CONTRACT OF LOAN

KNOW ALL MEN BY THESE MEANS

This agreement is made and entered into by and between:

______________________________, of legal age, Filipino, and a

resident of Cebu City, herein after referred to as “BORROWER”

- and -

PROVIDENCE INTEGRAL FREIGHT SOLUTIONS, INC., a duly organized

corporation registered under the laws of the Philippines, with principal office
address at Tayud, Consolacion, Cebu, and represented by its President and
CEO, RAFAEL P. BILLONES, herein after referred to as the “PRINCIPAL”.

WITNESSETH:

WHEREAS, the BORROWER offered to loan from the LENDER and the
latter accepted the offer;

NOW THEREFORE, premises considered, the PARTIES have agreed on

the following terms and conditions, as follows:

1. LOAN – BORROWER receives from the LENDER a MOTORCYCLE with

a value of ____________________, particularly described as follows:

MAKE:
MODEL:
YEAR:
SERIES:
OR:
CR:

2. PAYMENT – the BORROWER agrees to pay the loan and interest within a
period of __________________________, which will commence upon
receipt of the MOTORCYCLE;

3. SCHEDULE OF PAYMENT – the BORROWER agrees to the following

schedule of payment: ________________________.

4. AUTHORITY TO DEDUCT – as an Employer and LENDER, the

BORROWER who is also receiving wage from the Employer and
LENDER, as its Employee, hereby authorizes the LENDER to lawfully
deduct from his/her wage the amount due and/or installment due pursuant
to the agreed SCHEDULE OF PAYMENT and/or in the event of default.

5. EXECUTION OF A DEED OF SALE. The Parties agrees that immediately

upon full payment by the BORROWER, the Parties will execute the
necessary document and/or papers.

6. AS IS BASIS. The BORROWER agrees to accept the MOTORCYCLE on

an as is basis.

IN WITNESS WHEREOF, the PARTIES have set their hand this _____ day of
________________ in __________________________, Philippines.
 First Party Second Party

WITNESSES

Republic of the Philippines )

City of ) S.S.

ACKNOWLEDGEMENT

SUBCRIBED AND SWORN TO BEFORE ME personally appeared the following

persons with their competent proof of identity as follows:

Name ID No. Date of Issued Place of

Issuance

all known to me and to be the same persons who executed the foregoing instrument
which they acknowledged to me to be their free and voluntary act and deed, consisting
of only TWO (2) page/s, including this page in which this Acknowledgement is written,
duly signed by them and their instrumental witnesses on each and every page hereof.

WITNESS MY HAND AND SEAL this ____ day of ________________ in

___________________, Philippines.

Doc No. ____;

Page No. ____;
Book No. ____;
Series of 2022.