MORNBFI Vol. 1 - Planters Development Bank

APP. Q-1408.12.317. Advice of Counsel - The Investment Manager may seek the advice of lawyers. Anyaction taken or suffered in good faith by the Investment Manager as a consequence of theopinion of the said lawyers shall be conclusive and binding upon the Principal, and theInvestment Manager shall be fully protected from any liability suffered or caused to besuffered by the Principal by virtue hereof.ACCOUNTING AND REPORTING8. The Investment Manager shall keep and maintain books of accounts and otheraccounting records as required by law. The Principal or the authorized representative ofthe Principal shall have access to and may inspect such books of accounts and all otherrecords related to the Portfolio, including the securities held in custody by the InvestmentManager for the Portfolio.9. Reporting Requirements - The Investment Manager shall prepare and submit to thePrincipal the following reports within : (a) BalanceSheet; (b) Income Statement; (c) Schedule of Earning Assets; (d) Investment ActivityReport; and (e) (such other reports as may be required by the Principal).INVESTMENT MANAGER'S FEE10. Investment Fee - The Investment Manager, in addition to the reimbursement of itsexpenses and disbursements in the administration and management of the Portfolio includingcounsel fees, shall be entitled to receive as compensation for its services a managementfee of (Specify amount or rate) .WITHDRAWALS FROM THE PORTFOLIO11. Withdrawal of Income/Principal - Subject to availability of funds and the nondiminutionof the Portfolio below P1 million, the Principal may withdraw the income/principal of the Portfolio or portion thereof upon written instruction or order given to theInvestment Manager. The Investment Manager shall not be required to see as to theapplication of the income/principal so withdrawn from the Portfolio. Any income of thePortfolio not withdrawn shall be accumulated and added to the principal of the Portfolio forfurther investment and reinvestment.12. Non-alienation of Encumbrance of the Portfolio or Income - During the effectivity ofthis Agreement, the Principal shall not assign or encumber the Portfolio or its income orany portion thereof in any manner whatsoever to any person without the prior writtenconsent of the Investment Manager.Q RegulationsAppendix Q-14 - Page 4Manual of Regulations for Non-Bank Financial Institutions