1. Appointment of HC Mutual

The Applicant appoints HC Mutual as his/her attorney-in-fact to subscribe periodically, for and in behalf of Applicant, to the Shares, in tranches with each tranche being equivalent to the membership units fully covered by each amount remitted by the Applicant.

2. Membership Fee/Servicing and Processing Fee

The Applicant shall pay the following in connection with the herein Application for Membership:

(A) the price which is equal to the aggregate par value of Shares (Membership Fee); and

(B) the amount stipulated in the application form as servicing and processing fee (the “Servicing and Processing Fee”). The Applicant shall not be entitled to a refund of the Servicing and Processing Fee.

(C) Any documentary stamp taxes, if any.

3. Terms of Payment

3.1 Promise to Pay.

The Applicant agrees to pay the Membership Fee and the Servicing and Processing Fees.

For purposes hereof, the fees shall be considered fully paid when the installment payments applicable to such fees are paid (collectively the “Accumulated Value” or “ASV”) shall equal or aggregate par value of the Shares.

3.2 Amount of Payment.

The Membership Fee shall be paid in regular periodic installments in the amounts and at the time stated in this application form paid through any authorized center or through salary deduction. In case of salary deduction, such installments shall be deducted from the Applicant’s salary every payroll period after the date of application.

The Servicing and Processing Fee shall be paid in equal semi-monthly or monthly installments, the amount of which is stipulated in the application form, to be paid simultaneously with the Membership Fee payments. Provided, however, that should the Board of Directors of HC Mutual at its discretion allow the member to withdraw this agreement or pre-terminate any of the payments made in the member’s behalf of HC Mutual or the member retires, resigns, or ceases to be employed by the Employer (as defined in the Application Form), the full payment to HC Mutual thereof shall be accelerated to the date of said withdrawal or pre-termination, retirement, resignation, or cessation of employment and shall be paid in preference over all outstanding obligations of the member. HC Mutual shall have the right to deduct the unpaid balance of the Service and Processing Fee and any applicable documentary stamp taxes and/or termination fee from the withdrawal value of the Shares.

3.3 Authority to Collect and Receive Payment.

The Applicant hereby authorizes HC Mutual or any of its authorized representatives to collect from the employer the amounts deducted from the salary of the Applicant pursuant to the authorization given by the Applicant to the Employer. The submission of a copy of the document to the Employer shall serve as authority to the Employer to make corresponding deductions from the Applicant’s salary and to pay the same to HC Mutual.

3.4 Failure to Pay by Salary Deduction.

If for any reason, the Applicant’s regular periodic installments on the Membership Fee and installments on the Servicing and Processing Fee are not collected or paid through salary deduction, the Applicant shall pay, in addition to the said installments, such reasonable amounts as may be determined by HC Mutual to cover the additional costs of handling and collection.

3.5 Advance Payment.

An advance payment by the Applicant for his/her fees shall be added, but shall in no case alter the schedule of the amounts to be regularly deducted from the Applicant’s salary as his/her regular periodic installments on the Membership Fee and installments on the Servicing and Processing Fee.

3.6 Arrears in Payment/Forfeitures.

Whenever the Applicant shall be six (6) months in arrears in the payment of his/her regular periodic installments on the fees, and the Applicant fails to pay the full amount of such arrearages within two (2) months from written notice thereof, the Board of Directors of HC Mutual shall have the right but not the obligation to declare his/her Shares as forfeited. The withdrawal value of his/her membership upon forfeiture shall be determined by the Board of Directors of HC Mutual and paid to the Applicant without interest. In case of default in any installment of the Servicing and Processing Fee, the entire unpaid balance of the Servicing and Processing Fee shall become due and demandable.

4. Stock Loan/Multi-purpose Loan

The Applicant may avail himself of a loan from HC Mutual of up to a certain percentage of the ASV of the Shares repayable over a number of months at a preferential interest rate subject to existing policies of HC Mutual prevailing at the time of loan availment.

5. Effect of Full Payment of Fees

Upon the full payment of the fees, may be declared by HC Mutual’s Board of Directors to have matured or been called for redemption, and thereupon, the Applicant shall cease to be a stockholder.

6. Cessation of Employment

If for any reason, the member shall cease to be employed by the Employer, and the member shall then have no outstanding loan from HC Mutual or its assigns, his/her Shared may be called for redemption by HC Mutual’s Board of Directors at an amount equivalent to the withdrawal value at the time of such cessation of employment. In case of death of the member, his heirs may request HC Mutual to redeem said shares for the equivalent withdrawal value.

7. Withdrawal/Pre-termination

As and if allowed by the Board of Directors, the member may withdraw his/her membership. In this event, HC Mutual may redeem at member’s request any of his/her paid up Shares, and the manner and time of payment to the member of the said withdrawal value shall be subject to the limitations imposed by law. Such withdrawal or pre-termination shall mean loss of any priority right the member may have in obtaining housing or other loans from HC Mutual. In the event that the Servicing and Processing Fee are not yet fully paid at the time of the withdrawal or pre-termination as may have been allowed by HC Mutual’s Board of Directors, the entire unpaid balance of the Servicing and Processing Fee shall become due and demandable. HC Mutual shall have the right to deduct this unpaid balance to the withdrawal value of the Shares. If the withdrawal value is insufficient, the member hereby authorizes HC Mutual or any of its authorized representative to collect from the Employer the remaining balance from the salary of the member pursuant to the authorization given by the member to the Employer.

For 5ave Up Plan, termination fee will be deducted from the balance of the withdrawable value in case the member will intend to withdraw the value of the shares.

8. Fair Credit Reporting Act

I hereby authorize the transfer, disclosure, and communication of any information relating to my accounts with HC Mutual to any of the offices, branches, subsidiaries, affiliates, agents of HC Mutual, and third parties selected by them as HC Mutual deem appropriate, and as may be required by law or regulation. I hereby authorize the regular submission and disclosure to any and all credit information service providers such as, but not limited to credit reporting agencies, whether positive or negative relating to my basic credit data (as defined under R.A. No. 9510) with HC Mutual as well as any updates or corrections thereof. The foregoing constitutes my written consent for any such submission and disclosure of information relating to my accounts for the purpose indicated above and under applicable laws, rules, and regulations. I agree to hold HC Mutual free and harmless of any liabilities that may arise from any transfer, disclosure, or storage of information relating to my accounts.

9. Compliance with Association Regulations

The member hereby agrees to be bound by and faithfully obey the Articles of Incorporation and By-Laws of HC Mutual or amendments thereof and such rules, regulations, or policies as the Board of Directors of HC Mutual may promulgate or authorize from time to time.

10. Insurance Terms & Agreement

On claiming Accidental Life Insurance, the member understands that the Association shall be following the partner insurance company’s policies and guidelines as well as the terms and conditions of its service. The member also acknowledges that any releases of insurance benefits shall depend on the partner insurance company’s approval of claims.