of the Bank shall be final and conclusive evidence of the obligations of the PLEDGOR

to the BANK.
6. The BANK is hereby authorized to deposit, at its option, the things pledged
with a third person and all costs and expenses for the keeping and preservation of the
same shall be for account of the PLEDGOR.
7. Time is of the essence of this Pledge Agreement. No waiver of a breach of any
terms or conditions hereof shall be a waiver of any subsequent breach of the same or
any other term or condition. The PLEDGOR expressly agrees that the BANK may sue
to recover the indebtedness secured hereby without foreclosing, and without prejudice
to the BANKs right under this pledge. The rights, powers and remedies conferred
upon the BANK under this agreement shall be and are in addition to and concurrent
and cumulative with such rights, powers and remedies as the BANK may have in
accordance with the present or any future laws of the Philippines; they may be
exercised and enforced as herein and by law provided, separately, successively, or
simultaneously without reference to the time or manner of foreclosure or enforcement
of any other security for said indebtedness whether held under deed of trust,
mortgage, pledge or otherwise; and the exercise of one or more remedies shall not
preclude nor prevent the BANK from, at the same time, or at any other time, resorting
to or exercising the same or other rights, powers, privileges or remedies herein granted
to it or to which it might otherwise legally resort.
8. This Pledge Agreement shall be continuing and ambulatory and shall not
cease to be in force by reason of the fact that the PLEDGOR may not be indebted to
the BANK at some time or times after its execution, it being the intention of the parties
hereto that this pledge shall stand as security for the aforementioned credits and
banking facilities at any and all time, not exceeding the said maximum limit of
_________, regardless of partial or full satisfaction thereof at any time or times, or any
fluctuation, increase or decrease thereof from time to time, prior to the maturity of the
indebtedness herein incurred and/or prior to the cancellation of the credit line or
facility herein granted or to be granted to the PLEDGOR. It is hereby further expressly
understood and agreed that the lien created by this pledge shall apply not only to the
pledged properties herein above described but also to all the properties substituted or
exchanged for them.