These terms and conditions apply to business customers, i.e. all customers who are not consumers. A consumer means a physical person for whom the main purpose of the contract is not related to business activity, cf. section 2 of the Norwegian Financial Contacts Act. Table of contents: 1. Opening an account proof of identity 2. Account contract 3. Operation of the account 4. Right of other persons to operate the account 5. Handling customer data 6. Foreign currency deposits exchange rate risk 7. Fixed rate deposits 8. Interest and interest calculation. Cost of opening, operating or closing the account 9. Interest calculation dates (value-dating) 10. Account information and checking of same 11. Use of the account to make payments 12. Receipt of payment instructions and execution time 13. Special rules for giro transfers 14. Rejection of payment instructions 15. Recall of payment instructions 16. The Bank's responsibility for processing payment instructions 17. Correction of transactions erroneously credited to or debited from account 18. Erroneous debit of an account 19. Obligations in connection with the use of payment instruments 20. Errors in payment instructions from the Account Holder 21. Liability for unauthorised use of the account 22. Complaints - reversal 23. Setoff 24. Suspension of the Bank's obligations (force majeure) 25. Dormant account. Limitation 26. Amendment of the account contract 27. Cancellation of the contract by the Account Holder 28. Cancellation of the contract by the Bank 29. Illegal use of the account. Termination of the agreement 30. The Bank's business activities, permits and supervisory authority 31. Deposit Guarantee 32. Definitions 1. Opening an account proof of identity The Account Holder's full name, business address, postal address, business registration number and domicile must be specified in order to open an account. Legal entities registered in the Norwegian Register of Business Enterprises must present a company registration certificate that is no more than three months old. Entities that are not required to register with the Register of Business Enterprises shall present an office copy from the Central Coordinating Register for Legal Entities ("Enhetsregisteret") or another Norwegian or foreign public register. Entities not registered in any public register shall submit Articles of Association or similar documentation specifying, among other things, the type of organisation, founding date, general manager and the owner or equivalent contact person. If the company is under incorporation a certified copy of its memorandum of association must be presented. Accounts for legal entities may be opened by anyone who is authorised to do according to the above-mentioned documentation, and/or authorised to sign on behalf of the company, has a power of procuration, is general manager or has written authorisation from one of the afore-mentioned to open an account. If the Bank deems it prudent, others who can prove that they are entitled to do so may open accounts for the legal entity. The person opening an account on behalf of a legal entity shall specify his/her full name, address, Norwegian national ID number or "D" number (for non-resident foreign nationals), provide proof of identity and confirm that the information is correct. If the person in question does not have a Norwegian national ID number or D number, he/she shall specify his/her date and place of birth, nationality and gender. In such cases the Bank can order a D number for the person in question. If the Account Holder is a physical person, in addition to the information mentioned above, he/she must specify his/her Norwegian national ID number or D number. If the person in question does not have a Norwegian national ID number or D number, he/she shall specify his/her date and place of birth, nationality and gender. If necessary, the Bank can order a D number for the person in question. Physical persons must prove their identity by means of valid identification, or, if applicable, an office copy from the Central Coordinating Register for Legal Entities. The Account Holder shall promptly notify the Bank of any changes to provided information. When the Bank sends notifications and other messages related to the account, a letter sent to the last known address will suffice. If the Account Holder subscribes to the Bank's online banking service, all messages and alerts concerning the account, including bank statements, will only be sent to the mailbox in the said service. The Bank may refuse to open an account or accept a deposit, if it has sound professional reasons for such refusal. If the Bank permits several ownership of an account, all of the account holders shall provide information and proof of identity as specified above. Bank statements will normally only be sent to one of the Account Holders but will contain an annotation stating that the account is severally owned. 2. Account contract The account contract shall be in writing. The Account Holder shall be given a copy of the contract, either on paper or by means of an agreed, durable electronic medium. Failing a contrary agreement, the contractual terms and conditions, messages from the Bank during the term of the contract and other information to which the Account Holder is entitled will be in Norwegian. Version 07.2014 DNB Bank ASA, PO box 1600 Sentrum NO - 0021 Oslo Register of Business Enterprises NO 984 851 006 Page 1 of 6
3. Operation of the account The account may be used for deposits, withdrawals and payments in accordance with the account contract. Unless otherwise agreed, the account will be denominated in Norwegian kroner. The Bank must check to ensure that any person who operates the account is authorised to do so. The person(s) in question must confirm transactions by means of their signature or the agreed method for the payment instrument in question. The Bank may demand identification from anyone operating the account. The Bank may refuse to execute payment instructions if there is any doubt as to whether the person who submitted them is authorised to operate the account in question. The Account Holder shall not be entitled to debit the account for amounts exceeding the available balance. The Account Holder shall promptly cover any unauthorised overdrafts. Cash deposits will be available for withdrawal one Business Day after they are received by the Bank. Funds sent by money transfer will be made available on the account immediately after they have been credited to the Bank's account, unless a special fixed deposit or notice period has been agreed. The branch office in question may nonetheless require advance notice of large withdrawals or withdrawals in foreign currency in view of its own cash holdings or for security reasons. The Account Holder may instruct the Bank to block the account, e.g. if there is a risk that someone other than the Account Holder or an authorised signatory could wrongfully debit the account. 4. Right of other persons to operate the account The Account Holder, including anyone authorised to open accounts on behalf of same, may give the Account Holder's employees or other persons authorisation to operate the account. Such authorisation shall normally be conferred in writing. The signatory must specify his/her full name, address, Norwegian national ID number or D number, provide proof of identity and confirm that the information is correct. Persons who do not have a Norwegian national ID number or D number shall specify their date and place of birth, nationality and gender. If necessary, the Bank can order a D number for the person in question. Unless otherwise agreed between the Account Holder and the Bank, or otherwise stated in the empowering document, authorised signatories shall have the same right to operate the account and access account information as the Account Holder. The Account Holder is fully liable for authorised signatories' operation of the account, including overdrafts. This does not preclude the signatory from being held liable for damages in connection with such overdrafts. The Account Holder may revoke or change authorisations to operate an account by sending notice to the Bank. Such instructions to revoke or change authorisations shall normally be in writing. The Account Holder shall ensure that any payment instruments given to a signatory for the purpose of debiting transactions from the account are returned to the Bank or secured in some other manner that prevents the person in question from accessing the account after his/her authorisation has been cancelled. 5. Handling customer data SWIFT (Society for Worldwide Interbank Financial Telecommunication) When processing incoming or outgoing cross-border payments, the receiving bank or its agent, e.g. SWIFT, will be given the customer data it needs to execute the payment. There are rules and guidelines stipulating the amount of customer data from a payment transaction the foreign bank or its agent may give to public authorities or other bodies. Information may, for instance, be provided on the basis of the receiving country's tax laws or other legislation that protects important public interests such as measures to combat money laundering and terror financing. 6. Foreign currency deposits exchange rate risk Foreign currency deposits and transfers will be converted to Norwegian kroner before being credited to the account unless the account is denominated in another currency. Any exchange rate gains or losses resulting from the account being in a different currency than transferred funds shall accrue to the Account Holder. When doing currency exchanges, the Bank will use the then prevailing market rate for the currency in question, unless something different has been agreed. Charges may be incurred in connection with incoming cross-border payments, depending on the amount, type of payment service and whether or not a currency exchange is involved. These charges are set out in the Bank's price list. 7. Fixed rate deposits If a fixed rate has been agreed for a time deposit, the Account Holder may not withdraw the funds before the agreed period has expired. If the Account Holder breaches this time deposit agreement by withdrawing some or all of the funds before the end of the time deposit period, unless something to the contrary has been agreed, the Bank will charge a fee at the rate set out in the then prevailing price list. 8. Interest and interest calculation. Cost of opening, operating or closing the account The interest rates are specified in the Bank's prevailing price list, account information and/or communicated by other means. Unless something to the contrary is specified in the price list, accrued interest will be capitalised at the turn of the year. The charges associated with opening, holding, operating and closing the account are specified in the Bank's prevailing price list, account information and/or communicated by other appropriate means. If the account is overdrawn, the Bank may calculate overdraft interest at the rate set out in the Bank's then prevailing price list. However, if the Account Holder was given incorrect information about the available balance on the account and has, on this basis, in good faith withdrawn more than the available balance, the Bank may not charge overdraft interest until the Account Holder has been given a reasonable amount of time to remedy the situation. The Bank's interest rates, interest spreads and other prices may be adjusted to the disadvantage of the Account Holder. The Bank shall notify the Account Holder of the change in writing. If possible, notice should be sent before the change takes effect. Notice may be omitted for accounts that are not operating accounts or similar current accounts if the balance on the account is less than NOK 1,000. If it has been agreed that the interest rate will be fixed for a specific period of time, failing a contrary agreement the rate will revert to the standard variable rate for operating accounts after this period ends and shall be subject to change. The fees and charges for use of agreed services will be debited from the account. The same applies to accrued overdraft interest and any dunning fees. If the Account Holder is required to pay charges for an incoming payment, the Bank may deduct them from the transferred amount. If the Account Holder has entered into an invoicing agreement, the Bank may debit accrued fees and charges directly from the account. The Account Holder may ask the Bank for written information about interest rates and charges for other types of deposit accounts offered by the Bank. Version 07.2014 DNB Bank ASA, PO box 1600 Sentrum NO - 0021 Oslo Register of Business Enterprises NO 984 851 006 Page 2 of 6
9. Interest calculation dates (value-dating) The Bank will calculate interest on cash deposits as of the Business Day after they were received. Interest on funds credited to the account by other means will be calculated as of the Business Day when the Bank received the said funds. Interest will accrue on funds withdrawn in cash or debited from the account by other means up to and including the calendar day prior to the date of withdrawal. 10. Account information and checking of same The Bank will send the Account Holder written bank statements in accordance with a separate agreement. The Bank statement shows the balance and all movements on the account since the previous statement. Reference numbers will be shown to enable identification of payment transactions, the payer or payee, where possible, the transferred amount in the currency in which it was debited from/credited to the account, fees attached to the transaction, the exchange rate, if applicable, and the interest calculation date (value date). Account information will be provided in an agreed manner that enables the Account Holder to save and reproduce such information unchanged. The account information may also be provided in another manner, for instance as an element of other services, including receipts for the use of services, automated telephone and online banking services etc. The Bank may specify more detailed processes and security procedures for using electronic communication The Account Holder shall promptly check information received from the Bank to ensure that agrees with the Account Holder's own information or records. In the event of any discrepancy, the Account Holder shall notify the Bank without undue delay. The deadline for complaints in the event that unauthorised transactions have been debited from the account is specified in a separate section of this contract. (Complaints-reversal). 11. Use of the account to make payments The account may be used to make payments by means of the payment instruments the Bank offers its customers and for which the Bank and the Account Holder have entered into agreements. The Bank may not turn down an application from the Account Holder to charge transactions to the account by means of specific payment instruments unless it has sound, professional reasons for doing so The amount specified in the payment instructions will be transferred to the account number stipulated therein. This applies even if the account number belongs to someone other than the payee (person/company) specified in the payment instructions. The Bank may block the account for payment transactions or for outgoing transactions using specific payment instruments if the Bank believes there is a concrete danger of misuse by the Account Holder him/herself or by an unauthorised third party. The Bank may also block the account for transactions using specific payment instruments if it emerges that the payment instrument is not sufficiently secure or if there is reason to suspect that the service may be exposed to attempted fraud. When the account is closed, or the contract for a specific account service is terminated, or the Bank so demands for other sound, professional reasons, the Account Holder shall promptly return any unused cheques, cards and other payment instruments related thereto. 12. Receipt of payment instructions and execution time The Bank shall be deemed to have received payment instructions when it receives all the information required to execute the payment. Payment instructions delivered to the Bank on a day when it is not open for business shall be regarded as having been received on the first following Business Day. If the Bank receives payment instructions after the cut-off time specified in the price list for the payment service in question, the instructions shall be regarded as having been received on the next Business Day. If a payment is to be executed on a specific date in the future, or after the expiration of a specific period, or after the payer has made funds available to the Bank, the payment instructions shall be regarded as having been received on the agreed payment date, if this is a Business Day and, if not, on the first following Business Day. The Bank will process payment orders on the day when they are regarded as having been received. Notwithstanding, the Bank may put off such processing until there are sufficient funds on the account to cover the transfer amount plus agreed charges. Received instructions for payments on a date in the future will be processed on such date even if events have occurred in the period between receipt of the instructions and the payment date that would have prevented the person in question from giving the instructions. This would apply, for instance, if the authorisation of the person in question had been cancelled in the interim, or the Account Holder died after sending the instructions etc. Notwithstanding, the Account Holder may recall the instructions or stop the payment in accordance with the rules in the section about recalling payment orders. Once an account relationship has been terminated, any previously submitted, unprocessed payment instructions will not be processed. If several payments are to be executed on the same day, the Bank shall not be responsible for the order in which they are debited from the account or for which ones are not processed if there are insufficient funds to execute all of them. The Bank will transfer the amount specified in the payment instructions to the payee's bank by the end of the Business Day on which the instructions are deemed to have been received according to the rules set out above. The execution time for paper-based payment transactions may be extended by one Business Day. Payments in NOK in Norway will be credited to the payee's bank the same day that the payer's account is debited. This rule will not apply to paper-based payments until 1 January 2012. Payments to accounts held in the same bank as the Account Holder's will be credited to the payee's account on the day when the payment instructions are deemed to have been received according to the rules set out above. If the payee does not have a bank account, the Bank will make the funds available to the payee by the end of the Business Day after the payment instructions are deemed to have been received. Until 1 January 2012, the execution time for cross-border payments and domestic payments in Norway in a foreign currency can be up to three days, or, for paperbased payments, up to four days. Please refer to the provisions below concerning longer execution times for payments to other countries. Payments from Norway to EEA countries in currencies other than Euro will be credited to the payee's bank within four Business Days after the payment instructions are deemed to have been received. The execution time for paper-based payments may be extended by one Business Day. Payments to countries outside the EEA will normally be credited to the payee's bank within eight Business Days after the payments instructions are deemed to have been received, unless a longer execution time has been agreed. The execution time for payments involving an exchange between currencies other than NOK and Euro may be longer than those specified above. 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The Bank is responsible for correct execution of a payment until the payee's bank has received the transferred funds. When debit transactions initiated by or via the payee, it is the payee's bank that is responsible for ensuring that the payment instructions are correctly sent to the payer's bank. Money transfers to the Account Holder's account will be credited to the Account Holder's bank immediately after the funds have been credited to the bank's own account. Funds transferred in a foreign currency will be credited to the Account Holder's account as soon as the currency exchange has taken place. 13. Special rules for giro transfers The Account Holder may use standard giro forms (forms on which the word GIRO is printed) to make payments in NOK to payees in Norway. The transfer amount will be debited from the Account Holder's account in the Bank and credited to the payee's account or sent to the payee as a money order (Giro Utbetaling) the payee can cash. As an alternative to debiting the Account Holder's account, the Account Holder may deliver the giro form to the Bank and pay in cash. The Account Holder (payer) shall fill out the form according to the instructions. The giro form shall be delivered to the Bank during business hours or by some other method in accordance with the Bank's then prevailing procedures for delivering and accepting completed giro forms. If the Bank has accepted payment instructions in the form of a giro, the funds will normally be credited to the payee's bank by the end of the second Business Day after the giro was received by the Bank's giro clearinghouse. If the payee's account number is invalid or missing, a money order (Giro Utbetaling) for the amount in question will be sent to the payee whose name and address has been entered on the giro form. Giros delivered to the Bank and stamped as paid, or with a similar confirmation, cannot be recalled. Please also see the section on recalling payment instructions. 14. Rejection of payment instructions The Bank may reject payment instructions that do not meet the requirements set out in the account contract (including the terms and conditions for individual payment services) or requirements stipulated in or following from legislation. The most common reasons for rejecting payment instructions are insufficient funds on the account that is to be debited, insufficient information to execute the payment, or that the bank account has been closed or blocked. The payer will be notified if instructions are rejected and, if possible, will be informed of the reason for this and, unless this is in violation of relevant laws or regulations, how to correct errors that led to the instructions being rejected. This information will be given or made available to the payer in the agreed manner and within the deadline for transferring the funds. The Bank may charge a fee for notification if the rejection is due to circumstances on the payer's end. Rejected payment orders are regarded as not having been received. If the Bank checks the balance and there are insufficient funds on the payment date, the Bank may recheck the balance for the next five Business Days to see if there are sufficient funds to enable execution of the payment. 15. Recall of payment instructions The payer may not recall payment instructions that have been received by the Bank, as defined above. However, if the instructions are for a payment that is to be executed on a future date, the payer may recall them up to the Business Day before the specified payment date. Payment instructions may not be recalled if the Bank has, or can be regarded as having confirmed to the payee that the payment will be executed. Authorisations for individual payments that are to be initiated by or via the payee cannot be recalled after the customer (payer) has confirmed that he/she agrees to the transaction. Payments initiated on the basis of direct services such as "AvtaleGiro" may, however, be recalled up to the end of the Business Day before the agreed payment (debit) date. The rules for recalling cheques are set out in the Norwegian Cheques Act. The Bank shall not be liable for any penalty interest for late payment, collection fees etc. incurred by the payer due to the recall of payment instructions. Certain types of payment instructions cannot be recalled/changed, or the rules for recalling them may deviate from the norm. In such event, this will be clearly specified in the terms and conditions for the service in question. 16. The Bank's responsibility for processing payment instructions Once the Bank has accepted payment instructions, it is liable to the Account Holder for correct execution of the payment and may incur liability for delays unless it can prove that the payee's bank received the funds within the stipulated execution time. If the Bank has failed to execute the payment correctly, it shall promptly remedy the situation by crediting the correct/outstanding amount to the payee's account and compensating the payee for any loss or expense incurred as a result of the error, including any interest expense or lost interest income. The Bank shall not be liable for the Account Holder's indirect losses unless such loss is attributable to gross negligence on the part of the Bank. The Bank's liability pursuant to this clause is conditional on the Account Holder filing a complaint as soon as possible after discovering the error, and no later than four months after the payment should have been executed. The Bank is not responsible for conducting payment transactions if national or international sanctions aimed towards states, companies, persons or other legal entities, is to prevent the completion of the transaction. Any delay or faulty execution of a payment after the funds have been correctly credited to the payee's bank is a matter between the said bank and the payee. The Account Holder is not entitled to repayment pursuant to article 33a of the Norwegian Financial Contacts Act, in the event of incorrect execution. 17. Correction of transactions erroneously credited to or debited from account If the account is wrongly credited, or debited by too small an amount, and the error is the fault of the Bank, another bank or one of the Bank's agents, it may be corrected by debiting the incorrectly credited or outstanding amount by the end of the third Business Day after the error occurred. The Bank's option of correcting errors shall not apply if the account was credited according to instructions from a third party. If the erroneous credit to or debit from the account was related to a legal offense on the part of the Account Holder or another person authorised to operate the account, the Bank may correct the transaction after the three-day deadline. In such event, the Bank shall inform the Account Holder without undue delay unless the error was corrected in such a manner that there is no real possibility that the Account Holder has been given incorrect information about the available balance on the account. In cases where the Bank is precluded from correcting an erroneous transaction by debiting the account, it may request a reversal of the payment or debit of the outstanding amount in accordance with ordinary rules.
Version 07.2014 DNB Bank ASA, PO box 1600 Sentrum NO - 0021 Oslo Register of Business Enterprises NO 984 851 006 Page 4 of 6 18. Erroneous debit of an account If the Bank has erroneously debited the account, it must redeposit the erroneously debited funds without undue delay. In such event, the Bank shall promptly notify the Account Holder unless the error was corrected in such a manner that there is no real possibility that the Account Holder has been given incorrect information about the available balance on the account. In addition, the Bank shall compensate the Account Holder for any interest expense, lost interest income or other direct loss incurred as a result of the erroneous debit. The Bank shall not be liable for indirect losses 19. Obligations in connection with the use of payment instruments The Account Holder shall use individual payment instruments in accordance with the terms and conditions for same. The Account Holder shall take all reasonable precautions to protect personal security mechanisms etc. used in connection with payment instruments. When entering an agreement for a payment instrument and as long as the agreement remains in force, the Bank may give the Account Holder advice about how to safeguard payment cards, personal codes and similar security mechanisms, which personal codes should be avoided, limits on the use of payment cards and how to report the loss of payment cards and/or personal codes etc. If the Account Holder suspects or discovers that a payment instrument has been lost, stolen, come into the possession of an unauthorised third party or been used in a wrongful manner, the Account Holder must immediately report this to the Bank or the agent specified by the Bank. The Bank will then take the necessary steps to block use of the payment instrument in question. The Bank shall store and document all such reports from the Account Holder for 18 months. 20. Errors in payment instructions from the Account Holder The Bank is not liable for errors in payment instructions received from the Account Holder, e.g. incorrect payee account, incorrect customer identification ("KID") number, or typing errors in the online banking service. Article 43a of the Norwegian Financial Contracts Act is not applicable. Despite not being responsible if a payment is made to the wrong person because the account was specified incorrectly, the Bank will nonetheless make a reasonable effort to see if the transaction can be reversed. The Bank may charge a fee for such assistance, at the rate specified in the Bank's then prevailing price list. 21. Liability for unauthorised use of the account The Bank is liable for unauthorised withdrawals or other payments from the account provided that nothing else follows from the provisions below. Payments that are not approved by the Account Holder or someone else who is authorised to operate the account before or after they are executed shall be regarded as unauthorised. The Bank is not liable for losses incurred as a result of unauthorised transactions executed by means of a lost or stolen payment instrument if the loss/theft was made possible by negligence on the part of the Account Holder. The same applies to unauthorised transactions or possession of a payment instrument by a third party that was made possible by negligence on the part of the Account Holder with respect to safeguarding personal security mechanisms etc. The Account Holder's liability according to the preceding paragraph is not limited to the available balance on the account when the transaction was debited from the account. If unauthorised transactions were effected by means of electronic payment instruments, the liability may exceed the limits that would normally apply for the instrument in question. The Account Holder shall not be liable for losses incurred as a result of the use of lost, stolen or fraudulently acquired payment instruments after the Account Holder has notified the Bank in accordance with clause 19 above, unless the unauthorised use was made possible by wilful or gross negligence. The Account Holder shall not be liable if the Bank has not provided a means for the Account Holder to report the loss/theft etc. pursuant to article 34, second paragraph, second sentence, of the Norwegian Financial Contracts Act. Irrespective of the rules set out above, the Bank may hold the Account Holder liable for losses incurred as a result of the Account Holder or someone who is authorised to operate the account having attempted to defraud the Bank or aided and abetted a fraudulent act against the Bank. The Account Holder shall be liable for wrongful withdrawals and other amounts debited from the account if the person who effected the transaction presented proof of identity in accordance with the rules set out in the account contract and the transaction was made possible by wilful or gross negligence on the part of the Account Holder or someone else who is authorised to operate the account. Liability for wrongful use of payment cards is governed by the terms and conditions that apply for such cards. 22. Complaints - reversal If the Account Holder denies responsibility for a debited amount pursuant to the liability rules set out above, the Bank shall reverse the transaction and compensate the Account Holder for any lost interest as of the debit date, provided that the Account Holder presents the claim for reversal of the payment without undue delay after discovering the erroneous transaction, and no later than three months after the debit date. The Bank shall decide on the claim as soon as possible. Articles 35, fifth paragraph and 37, second and third paragraph of the Norwegian Financial Contracts Act are not applicable. If the Account Holder believes that the disputed transaction was related to a criminal offense, the Bank may demand that the Account Holder reports the matter to the police. 23. Setoff Failing a contrary agreement, the Bank may set off any unpaid amount owed to it by the Account Holder against the balance on any of the Account Holder's accounts. The Bank may in all events set-off the balance(s) on the account(s) against any claim ensuing from a criminal offense. The Bank may exercise its right of retention (block the account) on the same conditions that apply for setoff. 24. Suspension of the Bank's obligations (force majeure) The Bank's obligations under this contract, including its duty to pay out and debit funds, shall be temporarily suspended in the event of extraordinary circumstances outside the Bank's control that fall under the category of force majeure or the like (e.g. war, strike, boycott, blockade or lockout) and which the Bank could neither predict nor avoid the consequences of, and which make fulfilment of its obligations impossible. The same shall apply in the event of other circumstances preventing performance that are attributable to obligations imposed on the Bank by or with authority in law. The Bank shall not be liable for losses incurred as a result of such extraordinary circumstances. Version 07.2014 DNB Bank ASA, PO box 1600 Sentrum NO - 0021 Oslo Register of Business Enterprises NO 984 851 006 Page 5 of 6
25. Dormant account. Limitation If no funds have been deposited in or withdrawn from the account for ten years, the Bank shall advise the Account Holder by registered mail, addressed to the Account Holder's last known address, that the balance and interest may be statute-barred. The letter shall also specify when the statute of limitations starts to run, when it expires and what is required to avoid limitation. Necessary expenses incurred in connection with contacting the Account Holder may be charged to the account. 26. Amendment of the account contract The Bank is entitled to unilaterally change the terms of the account contract to the detriment of the Account Holder, subject to advance notice, if possible. If the Account Holder continues to use the Bank's services this shall be regarded as acceptance of the changes. 27. Cancellation of the contract by the Account Holder Failing a contrary agreement for an individual account or payment service, the Account Holder may cancel the account contract without prior notice. In such event, the balance and accrued interest on the account, less any pre-agreed charge for closing it, shall be promptly paid to the Account Holder. Notwithstanding, the branch office may require advance notice for withdrawals of large amounts or in a foreign currency, out of consideration for its own cash holdings or for security reasons. The Account Holder may cancel the contract in the event of a material breach of the account contract by the Bank. The demand for cancellation must be presented within a reasonable time after the Account Holder became, or should have become aware of the circumstance that gave grounds for cancellation. In the event of cancellation by the Account Holder after being notified by the Bank that the account contract will be changed to the Account Holder's disadvantage, the balance and accrued interest on the account shall promptly be paid to the Account Holder, less any pre-agreed charge for and other expenses related to closing the account. Corresponding rights of cancellation apply to contracts for services linked to an account. 28. Cancellation of the contract by the Bank The Bank may cancel the contract in writing without prior notice provided that it has sound professional reasons for doing so and no fixed deposit period has been agreed. The reason for such cancellation shall be provided on request. In the event of cancellation by the Bank, the balance and accrued interest on the account shall be paid to the Account Holder without any deduction for pre-agreed charges for closing the account. In such event, the Account Holder shall not be entitled to the refund of any pre-paid period periodic charges for payment services. The Bank may cancel the contract in writing in the event of material default on the part of the Account Holder. The reason for such cancellation must be specified. Corresponding rights of cancellation apply to contracts for services linked to an account. 29. Illegal use of the account. Termination of the agreement According to anti-money laundering legislation, the bank has a broad duty of due diligence with respect to the use of accounts. If so requested by the bank, the account holder must provide information about his/her own and other individuals use of the account. If the account holder fails to provide such information or the bank has reason to suspect that the account holder is using the account or the bank s services in an illegal manner or for illicit purposes, the bank shall have the right to terminate the account agreement with immediate effect. The same shall apply in the event that the bank discovers or has reason to suspect that the account holder has let someone else use the account in a manner and/or to execute transactions that are against the law. 30. The Bank's business activities, permits and supervisory authority The Bank's primary business is banking and financing activity as licensed by the Norwegian Ministry of Finance in according with banking and finance legislation. The Bank is subject to supervision by the Financial Supervisory Authority of Norway and is registered in the Norwegian Register of Business Enterprises. The Bank's company registration number is specified in the Bank's contracts and on its website. The Bank is not required to pay value added tax on account and payment services. The Bank's deposit, account and payment services are regulated by the Norwegian Commercial Bank Act, Savings Bank Act, Financing Operations and Finance Institution Act, Government Bank Insurance Fund Act, Payment Systems Act and Financial Contracts Act. These are posted on www.lovdata.no. 31. Deposit Guarantee In accordance with the Government Insurance Fund Act, the Bank is a mandatory member of the Bank Insurance Fund. According to the aforementioned act, deposits in member banks are guaranteed for a total of up to NOK 2 million for each individual depositor. The maximum amount of NOK 2 million applies even if the depositor has several accounts in the Bank, and irrespective of whether the account is held in DNB Bank or Cresco, as these are part of the DNB group. A deduction shall be made for any debt the depositor has towards the Bank, provided that such debt is due for payment and the Bank has a right of setoff under ordinary rules of law. The guarantee from the Bank Insurance Fund becomes effective in the event that the Bank is unable to meet its obligations. 32. Definitions Business customer: Customer who is not a consumer. A consumer means a physical person whose main reason for entering into the contract is unrelated to business activity, cf. section 2 of the Norwegian Financial Contacts Act. Payment instruction: Request to withdraw or instruction to transfer funds. Payment instrument: Online banking service, payment card, giro form, cheque or other special instrument used to deposit or transfer funds. Business Day: Banking Day: The Bank: Weekdays from Monday through Friday, aside from public holidays. A day when banks in Norway and the country to which payment will be made are open for business. 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