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Exhibit 10.21
 DEED OF ABSOLUTE SALE
(Governing the Sale and Purchase of a Lot)
  FORT BONIFACIO DEVELOPMENT CORPORATION nd st nd LOURDES R. REYES ANICETO V. BISNAR JR SELLER
  PEOPLESUPPORT PROPERTIES PHILIPPINES INC., RAINERIO BORJA BUYER
 WITNESSETH THAT:
  SUBJECT TO THE FOLLOWING TERMS AND CONDITIONS:
 SECTION 1. THE LOT TO BE PURCHASED
 1.1
    
    The lot information plan applicable to the Lot (hereinafter, the Lot Information Plan) is
hereto attached as Annex B. The Lot is more particularly described in Annex C.1.2
    
    The Lot shall be used only for the purpose(s) allowed within the zone wherein the Lot is
located pursuant to and in accordance with the Declaration, the Design Standards and
Guidelines, and the Lot Information Plan. The zone and district in which the Lot is located
are indicated in Annex C.
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1.3
    
    The Lot shall be subject to a floor area ratio (hereinafter, the FAR) and to a permissible
gross floor area (hereinafter, the GFA) specified in the Declaration and the Design
Standards and Guidelines. For purposes of this Deed, the terms floor area ratio or FAR
and gross floor area or GFA shall have the respective meanings ascribed to them in the
Declaration and the Design Standards and Guidelines.1.4
    
    The BUYER hereby acknowledges that, in buying the Lot, the BUYER has independently assessed
the physical condition of the Lot for the purposes for which it intends to use the same. The
BUYER further acknowledges it has inspected the Lot and confirms that the Lot is devoid of
occupants, squatters or any other physical encumbrances thereon.1.5
    
    The BUYER hereby acknowledges that it has full knowledge of the land development work(s) and
improvement(s) currently being undertaken or which in the future may be undertaken by the
SELLER within Global City or within or in the vicinity of the Lot. The BUYER, for itself and
its employees, agents, representatives, successor(s) and assign(s), hereby holds the SELLER,
its employees, agents, representatives, successors and assigns, harmless and free from any
liability, claim, action, damage or expense of whatsoever nature and kind which arises out of,
or may be caused to the Lot on account of force majeure, or any inconvenience, discomfort,
disturbance and/or nuisance due to any development work(s) and improvement(s) reasonably
undertaken or to be undertaken by the SELLER.
 SECTION 2.DEFAULT
 2.1
    
    Each of the following events shall constitute an event of default under this Deed:
 (a)
    
    failure of the BUYER to comply with any covenant or obligation required to be
performed or undertaken in, or to comply with any covenant or restriction under, the
Declaration, the Design Standards and Guidelines or the Lot Information Plan; or(b)
    
    the concealment of any material fact, or providing any information which is
determined to be false or misleading in any material respect in any document signed,
executed or delivered by the BUYER (including this Deed) on the basis of which the
SELLER shall have agreed to the sale of the Lot to the BUYER.
 2.2
    
    Upon the occurrence of any of the events specified in Section 2.1(a):
 (a)
    
    The SELLER shall, within a reasonable period from knowledge thereof, notify
the BUYER in writing of the occurrence of an event of default and the BUYER shall,
immediately and within a reasonable period from receipt of the notice, rectify or
remedy any breach, action or occurrence otherwise constituting or resulting in an
event of default. Further, upon receipt by the BUYER of a notice from the SELLER
pursuant to this Section 2.2(a), the SELLER and the BUYER shall forthwith appoint and
cause their respective representatives to immediately discuss and agree in good faith
on the manner by which the event of default shall be remedied and discharged with the
end in view of causing the BUYER to be in compliance with any covenant or obligation
required to be performed or undertaken by it.(b)
    
    In the event that the BUYER fails or refuses to rectify or remedy the breach,
action or occurrence or fails or refuses to comply with the provisions of Section
2.2(a), the SELLER shall have the right, as the BUYER hereby grants the SELLER such
right,
but not the obligation, exercisable by written notice to the BUYER, to undertake or
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cause to be undertaken any act or action to rectify or remedy the breach, action or
occurrence otherwise constituting or resulting in an event of default, and charge
the actual costs thereof to the BUYER. In undertaking any act or action under this
Section 2.2(b), the BUYER constitutes and appoints the SELLER as the BUYERs
attorney-in-fact, the appointment of which is coupled with an interest and hence,
irrevocable. In the event that the SELLER shall choose to exercise its right to
rectify or remedy the breach, with the corresponding right to reimbursement, then
such exercise of its right shall be the sole and absolute remedy available to the
SELLER for the BUYERs breach or default, but without prejudice to the right of the
SELLER to collect the costs of rectification as aforesaid from the BUYER and to
whatever monetary penalties which may have accrued to the SELLER or to BGCEA under
the Declaration prior to the exercise by the SELLER of its right hereunder.
 (c)
    
    In the event that the BUYER (i) fails or refuses to rectify or remedy any
material breach, or (ii) persistently fails or refuses to comply with the provisions
of Section 2.2(a); or (iii) undertakes or allows to be undertaken, or refuses to
perform, any act which will otherwise deny the SELLER the right granted to its under
Section 2.2(b); or (iv) wilfully, deliberately or in bad faith undertakes or attempts
to undertake any act to materially violate the provisions of the Declaration, the
Design Standards and Guidelines and the Lot Information Plan, the SELLER shall be
entitled to cancel this Deed by giving prior written notice of cancellation to the
address of the BUYER as specified herein by registered mail or personal delivery.
 2.3
    
    Upon the exercise by the SELLER of its right under Section 2.2(c):
 2.3.1
    
    The BUYER shall immediately and within a period of not more than 90 days from
the date of receipt of notice of cancellation from the SELLER pursuant to Section 2.2,
remove any improvements or structures from the Lot without any cost to the SELLER
whatsoever, vacate the Lot and deliver to the SELLER full possession of the same in
the same physical condition it was found at the time of the delivery of the Lot to the
BUYER, devoid of any structures or occupants. In the event that the BUYER fails to
remove any improvements or structures from the Lot within the period specified above,
then the improvements remaining on the Lot shall be deemed automatically abandoned by
the BUYER, and the SELLER may thereupon enter the Lot and, at its option: (i) cause
the demolition or removal of such improvements and restore the Lot to the same
physical condition of the Lot at the time of delivery, without necessity of a court
order, and charge the BUYER the actual cost of effecting such removal and restoration,
or (ii) constitute the improvements as property of the SELLER without any obligation
on its part to reimburse the BUYER for the cost or value of such improvements. The
SELLER or its representative shall have the right to enter the Lot and take full and
complete physical possession of the same and take whatever action is necessary or
advisable, without any interference by the BUYER, to protect or enforce the SELLERs
rights and interests in and to the Lot and without prejudice to the performance by the
BUYER of its rights granted under this paragraph.2.3.2
    
    The BUYER shall be entitled to a refund of all amounts paid representing the
Purchase Price, less: (1) the deposit paid under the reservation agreement (if any),
(2) liquidated damages computed in the amount equal to twenty-five percent (25%) of
the Purchase Price, (3) penalties and other amounts payable which may have accrued
under to this Deed, the Declaration and the Design Standards and Guidelines
the as of the date of cancellation, (4) the real estate brokers commission, if
any, (5)
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any unpaid association charges on the Lot, and (6) the Security Deposit.
Any amount to be refunded to the BUYER shall be collected by the BUYER at the
office of the SELLER designated in the notice of cancellation. Upon the
cancellation of this Deed, the SELLER shall be free to dispose of the Lot as if
this Deed had not been executed.
 2.4
    
    It is understood that no failure or delay by the SELLER in exercising any right, power or
privilege under this Deed shall be construed as a waiver thereof nor shall any single or
partial exercise thereof preclude any further exercise of any other right, power or
privilege. Acceptance by the SELLER of any payments made in a manner or at any time other
than as herein provided shall not be construed as a variation, novation or waiver of the
terms thereof.
 2.5
    
    The BUYER hereby agrees that any and all acts performed by the SELLER, its authorized agents
or representatives, under the provisions of this section may not be subject to any petition
for injunction and that the SELLER and/or its authorized agents or representatives shall be
free from any and all civil and/or criminal responsibility whatsoever as a result of the
reasonable exercise of its rights under this section. The right or authority of the SELLER
to pursue any remedy provided herein arising out of or in connection with the default of the
BUYER shall not require the BUYERs prior written consent or the performance of any other act
by the BUYER.
 SECTION 3.TAXES, REGISTRATION COSTS, AND EXPENSES
 3.1
    
    The following taxes, costs and expenses shall be for the account of the BUYER:
 (a)
    
    except as provided for in Section 3.2, documentary stamp tax, transfer taxes,
registration fees and other expenses, costs and taxes imposed or to be imposed in
connection with the sale of the Lot and/or transfer of title of the Lot from the SELLER
to the BUYER, the execution and registration of this Deed, the issuance of the tax
declaration and corresponding transfer certificate of title covering the Lot in the
name of the BUYER;(b)
    
    value added tax, if any, accruing by reason of the receipt by the SELLER of
the Purchase Price (or any portion thereof) of the Lot as well as all the other
amounts to be due and payable to the SELLER under this Deed;(c)
    
    real property taxes and assessments which shall be imposed on or which shall
accrue in connection with the Lot from the date on which the Lot is deemed delivered
to the BUYER as determined under Section 5.2;(d)
    
    amounts due in connection with supplying the Lot with water, power, telephone,
telecommunications or other public utilities, whether in the form of deposits, charges
or fees, commencing on the date the Lot upon delivery of the Lot to the BUYER;(e)
    
    association dues and assessments duly levied and imposed by the Bonifacio
Global City Estate Association, Inc. (BGCEA); and(f)
    
    other fees, charges, expenses and penalties herein provided which the SELLER
is entitled to, as provided hereunder.
 3.2
    
    The following taxes, costs and expenses shall be the account of the SELLER:
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(a)
    
    taxes on the net income of the SELLER or any other tax credit thereto imposed
in connection with the sale of the Lot to the BUYER; and(b)
    
    real property taxes or assessments accruing on the Lot for the duration of the
period ending on the date on which the Lot is deemed delivered to the BUYER as
determined under Section 5.2.
 SECTION 4. TRANSFER OF TITLE AND OWNERSHIP
  SECTION 5. DELIVERY OF THE LOT
 5.1
    
    The SELLER shall deliver the Lot to the BUYER by the expected date of delivery specified in
Annex C; provided that, as of such intended date of delivery, the BUYER shall be in compliance
with all the terms and conditions of this Deed. In the event that fire, earthquake, other
natural elements, acts of God, war, civil disturbance, government and economic controls, or
any other cause beyond the SELLERs reasonable control makes it impossible or difficult for
the SELLER to deliver the Lot to the BUYER as of the expected date of delivery as stated in
Annex C, then upon agreement by the parties the SELLER may extend the expected date of
delivery of the Lot as stated in Annex C by giving written notice to the BUYER of such
extension or consider itself relieved for any obligation under this Deed.
 5.2
    
    The SELLER shall be deemed to have delivered the Lot upon the earliest of: (a) the date of
possession by the BUYER of the Lot for the purpose of constructing thereon or (b) the date of
execution of this Deed.
 5.3
    
    The Lot shall be delivered to the BUYER subject to the Declaration and the Design Standards
and Guidelines which will be annotated on the corresponding certificate of title to the Lot as
liens thereon. The BUYER undertakes to faithfully and strictly comply with the Declaration
and the Design Standards and Guidelines. Such undertaking of the BUYER constitutes an
essential consideration of this Deed.
 SECTION 6. RESTRICTIONS ON THE LOT
 6.1
    
    The BUYER agrees that all of its rights, title and interest in and to the Lot purchased
hereunder shall be subject to the:
 (a)
    
    Declaration;(b)
    
    Design Standards and Guidelines;(c)
    
    Lot Information Plan, memorandum circulars and resolutions adopted or to be
adopted
by BGCEA and/or Bonifacio Estate Services Corporation (BESC), or as amended from
time to time (collectively, BESC/BGCEA Rules);
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(d)
    
    liens, encumbrances, restrictions and easements of record which are annotated
and registered on the certificate of title covering the Lot; and(e)
    
    liens, encumbrances restrictions and easements provided for by law, regulation
or ordinance.
 6.2
    
    The rights, title and interest herein conveyed by the SELLER to the BUYER shall be subject to
zoning regulations or such other restrictions on the use of the Lot as may be imposed by
governmental and other public authorities having jurisdiction thereon.
 6.3
    
    The BUYER acknowledges that the use of, construction on, improvement, development and/or
redevelopment of the Lot shall be subject to the Declaration, Design Standards and Guidelines,
and Lot Information Plan.
 6.4
    
    The BUYER agrees that it shall keep and maintain the Lot strictly in accordance with the
Declaration, Design Standards and Guidelines and Lot Information Plan.
 6.5
    
    The BUYER shall not construct or erect any unsightly or objectionable structures, or
establish or undertake any activity which would tend to detract from the dignity of the Manila
American Cemetery and Memorial.
 SECTION 7. CONSTRUCTION ON THE LOT
   SECTION 8. PUBLIC ART
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SECTION 9. OTHER OBLIGATIONS
  SECTION 10. ESTATE ASSOCIATION
 10.1
    
    The SELLER has organized the BGCEA for the purpose of managing certain areas of the Global
City for common use and benefit of all the Lot owners in the Global City, and promoting and
protecting their mutual interest.
 10.2.1
    
    The BUYER upon the execution of this Deed of Sale shall automatically become a member of
BGCEA, shall pay to the latter all the dues and assessments duly levied and imposed by BGCEA
on its members, and shall comply with its Articles of Incorporation, By-Laws and rules and
regulations.
 SECTION 11.WARRANTIES
 11.1
    
    The SELLER hereby represents and warrants in favor of the BUYER that:
 (a)
    
    it has absolute right and title to sell and transfer the Lot to the BUYER(b)
    
    the Lot is free from all liens and encumbrances, except those liens,
encumbrances, restrictions and easements specified in Section 6.1; and(c)
    
    to the best of its knowledge, the Lot is free from any hazardous or toxic
substances.
   11.2
    
    To the extent applicable, the SELLER shall assign to BGCEA for the pro-rata benefit of all
purchasers of lots in Global City, all the warranties made in favor of the SELLER by the
architect, engineers, construction or project manager, contractors and material suppliers of
Global City in connection with the plans, specifications, labor or construction materials
used or provided therein, as provided under pertinent law.
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11.3
    
    The BUYER expressly acknowledges and warrants that:
 (a)
    
    The SELLER shall be under no liability whatsoever to the BUYER, including its
successors, assigns, mortgagees, tenants or other occupants of the Lot whether lawful
or otherwise, for any loss or damage arising in connection with or as a consequence of
its purchase of the Lot and/or its subsequent sale, use and/or development unless such
loss or damage shall occur due to the fault or negligence of the SELLER or the SELLER
breaches any of its obligations, representations or warranties herein.(b)
    
    The BUYER has purchased the Lot based upon its own evaluation of the Lot and
has ascertained the state and condition of the Lot in relation to the purposes for
which the BUYER intended to develop the Lot. The BUYER shall not be entitled to revoke,
cancel or withdraw in any way whatsoever from this Deed, or be entitled to any
compensation or reduction in the Purchase Price, or be entitled to any other compromise
whatsoever, should it subsequently determine that the Lot is not fit for the use or
purpose intended by the BUYER.(c)
    
    The BUYER shall accept delivery of the Lot, including all areas above or below
ground, in the state and condition as it exists, including all easements and servitudes
established over the Lot under the Declaration, Design Standards and Guidelines and
Section 6.1, on the date on which delivery of the Lot is deemed to be effected
hereunder.(d)
    
    The SELLER has the right to develop or permit the development of any other lot
in Global City for any reasonable purpose in accordance with the Declaration and Design
Standards and Guidelines, and shall in no way become liable to the BUYER by reason
thereof.
 11.4
    
    The BUYER hereby warrants that it shall indemnify and hold the SELLER free and harmless from
all actions, proceedings, liabilities, demands, costs, expenses and any other claims
whatsoever arising from any damage caused to an adjacent or adjoining lot or property, where
such damage has arisen out of any development, redevelopment or any other work undertaken by
the BUYER on the Lot, whether voluntarily made or undertaken in compliance with the
Declaration or Design Standards and Guidelines.As used in this section, damage caused to an adjacent or adjoining lot or property
shall be understood to be caused by the BUYER when such damage, directly or indirectly,
arises from or is caused by any act, omission or negligence of the BUYER or its tenant,
employee, agent, representative or any other person who has possession or occupies the
Lot with the BUYERs consent, or absent such consent, as a result of the BUYERs
omission or negligence.
 SECTION 12. SEPARABILITY CLAUSE
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SECTION 13. OTHER REMEDIES/RELIEFS OF THE SELLER
  SECTION 14. ASSIGNMENT
  SECTION 15. OTHER TERMS AND CONDITIONS
 15.1
    
    The BUYER hereby agrees that representatives of the SELLER or any public service or utility
company shall have the right to enter the Lot at any time for the purpose of inspection,
measurement, relocation, survey, laying of monuments, or repair of water, gas, power,
telephone, telecommunications, or other public utility connections and lines. Any
inconvenience or disturbance thus caused shall not be cause for the rescission of this Deed
or an action for damages.
 15.2
    
    Each Party warrants that the information which it has provided for the purposes of executing
this Deed is true and correct as of the date hereof, and prior to the issuance of the
transfer certificate of title covering the Lot in the name of the BUYER, the BUYER agrees to
directly and personally inform the SELLER in writing of any changes in such information, such
as but not limited to name, address and/or status. The SELLER shall have the right to solely
rely on the information provided by the BUYER, and shall not be held responsible for any
error in, non-communication or miscommunication, of any information required from or given by
the BUYER. The BUYER also warrants that the funds used and to be used in purchasing the Lot
was, has been and will be obtained through legitimate means and do not and will not
constitute all or part of the proceeds of any unlawful activity under applicable laws. The
BUYER hereby holds the SELLER free and harmless from any action, proceeding, claim,
liability, demand, cost, expense or loss whatsoever arising out of or in connection with the
BUYERs breach of warranties in this Section and under this Deed.
 15.3
    
    This Deed shall not be considered as changed, modified or altered by any act of tolerance on
the part of the SELLER unless such change, modification or alteration is made in writing and
signed by both parties to this Deed. This Deed and all other documents executed in relation
to or connected with this transaction and which are made an integral part hereof (including
but not limited to the Contract to Sell and/or the reservation agreement, if the parties
shall have executed the same prior to this Deed), shall constitute the entire agreement
between the parties. The Annexes of this Deed are considered for all intents and purposes
integral parts hereof. For the avoidance of doubt, as used herein, the term Deed includes
all Annexes
referred to herein. The SELLER is not and shall not be bound by any stipulations,
representations, agreements or promises, oral otherwise, not contained in this Deed. This
Deed supersedes all verbal representations which may have been made by the real estate
broker (if any) to this transaction. In case of any discrepancy between this Deed, the
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Contract to Sell (if any) and the reservation agreement (if any) executed between the
SELLER and the BUYER, this Deed shall prevail. However, the provisions in such Contract to
Sell (if any) and reservation agreement (if any) which are not affected hereby shall be
binding.
 15.4
    
    The BUYER hereby represents that this Deed, together with the Declaration, Design Standards
and Guidelines, Lot Information Plan, as well as all Annexes hereto, have been read,
understood, and accepted by the BUYER and/or its authorized representatives.
 15.5
    
    The BUYER shall not be allowed to substitute the object of this Deed of Absolute Sale
without the prior written consent of the SELLER; provided that, in the event that the SELLER
consents to such substitution, all costs to effect such substitution, including but not
limited to all taxes, costs and expenses arising out of or associated with the cancellation
of the purchase by the BUYER of the Lot and the substitution thereof by the purchase of a new
property, or the amendment or supplement of this Deed of Absolute Sale, shall be for the
account of the BUYER.
 15.6
    
    Should the either party resort to the courts of justice for the protection or enforcement of
its rights under this Deed, the other party agrees to pay the aggrieved party, by way of
attorneys fees, the amount equal to twenty percent (20%) of the amount claimed in the
complaint but in no case less than P50,000.00, in addition to the costs and expenses of
litigation, damages (whether actual or consequential) to which the aggrieved party may be
entitled to under the law, and other expenses which the law may entitle the aggrieved party
to recover from the other party. The parties hereby agree to submit to the jurisdiction of
the proper court of Taguig, Metro Manila. It is understood that upon execution hereof, the
parties waive any other venue.
 15.7
    
    If there are two (2) or more buyers under this Deed, the term BUYER as used herein shall
refer to all such persons, and their obligations under this Deed shall be deemed contracted
by them in a solidary manner. The use of the neuter gender herein includes the feminine and
masculine gender.
 15.8
    
    Pursuant to Section 31 of the Implementing Rules and Regulations of Presidential Decree No.
957, the broker/salesman, if any, who negotiated the sale hereof shall sign as one of the
witnesses to this Deed with an indication of his or her certificate of registration number
and renewal date.
 15.9
    
    Sections 18, 20, 22, 23, 24, 25 and 27 of Presidential Decree No. 957, where applicable, are
deemed incorporated herein by reference.
 15.10
    
    The SELLER undertakes to register at the BUYERs expense this Deed of Absolute Sale with
the proper Register of Deeds.
 15.11
    
    In case of controversy in the interpretation of the plans and specifications or in the
measurement of the Lot, the interpretation of the SELLER shall prevail.
 15.12
    
    All covenants herein shall extend to and be obligatory on the heirs, personal
representatives, successors and assigns (as the case may be) of the parties. For the
avoidance of doubt, the
provisions of this Deed and the rights granted to the SELLER hereunder, including without
limitation, the right of the SELLER under Section 2.2(c) to cancel this Deed, shall be
enforceable against the BUYERs successors and assigns, and should the SELLER exercise its
right under Section 2.2(c) against the BUYERs successors and assigns, the SELLER may
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cancel this Deed pursuant to said Section 2.2(c) without need of a court declaration to
that effect.
 15.13
    
    Any notice required to be sent to the BUYER hereunder shall be sent by registered mail or
by personal delivery to the BUYERs address stated in this Deed, which notice when sent to
said address shall be considered sufficient compliance with all requirements for notice for
purposes of this Deed.
 15.14
    
    The BUYER acknowledges and agrees that the SELLER shall be allowed to undertake the
expansion of the Global City through the annexation of additional parcels of land, or effect
any addition, alteration and/or modification of the subdivision plans for the Global City as
originally filed with and approved by the relevant government agencies having jurisdiction
over the same, subject to compliance with the requirements of Section 22 of Presidential
Decree No. 957, as amended.
 15.15
    
    This Deed may be executed in counterparts. One fully signed set of counterparts shall for
all intents and purposes be considered a single document. This Deed shall be deemed to be
executed on the date when both the SELLER (acting through its authorized representatives) and
the BUYER shall have affixed their respective signatures hereto.
 IN WITNESS WHEREOF
 FORT BONIFACIO DEVELOPMENT CORPORATION
    
    PEOPLESUPPORT PROPERTIES 
PHILIPPINES INC.TIN: 004-707-554
    
    TIN:By:
    
    
    
    By:/s/ ANICETO V. BISNAR, JR.
    
    /s/ RAINERIO BORJAName: ANICETO V. BISNAR, JR.
    
    Name: RAINERIO BORJAPosition: Head  Commercial Operations
    
    Position: PresidentTIN: 130-660-140
    
    TIN: 209-207-411/s/ LOURDES R. REYESName: LOURDES R. REYESPosition: Chief Finance OfficerTIN: 125-290-711
  /s/ HENRY L. YAP
    
    /s/ RAUL R. CORTEZHENRY L. YAP
    
    RAUL R. CORTEZ
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ACKNOWLEDGMENT
 REPUBLIC OF THE PHILIPPINES
    
    )Pasay City
    
    
    ) S.S.
  Name
    
    Comm. Tax Cert. No.
    
    Date/Place of IssueFort Bonifacio Development. Corp.
    
    
    00145638
    
    
    Jan. 20, 2006/Taguig CityLourdes R. Reyes
    
    
    22005032
    
    
    Jan. 18, 2006/Parañaque CityAniceto V. Bisnar, Jr.
    
    
    15831936
    
    
    Jan. 25, 2006/Taguig CityPeopleSupport Properties Philippines, Inc.Rainerio Borja
    
    
    24354585
    
    
    Mar. 24, 2006/Makati City
       
 127  27  XVII
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