This Undertaking Agreement made and executed this __th day of _____, 20__ by and between:
____________________________________ (School/Institution), a non-stock, non-profit organization duly organized and existing under and by virtue of the laws of the Republic of the Philippines with principal office address ________________________________________, represented herein by its Directress/Principal, ________________________________ and its Treasurer, __________________ ___________________, herein referred to as the “School/Institution”;
CATHOLIC EDUCATIONAL ASSOCIATION OF THE PHILIPPINES, a non-stock, non-profit organization duly organized and existing under and by virtue of the laws of the Republic of the Philippines with principal office address at #7 Road 16, Bagong Pag-Asa, 1105 Quezon City, Metro Manila, represented herein by RONALDO D. ICO, Director, CEAP Retirement Plan Office and herein referred to as the “TRUSTOR”;
WHEREAS, the (SCHOOL/INSTITUTION) is a contributing member of the Catholic Educational Association of the Philippines (CEAP) Retirement Fund for the separation benefits of its employees;
WHEREAS, the “School/Institution” has requested Metropolitan Bank And Trust Company-Trust Banking Group, the TRUSTEE of the Fund, through the TRUSTOR, to credit the separation benefit of your employee(s), _______________________________, in the amount of Pesos: ______________________________________________________ (Php____________), determined and computed by the designated actuary of the Fund;
WHEREAS, the SCHOOL/INSTITUTION will disburse the credited benefit to its separated EMPLOYEE;
WHEREAS, the TRUSTEE “METROPOLITAN BANK AND TRUST COMPANY-TRUST BANKING GROUP) has agreed to credit the BENEFIT to the SCHOOL/INSTITUTION, provided that the TRUSTEE “METROPOLITAN BANK AND TRUST COMPANY-TRUST BANKING GROUP) and the TRUSTOR as herein stated, are freed from any all claims and liabilities to any third parties, arising out of or as consequence of the TRUSTEE’s crediting of the benefit to the (SCHOOL/INSTITUTION)’s account;
NOW, THEREFORE, for and in consideration of the foregoing premises, the SCHOOL/INSTITUTION hereby represents and binds itself to assume fund responsibility for and indemnify, compensate and hold the TRUSTEE “METROPOLITAN BANK AND TRUST COMPANY-TRUST BANKING GROUP” and the TRUSTOR herein stated entirely free and harmless against any claims, charges, expenses, liabilities or judgment that may be rendered against the TRUSTEE “METROPOLITAN BANK AND TRUST COMPANY-TRUST BANKING GROUP” and the TRUSTOR, including any claims coming from the employee by the reason of its crediting of the BENEFIT due the EMPLOYEE on the basis of the authority given by the school to the TRUSTEE “METROPOLITAN BANK AND TRUST COMPANY-TRUST BANKING GROUP”, through the TRUSTOR, by virtue hereof.
IN WITNESS WHEREOF, the SHOOL/INSTITUTION and the TRUSTOR, represented by its respective officers hereby affix their signatures hereunder.
CATHOLIC EDUCATIONAL ASSOCIATION OF THE PHILIPPINES (CEAP)
RETIREMENT PLAN OFFICE
RONALDO D. ICO
SIGNED IN THE PRESENCE OF:
REPUBLIC OF THE PHILIPPNES)
MAKATI CITY ) S.S.
BEFORE ME, a Notary Public, in and for ___________________________on this ____day _________ 20___, personally appeared:
NameGovernment Issued IDs Date/Place of Issue known to me and to me known to be the same persons who executed the foregoing instrument and they acknowledged to me that the same is their free and voluntary act and deed as well as the company they represent.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal at ___________________, Metro Manila, Philippines on the day and year of the first above written.