VC HOTEL AND RESORT CORP.
1
Ayala Avenue, Makati City,
Metro
Manila, Philippines
Tel
No. 888-8888
BOARD RESOLUTION NO.
002, SERIES OF 2016
WHEREAS, there is a need for opening up a
depositary account, both savings, current, and time deposit, with any banking
institution which shall be used as the official banking account of the VC Hotel
and Resort Corporation in transacting business;
WHEREAS, there is a need for obtaining loans and/or
credit accommodation with any banking/ lending institution to generate funds
for the purpose of expanding the business of the Corporation;
NOW THEREFORE, BE IT
RESOLVED that VC HOTEL AND RESORT
CORORATION (the “Corporation”) be authorized, as it is hereby authorized,
to transact with BANK OF THE PHILIPPINE
ISLANDS, its trust department, any of its branches, its subsidiaries and
affiliates (singularly or collectively referred to as “the Bank”) for the opening
up of depositary accounts, obtainment of loan facilities, and availment of other
banking products and services;
RESOLVED FURTHER,
that in this regard, the Corporation be authorized to do the following:
1.
OPEN AND MAINTAIN
DEPOSITORY ACCOUNTS. To open,
maintain and manage, in the name of the Corporation, any number of
savings/current/time and other accounts with the Bank or any of its branches,
hereinafter to be referred to as the “Depository Accounts”, and in this regard,
to:
1a. Deposit to and
withdraw from any of the Depository Accounts, in whatever form and manner, and
in such amounts as the Corporation may deem appropriate or necessary;
1b. Close any of the
Depository Accounts and ask, demand, se for, collect, and receive the proceeds
of such Depository Account in the name of the Corporation;
1c. Receive, accept,
endorse and negotiate all checks, drafts, or orders of payment payable to the
Corporation or its order which may require the Corporation’s endorsement;
2.
AVAIL OF CREDIT
FACILITIES. To apply for, negotiate and obtain loans or
other credit accommodations or facilities, including but not limited to letters
of credit, trust receipts, bills purchases, foreign exchange settlement lines,
from time to time, in amounts which may be required by the Corporation, which
authority shall include renewals, extensions, re-availments, restructuring,
amendments or conversions into other credit forms or types, and in this regard,
to:
2a. Execute, sign and
deliver from time to time the relevant loan agreements, promissory note/s,
trust receipts and all other documents pertinent to the
accommodations/facilities referred to above;
2b. Avail of products
and services offered by the Bank’s Transactional Banking Group, such as
collection and disbursement services, liquidity management, account services,
retail products, and to be bound in accordance with and subject to the Bank’s
rules and regulations, terms and conditions governing the same;
3.
TRANSACT TRADE
RECEIVABLES. To negotiate for the sale of the
Corporation’s accounts receivables to various investors under the Bank’s Trade
receivables Brokering/Receivables Brokering Arrangements;
4.
FOREIGN EXCHANGE
TRANSACTIONS. To enter into foreign exchange
dealings/transactions with the Bank, such as buying and selling of foreign
exchange, and other foreign exchange transactions such as but not limited to
forwards, swaps, etc. with the Bank;
5.
MONEY MARKET
TRANSACTIONS. To invest in money market placements and
other instruments with BDO UNIBANK INC., its subsidiaries and affiliates,
including non-bank financial institutions;
6.
TRUST, INVESTMENT
MANAGEMENT AND AGENCY TRANSACTIONS. To open,
maintain and manage in the name of the Corporation any number of trust,
investment management and other agency accounts with the Bank’s trust
department and to give any and all instructions and approvals that may be
required for the administration, including withdrawals and closure, of these
accounts;
7.
ELECTRONIC BANKING
SERVICES. To register with and avail of the Electronic
Banking Services of the Bank in connection with the foregoing g transactions
which may include balance inquiries, bills payments, funds transfers from and
to the Depository Accounts;
8.
TRANSACT WITH RELATED
COMPANIES. To transact with the Bank’s other
subsidiaries affiliates, and related companies;
9.
MORTGAGE, PLEDGE,
ASSIGN COMPANY PROPERTY. To mortgage,
pledge, assign or otherwise encumber properties of the Corporation, whether
real or personal, as collaterals for credit accommodations extended by the
Bank.
RESOLVED FURTHER that
any of the following officers of the Corporation be authorized, as they are
hereby authorized, to enter into the above-specified arrangements with the Bank
under such terms and conditions as the said individuals may deem necessary and
to accordingly execute, sign, deliver and/or perform any and all contracts,
instruments, documents, instructions or writings with or to the Bank that may
be necessary for the implementation of the foregoing transactions:
NAME POSITION SIGNATURE
Gertrude P. Pillena President
Michelle A. Vale Cruz Secretary
Carl Fredson Y. Au Treasurer
RESOLVED FURTHER,
that the Corporation ratify and confirm, as it is hereby ratifies confirms, all
that the above named individuals may lawfully do or cause to be done by virtue
of these authority given to them;
RESOLVED FINALLY, that
the foregoing Resolutions shall remain valid and subsisting unless otherwise
revoked or amended in writing by the Corporation and duly served on the Bank.
APPROVED:
_______________ _______________ _______________
Board
of Director Board of Director Board of Director
_______________ _______________ _______________
Board
of Director Board of Director Board of Director
ATTESTED BY:
_______________
President
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