In these Terms and Conditions governing the Balance Convert Installment Facility ("Terms and Conditions"), the term "Security Bank Credit Card" means all credit cards issued by Security Bank Corporation ("Bank"). The term "Cardholder" means any person whose Security Bank Card has been issued by the Bank.

General:

1. Balance Convert is a credit card installment facility which allows select principal Security Bank Credit Cardholders in good credit standing to convert their outstanding balance of at least PHP20,000.00 to an installment plan.

2. The Balance Convert application is still subject to the Bank's verification and credit approval.

3. The Terms and Conditions governing the issuance and use of Security Bank Credit Card and all related provisions of the Security Bank In-house Installment Plan are deemed incorporated herein by reference and made an integral part hereof.

Eligibility Requirements:

1. The qualified cardholder must be a principal Security Bank Credit Cardholder and must be of good credit standing.

2. The balance amount to be converted should at least be P20,000.00.

Other conditions:

1. The Bank shall have the absolute and exclusive right to approve or reject a Balance Convert application.

2. The Bank has the absolute right and option to approve a Balance Convert availment in an amount less than the total Balance Convert amount requested by the Cardholder.

3. Once the Balance Convert application is approved, the monthly amortizations shall be posted on the Cardholder’s succeeding monthly statements of account. These shall form part of the Total Outstanding Balance due in the Cardholder’s Statement of Account. If the Cardholder revolves in any portion of the Total Outstanding Balance Due in any given month, the account shall be subject to the computation of the Finance Charge and Late Payment Charge (if applicable) for that month.

4. If a portion of Balance Convert remains unpaid after the chosen repayment period, the corresponding unpaid principal amount shall be charged the prevailing, standard monthly finance charge of the Security Bank Credit Card. Should any portion of the monthly add-on interest due in any given month remain unpaid, the corresponding Finance Charge and Late Payment Charge shall be applicable.

5. The monthly interest rates are determined by the Bank and may be subject to change in accordance with the prevailing market rates for similar transactions and terms. In case a Cardholder ceases to be in good credit standing through (i) suspension, (ii) cancellation, or (iii) non-renewal of Security Bank Credit Card due to non-payment or breach of these terms & conditions, all unpaid installment amounts as well as other account balances shall immediately become due and demandable.