necessary, and seize and take actual possession thereof without any judicial
order or any other power or permission than herein granted. I/We agree and acknowledge that all the
goods / merchandise / chattels / machineries / equipment in my/our possession or that of my/our
agent, of such similar as that of the Goods shall be conclusive proof that said goods / merchandise /
chattels / machineries/ equipment form part of the Goods not sold or used in the manner authorized
herein. If any of the following Events of Default shall have occurred: 1) I/We shall default in the payment
when due of the obligation, any installment thereof, or any other amount payable hereunder; 2) I/We
shall default in the due performance or observance of any other covenant contained herein on in any
agreement under which the Bank issued the letter of credit under the terms of which the Goods were
purchased, and such default shall remain unremedied for a period of five (5) calendar days after I/We
shall have received written notice thereof from the Bank; 3) Any statement, representation, or warranty
I/We have made hereunder, in my/our application with the Bank or any other document delivered or
made pursuant thereto shall prove to be incorrect or untrue in any material respect; 4) I/We or any of
my/our subsidiaries or affiliates shall fail to pay or default in the payment of any installment of the
principal or interest relative to, or fails to comply with or to perform, any other obligations, or commits a
breach or violation of any of the terms, conditions or stipulations, of any agreement, contract or
document with the Bank or any third person or persons to which I/We or any of my/our subsidiaries or
affiliates is a party or privy, whether executed prior to or after the date hereof, under which credit has
or may have been extended to me/us, my/our subsidiary or affiliate by the Bank or such third person or
persons or under which I/We have agreed to act as guarantor, surety or accommodation party, which,
under the terms of such agreement, contract, document, guaranty or suretyship, including any
agreement similar or analogous thereto, shall constitute a default or is defined as an event of default
thereunder; or, 5) I/We or any of my/our subsidiaries or affiliates shall become insolvent or unable to
pay my/our/its debts as they mature, or take advantage of insolvency, moratorium, or other laws for the
relief of debtors, there shall be commenced against me/us or any of my/our subsidiaries or affiliate any
proceeding under such laws, or any judgment or order is entered by a court of competent jurisdiction
for the appointment of a receiver, trustee or the like to take charge of all or substantially all of my/our
assets; 6) Any act or deed or judicial or administrative proceeding in the nature of expropriation,
confiscation, nationalization, intervention, acquisition, seizure, or condemnation of or with respect to
me/us, the business and operations, management, or ownership thereof, or its capital stock, property or
assets, or any substantial portion thereof undertaken or instituted by any government, governmental
agency, or authority, present or future, of the Republic of the Philippines; 7) Any of the concessions,
permits, rights, franchises, or privileges required for the conduct of my/our business and operations or
for its enjoyment of certain tax exemptions and/or other privileges shall be revoked, cancelled or
otherwise terminated, or the free and continued use and exercise thereof shall be curtailed or
prevented, or the occurrence of any act in general, whether similar or not to the foregoing, in such
manner as materially and adversely to affect my/our financial condition or operations as reasonably
determined by the Bank; 8) There shall have occurred a material change in the business, assets or
financial circumstances or condition of me/us (including without limitation, the making of any
investment unrelated to my/our business, excessive losses due to having made unnecessary
investments of having exposed itself to unnecessary risks the undertaking of a major expansion program
or permitting earnings before interest and taxes to fall below a level which would be necessary to
service the interest expense on present and future loan obligation) which, in the reasonable opinion of
the Bank, would adversely affect my/our ability to perform my/our obligations hereunder; 9) In case the
interest rate provided herein is subject to adjustment, and I/We do not accept the new interest rate set
by the Bank; 10) Any adverse circumstance occurs, which in the reasonable opinion of the Bank,
materially or adversely affects my/our ability to perform my/our obligations hereunder; 11) An
attachment or garnishment of or levy upon any of my/our properties is made; and/or 12) The Goods or
this Trust Receipt or any document related thereto or any other document which serves as security for
the Loan shall for any reason (at any time after their execution and delivery) become ineffective,
impaired or ceases to be in full force and effect or be declared null and void or the applicability thereof
to the Loan is disaffirmed by me/us, or any right or lien established or created in favor of the Bank, in
and under the Goods is lost or otherwise impaired; then, and in any such event, all my/our obligations
hereunder shall become immediately due and payable, and the Bank may cancel this trust, and
thereupon take possession of the Goods and/or such proceeds as may then have been realized
therefrom, and have the Goods and the proceeds of such sale applied in accordance with the provisions
of Section 7 of Trust Receipts Decree (P.D. No. 115). I/We shall immediately give notice to the Bank of
any overage, damage, non-shipment, shortage, non-delivery or other happening not in the usual and
ordinary course of business. I/We hereby undertake to sign any further agreement or agreements and to
deliver to the Bank on demand, any additional security, satisfactory to the said Bank which it may deem
advisable to require from me/us for the better protection of its rights or should the market value of the
Goods suffer any decline. I/We also give to the said Bank a lien on all property given unto or left in its
possession, or which may hereafter come into the possession of the said Bank for my/our account,
including my/our deposit account with said Bank; it being understood that this obligation shall continue
and remain in full force and shall be applicable to all transactions between the Bank and
myself/ourselves, notwithstanding any change in the individuals or in the membership of the firm or
firms that parties to or are concerned with this contract, whether such change shall arise from the
accession of one or more partners or from the death or succession of any member or members. This
agreement is binding upon the parties herein, their respective successors, endorsees and assignees;
provided that any and all assignment or transfers must be with the Bank’s prior written consent, which it
shall give at its sole discretion. Should it become necessary for the Bank to avail of the services of an
attorney-at-law to enforce any or all of its rights under this contract, I/We shall jointly and severally pay
to the Bank for and as attorney's fees, the sum equivalent to 15% of the total amount involved, principal
and interest then unpaid, but in no case less than P 20,000 whether actually incurred or not, exclusive of
all costs or fees allowed by law. Amounts unpaid under this paragraph shall bear interest at the rate of
_______ % per annum, or at such other rate which the Bank may fix, from the date due until paid, plus
all other bank charges. In the event of default by me/us in any obligation or breach of any of the terms
and conditions of this Trust Receipt, I/We further agree to pay the Bank an additional amount equivalent
to _______ % per annum of the amount due from date of default until fully paid as liquidated damages.
My/Our liability for payment at maturity of any accepted draft, bill of exchange or indebtedness
whatsoever shall not be extinguished or modified: 1) Because the Goods delivered by the Bank
hereunder are misdescribed, or as represented, or are not delivered, or are not cleared through
customs, or are impounded or held by the Government. 2) Because of any priority, act of war, or
restriction, or the use, transportation, hypothecation, or disposal thereof imposed by any
administrative, political or legislative enactments, regulations or orders whatsoever; 3) Because of the
non-shipment or government appropriation of the same, or of any seizure or destruction or damage
thereto, whether insured against or not. If this Trust Receipt is signed by two or more parties, it shall be
the joint and several undertaking of such parties. I/We likewise hereby irrevocably constitute and
appoint the Bank as my/our attorney-in-fact with full power and authority and without the necessity of
prior notice, to negotiate, sell and transfer by public or private sale any of my/our stocks, securities,
bonds or personal properties of which the Bank may be in possession and to apply the proceeds of such
sale disposition to the payment of my/our obligations to the Bank. No failure to exercise and no delay in
exercising on the part of the Bank of any right, power or privilege hereunder or any other document
executed in connection herewith, shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise
of any other right of power. The rights and remedies herein provided shall be cumulative, may be
exercised concurrently and shall not be exclusive of any rights or remedies of the Bank granted by law.
I/We hereby acknowledge to have received all the documents covering the Goods mentioned in this
Trust Receipt, as noted hereunder, which are considered integral part hereof. I/We hereby agree that
our acknowledgment of the delivery or receipt of Goods shall be conclusive proof that the Goods so
delivered and received are in good and marketable condition, suited for the purpose herein contracted.
The Bank is hereby authorized to complete this Trust Receipt, if undated, as of the day the Loan is made
and to complete this Trust Receipt in any other particulars according to the terms upon which the Loan
is made. In case any one or more of the provisions contained in this Trust Receipt shall be invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired thereby. This Trust Receipt and the
interpretation of the terms hereof shall be governed by Philippine law. Venue in case of litigation shall
be in the proper courts having jurisdiction over the place where the Bank has its principal office. The
provisions of P.D. No. 115, including amendments thereto, shall be applicable to this Trust Receipt.
My/our signature/s hereunder constitute/s my/our (and my/our principal’s) agreement to be bound by
the terms and conditions of this Trust Receipt. DISCLOSURE STATEMENT (In Compliance with R.A. 3765)
1. LOAN GRANTED (Amount Financed) P ___________________ (A) 2. FINANCE CHARGES Not Deducted
Deducted From Proceeds of Loan a. Interest of __________% for ________days from _____________ to
____________ P _______________ P _______________ b. Non-interest charges P _______________ P
_______________ c. Commitment Fee P _______________ P _______________ d. Guarantee Fee P
_______________ P _______________ e. Other Finance Charges P _______________ P
_______________ TOTAL FINANCE CHARGES P _______________ P _______________ (B) 3. NON-
FINANCE CHARGES a. Insurance Premium P _______________ P _______________ P _______________
P _________________ b. Taxes P _______________ P _________________ c. Documentary Stamps P
_______________ P _________________ d. Notarial Fees P _______________ P _________________ e.
Others P _______________ P _________________ TOTAL NON-FINANCE CHARGES P _______________
P _________________ (C) 4. TOTAL DEDUCTION FROM LOAN (B plus C) P _________________ (D) 5.
NET PROCEEDS OF LOAN (A less D) P _________________ 6. PERCENTAGE OF FINANCE CHARGES TO
TOTAL AMOUNG FINANCED (Computed in accordance with Section 2(i) of CB Circular 158) P
_________________ % p.a. 7. EFFECTIVE INTEREST RATE P _________________ % p.a. 8. MODE OF
PAYMENT a. Single payment on _____________________________________________ b. Installment
amount payable in ____________________________________ Mos./Qtrs./Yrs. 9. COLLATERAL
____________________________________________________ 10. ADDITIONAL CHARGES IN CASE
CERTAIN STIPULATIONS ARE NOT MET BY BORROWER _________________________
_____________________________________________________________________________________
_________________ CERTIFIED CORRECT: _____________________________ Bank Officer THE
ENTRUSTEE ACKNOWLEDGES RECEIPT OF THIS DISCLOSURE STATEMENT PRIOR TO THE
CONSUMMATION OF THE TRUST RECEIPT TRANSACTION. THE ENTRUSTEE UNDERSTANDS AND FULLY
AGREES WITH THE TERMS AND CONDITIONS HEREOF. ____________________________________
____________________________________ Client’s Signature Client’s Signature
____________________________________ ____________________________________ Typewritten
Name and Title Typewritten Name and Title ____________________________________
____________________________________ Address Address Signed in the presence of:
____________________________________ __________________________________