Today is the day to take all that you like from showcase. Personal. Credit Card. Contract issuance and use.

Transcription

1 Today is the day to take all that you like from showcase. Personal Credit Card Contract issuance and use.

2 I. DEFINITIONS... 1 II. PROVISIONS Agreements with VISA INTERNATIONAL and MASTERCARD Regulatory Matters and Scope Issuance and Information on the Cards Types of the Card Advantages of the Card Use of the Card Maximum Limit Calculation method of the minimum monthly payment Payment of THE BANK to the person or company of the International System of VISA or MASTERCARD Credit Card Billing Statement Payment of Accounts Insurance Benefits and Incentives Charges Disclaimer for the Goods and Services Purchased Procedure and Liability for stolen or lost card Notices and Notifications from THE BANK Address of THE CUSTOMER Beginning Date of the Agreement Duration Grounds for early suspension, resolution or cancellation of the card agreement by THE BANK without notice Guarantees Providing Information New Cards Compensation Assignment True and Correct Balance Regulation of Relationships Waiver and Applicable Law and Jurisdiction New Brands and Types of Cards Modification Signature of Blank Documents Acceptance III. ANNEX 34. Charge Authorization Fraud Insurance 35. Charge Authorization Decreasing Term Life Insurance 36. Discount Order

3 Agreement for the Issuance and Use of Personal Credit Card The agreement included in the following clauses is entered into between Multibank, Inc., a company registered in the Public Registry, in the Mercantile Section, in the Microfiche , Roll 22480, Image 0045 (hereinafter called THE BANK), represented by the undersigned on behalf of it at the end of this document, on one hand, and on the other, the person whose name appears at the end of this document in the line designated for such purpose followed by the word THE CUSTOMER (hereinafter called THE CUSTOMER), who signs on his behalf: I. DEFINITIONS 1. BANK: MULTIBANK, INC. 2. CUSTOMER: Is (are) the person(s), holder(s) of the cards contracted with THE BANK, accountable for the obligations generated from them. The condition of THE CUSTOMER is subject to the verification by THE BANK of the information submitted by THE CUSTOMER. 3. CARDHOLDER: Natural person(s) in whose name THE BANK has issued an authorized credit card corresponding to accounts in the name of THE CUSTOMER, as well as any other authorized person on whose behalf, from time to time, THE BANK issues additional cards at request of THE CUSTOMER. The term CARDHOLDER includes both THE CUSTOMER and the person(s) authorized by THE CUSTOMER to use the account via credit card. 4. AGREEMENT FOR THE ISSUANCE AND USE OF PERSONAL CREDIT CARD: This Agreement that compiles the terms and conditions governing the management of personal credit cards, contracted by THE CUSTOMER with THE BANK. 5. CARD: Each and every one of the cards, which, by virtue of this agreement, are issued for the CARDHOLDERS. 6. PERSONAL CARD: Is the credit card issued by THE BANK to natural persons. 7. CARD APPLICATION: Document signed by THE CUSTOMER to request the cards offered by THE BANK. 8. LETTER OF ACCEPTANCE: Document signed by THE CUSTOMER, which establishes the rates and benefits as well as certain terms and conditions related to the card contracted by THE CUSTOMER with THE BANK. 9. BILLING STATEMENT: Monthly summary of all operations, including but not limited to purchases, payments, charges, and reversals that from time to time are reflected to determine the operations made by THE CUSTOMER. 10. PERSONAL IDENTIFICATION NUMBER (PIN): Confidential personal identification number hereinafter called PIN, given by THE BANK to THE CUSTOMER, which will be used by the latter to make operations at the ATMs. 11. ELECTRONIC BANKING: Service that can be accessed directly by THE CUSTOMER through Internet or any other electronic means made available to him by THE BANK to make transactions or receive services offered by THE BANK through those means. 12. PARTIES: THE BANK and THE CUSTOMER. 13. SUPERINTENDENCY: Regulatory body of THE BANK and protector of the users of the banking services. 14. BALANCE DUE: Balance in favor of THE BANK, reflected at any time on the Billing Statement of THE CUSTOMER. 15. OVERDRAFT: Debit balance in favor of THE BANK reflected on the account of THE CUSTOMER, for exceeding the limit authorized by THE BANK. 1

4 II. PROVISIONS 1. Agreements with VISA INTERNATIONAL and MASTERCARD. By virtue of an agreement with VISA INTERNATIONAL, THE BANK has the authority to issue cards with the trade name of international registration VISA, and by virtue of an agreement with MASTERCARD, THE BANK has the authority to issue cards with the trade name of international registration MASTERCARD. 2. Regulatory Matters and Scope. This agreement sets the terms and conditions applicable to the cards offered by THE BANK, and by signing it, THE CUSTOMER accepts the provisions included in this agreement related to the type of card, which CARD APPLICATION, LETTER OF ACCEPTANCE and other documents attached, including but not limited to, insurance document, blank documents duly identified, as well as any other document that from time to time may be required by THE BANK, THE CUSTOMER also signs, and that, as documented here for the record, are integral part of this Agreement. 3. Issuance and Information on the Cards. THE BANK will issue and deliver to THE CUSTOMER and/or to the persons authorized by the latter according to the requirements of THE BANK (hereinafter called THE CARDHOLDERS) one or several MASTERCARD and/or VISA credit cards, according to the provisions included in the CARD APPLICATION and in the LETTER OF ACCEPTANCE, made in plastic, which will include each one the following: (I) The names and surnames of THE CARDHOLDER (HOLDER or ADDITIONAL, as appropriate); (II) numerical identification of the card; (III) expiration date of the card; (IV) space for the hand-written or digital signature of THE CARDHOLDER; (V) identification, through their emblems, of VISA or MASTERCARD (as appropriate) and of THE BANK and any other emblems determined by THE BANK. 4. Types of the Card. THE BANK will only issue PERSONAL CARDS o any other type of card that THE BANK determines in the future, which main features will be included in the agreement that for this purpose THE BANK may have. 5. Advantages of the Card. THE CUSTOMER and THE CARDHOLDERS may purchase goods, services and cash advances from those natural persons and legal entities that are part of the global credit system of the trade name chosen by THE CUSTOMER in the CARD APPLICATION signed by THE CUSTOMER, VISA INTERNATIONAL or MASTERCARD, upon presentation of his card, verification of the availability of credit and authorization for the completion of the transaction in question. The use of the card for purposes other than the indicated will result in the cancellation of the card without any liability for THE BANK and will force THE CUSTOMER to cancel immediately the account balance. In addition, through THE PERSONAL CARD, THE CARDHOLDERS can obtain cash advances at the ATMs of the network to which THE PERSONAL CARDS are associated. 6. Use of the Card. Every time THE CUSTOMER and/or THE CARDHOLDERS use the card to make a transaction they will sign a receipt or voucher, which is, for the purposes of this agreement, a promissory note payable at sight for the amount of the advances, goods, or services purchased, which should be given in to the company or person with whom the corresponding transaction is being carried out. Notwithstanding the instructions of the previous statement, THE CUSTOMER accepts that, given the technological advances and innovative modalities of use of the card, any of the following events could happen: a. That the receipts do not bear the signature of THE CUSTOMER or of THE CARDHOLDERS, by virtue of purchases made by telephone or internet; b. That the receipts have minor printing defects. c. That the charges corresponding to the advances, goods, or services purchased are made manually. d. That the charges corresponding to the advances, goods, or services purchased are made through any electronic means, in which case the receipt will be the confirmation that, for such purpose, THE CUSTOMER may print following the instructions given through the electronic means. THE CUSTOMER shall be liable for the payment of the sums indicated in the sales receipts or promissory notes. Similarly, THE CUSTOMER is responsible even for the payment of those receipts or promissory notes which, although they do not contain the signature of THE CUSTOMER or THE CARDHOLDER, or being it different, contain the printing of the data embossed in the card or the information of the magnetic stripe of the card made through the printing of the seller. Also, THE CUSTOMER is responsible before THE BANK even in those cases in which the data of the vendor or of THE CUSTOMER or THE CARDHOLDERS is unintelligible in the receipt or promissory note made by the seller to make proof of the transaction. If this is the case, the date of the deposit of the promissory note made by the seller shall be considered as the date of the invoice. Also, THE CUSTOMER will be responsible for the charges issued in the form indicated in subsection (d) above. 2

5 7. Maximum Limit. The maximum limit approved for THE PERSONAL CARD is the one indicated in the proof of delivery of the card signed by THE CUSTOMER. This limit will be the maximum amount available to THE CUSTOMER and THE CARDHOLDERS, in partial or complete form. However, the parties agree that THE BANK may authorize THE CUSTOMER and THE CARDHOLDERS to exceed up to five percent (5%) of the approved amount, with THE BANK charging an over-the-credit-limit fee on this amount on the assumption that it is not cancelled before the billing statement closing date. 8. Calculation Method of the Minimum Monthly Payment. Will be indicated in the LETTER OF ACCEPTANCE signed by THE CUSTOMER. 9. Payment of THE BANK to the person or company of the International System of VISA or MASTERCARD Credit Card. THE BANK shall pay the amount of the purchase of goods and services made by THE CUSTOMER and THE CARDHOLDERS by means of the card to the corresponding person or company that is part of the International System of VISA or MASTERCARD credit card, as the case may be, provided that the terms and conditions contained in this agreement have been fulfilled. It is understood that the payments made by THE BANK for the use of the card are made on behalf of THE CUSTOMER, who undertakes to pay those amounts to THE BANK in the way stipulated in the current agreement for each type of card. 10. Billing Statements. THE BANK will prepare a monthly billing statement that will detail the operations carried out by THE CUSTOMER and THE CARDHOLDERS. The billing statements will be sent monthly to THE CUSTOMER through any of the following means: (a) By mail, to the last postal address of THE CUSTOMER registered at THE BANK; (b) By electronic mail, to the last electronic mail address registered at THE BANK; (c) At request of THE CUSTOMER, through the ELECTRONIC BANKING system or through any other electronic means and; (d) At request of THE CUSTOMER, the billing statements can be retained at THE BANK, in which case THE CUSTOMER shall pay the charge determined by THE BANK for such service and undertakes to withdraw the billing statements in a period no longer than three (3) months. Once this period has expired, THE BANK will be free to destroy those billing statements, in which case THE CUSTOMER shall have to make a new written request for the submittal of the same and THE BANK will generate the billing statements again in a period of three (3) working days. The billing statements will include the monthly interests generated, as well as any other expense to be borne by THE CUSTOMER according to this agreement. After ten (10) working days have passed counted, as appropriate, since the billing statement is given and received, as provided for in the clause entitled Notices and Notifications from THE BANK or from the closing date that appears in the billing statement, in the case of retention of such billing statement at THE BANK, without THE CUSTOMER having objected it in writing, it shall be deemed as accepted, and THE CUSTOMER may not submit any claim to THE BANK after such term, and the balances indicated in the corresponding billing statement will be deemed as accepted and will be final. THE BANK may vary the date of issuance or delivery of the billing statements, giving a thirty (30) days notice for such purpose. 11. Account Payment. All the expenses that must be carried out in accordance with the present agreement must be made in dollars of The United States of America. In the event that the card is used to purchase goods or services invoiced in currencies other than the dollar, the conversion to dollars will be made as established by VISA INTERNATIONAL or MASTERCARD on the subject, without claim by THE CUSTOMER. The payments made by THE CUSTOMER will be applied in the first place to the interests and charges for services, then to cash advances and last to the purchases made to the persons or companies affiliated to VISA or MASTERCARD credit system. THE CUSTOMER shall be jointly and severally responsible for the payment and fulfillment of all the obligations incurred by THE CARDHOLDERS. THE CUSTOMER undertakes to cancel the total monthly balances indicated in the billing statements within the thirty (30) days following the billing statement closing date, without financing charge. However, if THE BANK thus allow, and always within the maximum credit limit granted by THE BANK, the new balance of the account can be financed by paying THE CUSTOMER every month to THE BANK a minimum percentage of the total obligation pending, percentage that will be indicated in the corresponding Billing Statement. When financing, the interest rate indicated in the LETTER OF ACCEPTANCE signed by THE CUSTOMER will be applied. Interest on the amounts coming from the use of THE PERSONAL CARD will be computed and applied in the following way: a. On the balances funded between the payment date of the current billing statement and the date of the statement of the previous month in which the balance due appeared. b. In the case of sums of money obtained through ATMs or directly from a financial institution, the interests will be calculated on the period between the date of the withdrawal or receipt of the money and the payment due date of the monthly billing statement. c. On a monthly basis, calculated on the average daily balance due and computed according to article 23 of Law 81 of December 31, It is agreed that THE BANK may vary the interest rate at any time, one or several times, raising or lowering it, giving notice to THE CUSTOMER, with at least thirty (30) days prior to the date of effective variation, through the billing statement or through any of the means indicated in the clause Notices and Notifications from THE BANK. 3

6 In any case, the new interest rate should appear in the billing statement of the cycle previous to its entry into force. In addition, THE CUSTOMER undertakes to make immediate payments, when deemed necessary by THE BANK, for sums equal to the amounts that exceed the credit limit granted by THE BANK, without being necessary that THE BANK notifies this issue since it is obligation of THE CUSTOMER to know these excesses. In the case of arrears, THE CUSTOMER will pay to THE BANK interest on arrears at the rate indicated in the LETTER OF ACCEPTANCE, over unpaid balances. It is understood that THE CUSTOMER has incurred in arrears since the date that the monthly minimum payment indicated in the billing statement should be made. THE CUSTOMER shall make the corresponding payments regarding THE PERSONAL CARD through any of the following means: (a) delivering the corresponding sum to any of the branches of THE BANK (or at the place that it designates later); (b) through transfers to THE BANK via the ELECTRONIC BANKING system; or (c) by means of authorized debit from one or more of his accounts. 12. Insurance. THE CUSTOMER undertakes to contract: (a) an individual life insurance to guarantee, in case of the death of THE CUSTOMER, the payment of the balance due for the use of the card as of the date of his death; (b) fraud insurance to cover any loss suffered by the customer and/or any of THE CARDHOLDERS due to loss, theft, or robbery of the card; similarly, THE BANK may require THE CUSTOMER to acquire a multi-assistance insurance to cover various types of assistance, as well as any other type of insurance that THE BANK considers necessary and applicable to the corresponding type of card, being THE CUSTOMER forced to submit the respective policies to THE BANK, which must be endorsed in favor of THE BANK or THE BANK must be a beneficiary of them. Notwithstanding the abovementioned, THE BANK offers THE CUSTOMER to be part of the collective insurance contract that is available to its CUSTOMERS. If THE CUSTOMER decides to join the collective insurance, he will sign the document that THE BANK keeps for this purpose, where THE CUSTOMER agrees: (a) that such insurance will be contracted through THE BANK with an insurance company duly authorized to operate in the Republic of Panama through collective insurance policies negotiated and contracted directly by THE BANK; (b) the terms and conditions to be established in these insurance policies contracted by THE BANK, including the amount thereof and the cost of the corresponding premiums and; (c) that THE BANK at its sole discretion, may vary the amount and other terms and conditions of these policies, which will be informed by THE BANK to THE CUSTOMER through any of the means indicated in the clause Notices and Notifications from THE BANK. It is understood that THE BANK shall be appointed as sole beneficiary of such insurance, so that, if any accident happen to the insured, THE BANK will receive directly from the insurance company the compensation amount equivalent to the amount that THE CUSTOMER owed to THE BANK at the time of the accident, to apply it to the debt. On the assumption of the life insurance and the fraud insurance or any other insurance which originates compensation, if the amount of this compensation does not cover all sums due, THE CUSTOMER or THE CARDHOLDERS, as the case may be, shall assume and immediately pay the balances that, after applying the amount of the compensation, are still pending. THE BANK will not activate THE PERSONAL CARD until it has received from THE CUSTOMER the respective policies duly endorsed in its favor or has received the confirmation, in case of the collective insurance. 13. Benefits and Incentives. THE PERSONAL CARD grants to THE CUSTOMER and to THE CARDHOLDERS the benefits and incentives offered by THE BANK and indicated in the brochures issued by THE BANK for this purpose and at the space assigned to it in the WEB page of THE BANK, benefits and incentives that THE BANK may vary, modify, or eliminate, at any time, situation that will be communicated by THE BANK to THE CUSTOMER through any of the means indicated in the clause Notice and Notifications from THE BANK. 14. Charges. THE BANK will make the following charges, which THE CUSTOMER undertakes to pay: a. Charge for cash advances: Is a charge made at ATMs or at THE BANK; b. Monthly over-the-credit-limit charge: Is a charge authorized by THE BANK; c. Annual charge: Is an annual charge for the membership and an annual charge for each card issued by instruction of THE CUSTOMER or THE CARDHOLDERS; d. Monthly charge for minimum payment due not received: Is a monthly charge in case that the payment received in a given month is less than the minimum amount due that should be made according to the billing statement. e. Monthly charge for late payment: Is a monthly fix charge in case that THE CUSTOMER does not make the corresponding minimum payment indicated in the Billing Statement, which will be reflected to the closing date of his Billing Statement of the month; f. Charge for replacement of stolen or lost card: Is a charge for the replacement of any stolen or lost card. g. CUSTOMER life insurance charge: Is a monthly charge or premium for the individual life insurance indicated in the clause Insurance, for every certain amount of dollars that THE BANK establishes or fraction of the amount due on the account, up to the credit limit approved for the use of the card. h. Monthly charge for the card fraud insurance: Is a monthly charge for the premium of the card fraud insurance indicated in the clause Insurance ; i. Multi-assistance charge: Is a monthly charge for the multi-assistance insurance indicated in the clause Insurance ; 4

7 j. Charge for transactions defined as quasi-cash : Is a charge for transactions defined as quasi-cash, which include transactions of cash advances made at casinos. k. Miscellaneous charges: In addition to the charges mentioned in this clause, THE BANK will charge monthly to THE CUSTOMER every and any tax, rate, contribution, levy and surcharge which may be applicable, as well as the charges, financing rate applicable, cost of signature research, returned mail, mail stopped, document copies, returned checks and any other related to the management of the account linked with the card; l. Default charge: Interest charged by THE BANK in case that THE CUSTOMER misses a monthly minimum payment. The amounts corresponding to each of these charges mentioned above will be communicated to THE CUSTOMER in the LETTER OF ACCEPTANCE, which, once signed by THE CUSTOMER, will make full proof of acceptance. The corresponding charges will appear in the monthly billing statements that THE BANK delivers to THE CUSTOMER. THE BANK, at its sole discretion, may (i) initially omit the collection of any charge and collect it later; (ii) modify the amount of the current charges; (iii) modify the amount of the current minimum charges, and, (iv) establish other charges, all of which will be notified to THE CUSTOMER through any of the means indicated in the clause Notices and Notifications from THE BANK. 15. Disclaimer for the Goods and Services Purchased. THE BANK assumes no responsibility for the condition, quality, quantity, price or effective delivery of the goods and services purchased with the card. The default by the person or company to which the products and/or services were purchased with the card in no way affects THE BANK, which will have right to charge the amounts indicated in billing statement of THE CUSTOMER. Any claim must be addressed and solved directly by THE CUSTOMER with the company or person with whom he made the corresponding transaction. In the case of refund or reduction in the price of the goods and/or services, the right of THE CUSTOMER and/or of THE CARDHOLDERS, as the case may be, is limited to demand the corresponding credit note from the seller, and if the adjustment does not appear in the next billing statement, THE CUSTOMER must make the appropriate claim to the seller. 16. Procedure and liability in the event of loss, theft, robbery or extraction of the card. In the event that any of the copies of the card is lost, stolen or robbed, THE CUSTOMER must notify the situation in writing immediately to THE BANK, and THE CUSTOMER will be unlimited liable for the charges and advances obtained with the card until the next working day after the date of the notification in writing to THE BANK and to satisfaction of the latter. In the event that the notification mentioned in this clause is not made or in the event that such notification is not made to the satisfaction of THE BANK, the liability of THE CUSTOMER will end at the expiration date of the card. THE CUSTOMER will be responsible for the proper use of the card by him and by the designated CARDHOLDERS, and therefore will not allow the use of the card by unauthorized persons. When this happens, THE CUSTOMER will be responsible for the payment of such amounts. 17. Notices and Notifications from THE BANK. Unless a specific form of communication of THE BANK with THE CUSTOMER is indicated in this agreement for a given case, any notice or notification which THE BANK should or want to give to THE CUSTOMER will be made, at THE BANK s choice, through any of the following means: a. A letter sent to the last address of THE CUSTOMER registered at THE BANK, in which case the notice or notification shall be deemed as given and received upon expiry of a period of fifteen (15) days counted from the date of the letter; b. Personal delivery to the last address of THE CUSTOMER registered at THE BANK, in which case the notice or notification shall be deemed as given and received on the date that appears on the acknowledgement of receipt. c. Announcement that will be published one (1) time in a nationwide newspaper, in which case the notice or notification shall be deemed as given and received on the same date of the publication; d. Placement of the corresponding notice in a visible place of the head office and other branches of THE BANK for a period of thirty (30) days, in which case the notice shall be deemed as given and received thirty (30) days after the date of placement of the notice; e. Through a banner or notice published in the website of THE BANK, in which case the notification shall be deemed as given and received on the date that it is published for the first time on the website of THE BANK. f. In the event that THE CUSTOMER has contracted ONLINE BANKING service, through a notice or communication sent by means of ELECTRONIC BANKING, in which case the notification shall be deemed as given and received on the date of the first delivery made through ELECTRONIC BANKING; g. Any other mass media, in which case the notice will be deemed as given and received in the same date of its disclosure. 18. Address of THE CUSTOMER. THE CUSTOMER agrees to notify THE BANK, to satisfaction of the latter, of any change of address, as soon as this change takes place. It is understood that the last address registered in the credit file of THE CUSTOMER will be considered correct, and therefore, any correspondence delivered or forwarded to this address will be deemed as properly sent. 19. Beginning Date of the Agreement. This agreement will be valid from the date of activation of the card, provided that THE CUSTOMER has signed the proof of 5

8 delivery of the card, or from the date of the first transaction if the card is physically in the possession of THE CUSTOMER or any of THE CARDHOLDERS. 20. Duration. This agreement is open-ended and can be terminated: a. By THE BANK, at any moment, without justified reason and without any liability, giving notice to THE CUSTOMER through the billing statement or through any of the means indicated in the clause Notices and Notifications from THE BANK, with at least thirty (30) working days in advance to the effective date of termination, in which case THE CUSTOMER must pay to THE BANK the total balance due when the thirty (30) working days term has expired. The right of THE BANK to terminate this agreement in accordance with the paragraph above shall be without prejudice to the right available to THE BANK, at any time, to terminate it and demand the immediate payment of the balance due, without prior notice, provided that any of the events detailed in clause Grounds for early suspension, resolution and/or cancellation of the card agreement by THE BANK without notice of this agreement or in the law has taken place. b. By THE CUSTOMER, at any time, giving written notice to THE BANK of his decision to cancel THE PERSONAL CARD or eliminate any or all of THE CARDHOLDERS, in which case THE CUSTOMER shall cancel immediately the corresponding total balance due. 21. Grounds for early suspension, resolution or cancellation of the card agreement by THE BANK without notice. In all the cases and for all the types of card, THE BANK may, at its choice, suspend, cancel or declare term expired and terminate this agreement immediately, without prior notice, and demand the immediate payment of the balance due, either through legal means or through out-of-court settlement, at option of THE BANK, in the event that any of the following events occur: a. If THE BANK does not receive completely, in a timely manner and on the terms indicated in this agreement one or more of the monthly payments indicated in the corresponding billing statements; b. If THE CUSTOMER and/or any of THE CARDHOLDERS exceeds the authorized maximum limit for the use of the card without previous authorization from THE BANK; c. If THE CUSTOMER or any of THE CARDHOLDERS default any of the terms and conditions of this agreement or any payment arrangement agreed with THE BANK; d. If THE CUSTOMER or any of THE CARDHOLDERS default any obligation contracted or that might be contracted with THE BANK or with any other creditor; e. If any of the property of THE CUSTOMER is seized or sequestrated, or in the event that THE CUSTOMER has declared bankruptcy or creditors meeting. 22. Guarantees. When requested by THE BANK, THE CUSTOMER will be asked to provide collateral or personal guarantees, as required by THE BANK, to guarantee the proper fulfillment of the obligations contracted or that might be contracted with THE BANK in virtue of this agreement. 23. Providing Information. THE CUSTOMER expressly authorizes THE BANK, its subsidiaries and/or affiliates, assignees and successors, as well as any company that, by operation of assignment, administration, or purchase of portfolio, acquires the rights of THE BANK, to, in accordance with the provisions on the banking legislation and on the one that regulates the credit reporting services, as well as those that, from time to time, modify them: a. Request, reference, gather, exchange, and transmit to any credit reporting agency, banks, or economic agents, information related to credit transactions or obligations that THE CUSTOMER has or could have with such local economic agents; to the credit history of THE CUSTOMER; and to the relationships of THE CUSTOMER with its creditors; b. Request and obtain information from government institutions related to the credit transactions or obligations mentioned above; c. Verify the information that, verbally or in writing, THE CUSTOMER has provided to THE BANK and/or will provide to it in the future; d. Reject the application of THE CUSTOMER and/or deem the contracted obligation expired, at its sole discretion, in the event that the existence of falseness or inaccuracy in the information/documentation provided has been determined. THE CUSTOMER accepts that that expenses incurred by THE BANK to carry out the actions described above are charged to his card, and agrees that this authorization is owned and kept by THE BANK, whether the banking operation that is requested, from time to time, is or is not approved to THE CUSTOMER or to THE CARDHOLDERS. THE BANK undertakes to keep available to THE CUSTOMER all the information received by virtue of the authorization given by this means, and to send to THE CUSTOMER such information upon written request of the latter, as the case may be. THE BANK, its affiliates, subsidiaries, assignees, successors, employees, executives, directors, dignitaries, and representatives, as well as any company that, due to an operation of assignment, administration, or purchase of portfolio acquires the rights of THE BANK, are released of any consequence and liability arising from the exercise of the right to request and provide information as well as of any consequence and liability arising from the authorizations granted. 6

9 This authorization will be kept into force so that THE BANK can exercise it as many times as necessary, during the whole time that it maintains a relationship with THE CUSTOMER. This provision will be equally applied to THE CARDHOLDERS of THE CUSTOMER, for which purpose THE CUSTOMER undertakes to provide the respective authorizations signed by each of the persons authorized at the time that he requests the issuance of the cards to THE BANK. 24. New Cards. THE BANK may, if it considers appropriate, make new copies of the card at the expiration each year, counted from the issuance date of the first copy of the card, or in the event of loss, theft, or robbery of any of its copies, without this meaning a change in the terms of this agreement. 25. Compensation. THE BANK shall be authorized to deduct, from the amounts that THE CUSTOMER keeps on deposit or in another form at THE BANK, or that THE CUSTOMER shall receive from THE BANK in anyway, and to apply the deducted amount to the payment or reduction of the amounts due by THE CUSTOMER to THE BANK. The right acknowledged here in favor of THE BANK does not imply the extinction of the obligation of THE CUSTOMER to pay the outstanding balances which are still due. 26. Assignment. THE BANK may assign, for any reason, the total or part of the credit and other rights and responsibilities of THE BANK arising from the current agreement, to any credit institution or third party, either a natural person or legal entity, national or foreign, without previous notice. 27. True and Correct Balance. For legal purposes, including the warrant of execution against THE CUSTOMER, the balance indicated in the books of THE BANK, according to the declaration of the latter, will be considered as the true and correct balance of the obligations of THE CUSTOMER. The certification issued by THE BANK regarding the amount and enforceability of the debit balance, once signed by an authorized public accountant, will give full faith at trial and lend right of execution, being the amount indicated in such certification deemed as clear, liquid, and payable. 28. Regulation of Relationships. The relationships between THE BANK and THE CUSTOMER shall be governed by the provisions contained in this agreement, in the CARD APPLICATION, in the LETTER OF ACCEPTANCE, and in the other documents enclosed, signed by THE CUSTOMER, and in silence of these, and in its order, by the Panamanian law and by the habits and customs of the market. 29. Waiver and Applicable Law and Jurisdiction. THE CUSTOMER waives summary proceeding and jurisdiction based on domicile, and accepts that, in case of dispute, the laws of the Republic of Panama shall be applied, and the courts of the City of Panama, Republic of Panama, shall have jurisdiction in any legal action arising from this agreement or from the use of the card, without prejudice to the right of THE BANK to sue in any court within or outside the Republic of Panama. 30. New Brands and Types of the Cards. THE BANK may, when it deems convenient, create and offer new brands and types of card, as well as new forms of the existing cards, with the features and under the terms and conditions it deems convenient, applicable to each of them, to which shall be applied the provisions included in the agreement that THE BANK keeps for those purposes. 31. Modification. THE BANK reserves the right to modify, add and replace the provisions indicated in this agreement, as well as in the other documents mentioned in the clause Regulation of Relationships, which shall be notified to THE CUSTOMER by any of the means indicated in the clause Notices and Notifications from THE BANK. The corresponding amendment, addition and/or replacement will be mandatory enforcement and shall apply THE CUSTOMER and to the CARDHOLDERS stating on the date indicated in the notification. 32. Signature of Blank Documents. THE CUSTOMER accepts that are part of this agreement two (2) salary deduction orders signed in blank, which are related to the obligations contracted through this agreement, expressly stating that he has signed them in blank and that they will used by THE BANK at any moment in the event of failure to comply with the conditions established in this agreement. 33. Acceptance. THE CUSTOMER declares that he has received a copy of this agreement and that he accepts the terms and conditions agreed upon in it. 7

10 For the record, the parties sign the current agreement at the City of Panama, Republic of Panama, today,. THE BANK THE CUSTOMER Name: Name: ID No.: 8

11 ANNEX

12 ANNEX CHARGE AUTHORIZATION FRAUD INSURANCE Panama,. I, with personal identity card N authorize MULTIBANK INC. to charge to my card N the corresponding Fraud Insurance, which I accept is compulsory and may vary at the disposal of the Bank, according to the costs of this type of insurance or similar insurance, to cover, locally or abroad, fraud, theft, or loss of the Business or Personal Card mentioned here, which will have the following conditions. CLASSIC / STANDARD Card a) The amount payable for the Insurance Fraud will be USD $3.00 per month. b) The Card will have a coverage limit of up to USD $5, GOLD Card a) The amount payable for the Insurance Fraud will be USD $4.00 per month. b) The Card will have a coverage limit of up to USD $25, PLATINUM a) The amount payable for the Fraud Insurance will be of USD $12.00 per month. b) The Card will have a coverage limit of up to USD $50, MC BLACK Card a) The amount payable for the Fraud Insurance will be of USD $6.00 per month for cards with limits of up to USD $35,000.00, and USD $10.00 per month for cards with limits from USD $35, to USD $50, b) The card will have a coverage limit of up to USD $50, ENTERPRISE / BUSSINESS Card a) The amount payable for the Insurance Fraud will be of USD $15.00 per month for cards with limits to USD $75, b) The Card will have a coverage limit of up to USD $75, I.T.B.M.S will be added to the amounts payable previously detailed. These instructions are effective from the date of activation of the card mentioned before and shall remain in force until: i. The relationship derived from the use of the credit card is terminated; or ii. In the event that for any reason the Bank or the Insurance Company discontinues this service. I understand and accept that the Bank will charge the amount of the Fraud Insurance at any moment during the course of the current month. Authorized Signature

13 ANNEX CHARGE AUTHORIZATION DECREASING TERM LIFE INSURANCE Panama,. I, with personal identity card N authorize MULTIBANK INC. to charge to my card N the prime corresponding to the Decreasing Term Life Insurance or debt release in case of death of the main cardholder, which I accept is mandatory and may vary at the bank s disposition, according to the costs of this type or similar insurance, applicable to the Personal Credit Cards. The amount to pay for the Decreasing Term Life Insurance will be of $1.50 per month plus I.T.B.M.S. per each thousand dollars or fraction (of thousand) of the debit balance in the account of the cardholder, up to the credit limit approved for the use of the card. For these purposes, I accept (i) the insurance company used by the bank, and (ii) the receipt of information on any change in the amount of this charge or of the insurance company, by any mass media means used by the bank for this purpose. These instructions are effective from the date of activation of the card mentioned above and will remain in effect until: (i) the relationship arising from the use of credit card is terminated; or (ii) if for any reason the Bank or insurance company discontinue this service. I understand and accept that the Bank will charge to my card the amount of the insurance premium at any time during the course of the current month. Authorized Signature

14 ANNEX Panamá, de de MR. (MRS.): I hereby authorize the discount from my: Salary Retirement Pension of the amount of as follows: From ( ) Bi-weekly payment of ( ) e/a And ( ) Bi-weekly payment of ( ) e/a This money shall be sent to MULTIBANK, INC, starting from to be credited to the obligation I have contracted with this institution. Payment of the obligation via: Check ACH If the payment will be made via ACH, the route is R.U.C and D.V. 65 This authorization is irrevocable and any modification requires the consent in writing of MULTIBANK, INC. Regards, Signature ID. No. S.S. No. Ministry No. Payroll No. Employee No. Loan No. Authorized Signature SEAL Code Please keep the ORIGINAL and return th COPY CANCELATIONS AND REFINANCING Cancelations Amount (B/.) Authorized Signature MULTIBANK, INC.

15 ANNEX Panamá, de de MR. (MRS.): I hereby authorize the discount from my: Salary Retirement Pension of the amount of as follows: From ( ) Bi-weekly payment of ( ) e/a And ( ) Bi-weekly payment of ( ) e/a This money shall be sent to MULTIBANK, INC, starting from to be credited to the obligation I have contracted with this institution. Payment of the obligation via: Check ACH If the payment will be made via ACH, the route is R.U.C and D.V. 65 This authorization is irrevocable and any modification requires the consent in writing of MULTIBANK, INC. Regards, Signature ID. No. S.S. No. Ministry No. Payroll No. Employee No. Loan No. Authorized Signature SEAL Code Please keep the ORIGINAL and return th COPY CANCELATIONS AND REFINANCING Cancelations Amount (B/.) Authorized Signature MULTIBANK, INC.

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