Business Conditions

1

VirPay Pénzforgalmi Szolgáltató Kft’s Business Conditions These Business Conditions (“BC”) contain the rules and general terms and conditions of payment transfer services provided by

VirPay Payment Service Provider Inc. (hereinafter: Company) on the basis Of Payment Account Agreement for natural persons

and legal entities, as well as, natural persons and sole proprietors with VAT payment obligations and also for persons who are

liable to open payment accounts.

The specific Payment Account Agreement concluded between the Company and the Customer, as well as these Business

Conditions together with the Announcements shall be jointly referred to as Framework Agreement.

In case of discrepancies between these Business Conditions and the specific Payment Account Agreements, the provisions of the

specific Payment Account Agreements shall prevail.

The Company’s data

VirPay Pénzforgalmi Szolgáltató Korlátolt Felelősségű Társaság [VirPay Payment Service Provider Inc.]

Business licence number by MNB [National Bank of Hungary]: H-EN-I-174/2016.

Company seat: 9200 Mosonmagyaróvár, Szent István király út 49. A lph 1.

Company registration number: 08 09 026652

Address for customer contact: 9200 Mosonmagyaróvár, Szent István király út 49. A lph 1.

Website: www.virpay.eu

E-mail address: info@virpay.eu

I. Definitions

Signature Card shall mean a document preserved by the Company containing the names, model signatures and personal data of

authorized signatories in connection with the Payment Account Agreement.

Receipt: The Company collects the payment orders in accordance with the deadlines in the Announcement. Following receipt

the Company shall verify without delay all the data required for payment order fulfilment in accordance with the effective

provisions as determined for individual payment methods, the data for the identification of the authorised persons, as well as,

the availability of funds to fulfil the order.

Exchange Rate refers to the exchange rates determined by the Company in the Announcement applicable in case of conversion

between a currency other than that of the currency of the Payment Account and the currency of the Payment Account. In each

case the Company applies the official foreign exchange rates of the National Bank of Hungary (MNB) as reference rates disclosed

on the working day before the transaction date. The Company shall display the Announcement including the exchange rates for

conversion in a place open for the customers.

EEA-state shall mean any Member State of the European Union or any other state that is party to the Agreement on the

European Economic Area.

Payment Transaction within the EEA shall mean a payment transaction where the payment service provider of the paying party

and that of the beneficiary, or the sole payment service provider performing the transaction provide their services in the

territory of the EEA, and such services are provided either in EUR or in the currency of an EEA state outside the eurozone.

Electronic Payment Order: shall mean an order other than submitted in paper format that is given by the Customer to the

Company based on the agreement between the Customer and the Company on the use of electronic services (on the VirPay

virtual surface, via the Internet, hereinafter: Internet Banking.

Prior Information: On request the Company shall hand over a copy of the Business Conditions and the Announcement in paper

format or data carrier prior the conclusion of the framework agreement; these documents shall also be available on the

Company’s website: www.virpay.eu

User Identifier: A series of characters not yet used by any other user consisting of at least 6 and maximum 24 characters which

may be composed of small and capital letters without accents and numbers that is required for accessing the Internet Banking

system, defined by the Account Holder upon concluding the agreement and recorded by the Company in the Specific Payment

Business Conditions

2

Account Agreement. Punctuation marks and spaces are not allowed. For security reasons, it is recommended to choose a user

identifier which cannot be easily guessed when knowing the user and his/her personal background.

Payment Account shall mean any HUF or FX account opened and managed by the Company for the Account Holder for the

purpose of executing payment transactions specified by Sections 6:394. - 6:399. of the Civil Code, also including sub-accounts

opened to the payment accounts.

Payment Account Agreement shall mean a special agreement concluded between the Company and the Account Holder

completed and signed in accordance with the legal provisions; which together with the related Announcements qualifies as a

Framework Agreement. The Payment Account Agreement is concluded for indefinite period, which in addition to the opening of

the payment account contains the essential terms and conditions of the payment orders and transactions to be initiated in the

future.

Payment Order shall mean any instruction by a payer or payee to the Company as payment service provider requesting the

execution of a payment transaction, including official transfer orders and remittance summons.

Payment Transaction shall mean the execution of any order initiated by the paying party, the beneficiary, the person authorized

to issue official transfer orders or the issuer of the transfers based on summons, following a certain method of payment,

irrespective of the legal relationship between the paying party and the beneficiary.

Fsztv. shall mean Act CCXXXV of 2013 on Payment Service Providers.

Announcement shall mean a list displayed in the Company’s office open for customers including the amount of fees,

commissions and costs charged by the Company, as well as, a list including any other related conditions on them, and a price list

or exchange rate list. The effective Announcement shall also contain the procedures and deadlines of receiving and fulfilling

orders, limits of use and the effective exchange rate types occasionally applied for certain services.

Giro: an intraday Interbank Clearing System operated by the Giro Zrt.. It serves for forwarding, processing and settling domestic

transfer orders in HUF between domestic Companies/ payment service providers in accordance with the effective provisions on

payment transactions.

Log-on Password shall mean a series of characters used as a security log-on code, which is required to log onto the Internet

Banking system and may be used for several times after entering the User Identifier. To log on to the system for the first time,

the Bank shall send the user’s initial log-on password in a text message. The user shall be obliged to change the Log-on Password

Immediately after logging on to the system for the first time, and later if he/she learns or suspects that it was obtained by any

unauthorized person. The Log-on Password freely determined by the Account Holder may be a series of characters consisting of

at least 4 and maximum 12 characters containing numbers and small and capital letters without accents. Punctuation marks and

spaces are not allowed. For security reasons it is recommended to choose a User identifier which cannot be easily guessed when

knowing the user and his/her personal background.

Password: For the authentication of orders, the Account Holder shall use a Password sent by the Company to his/her mobile

phone number specified in the Payment Account for a single use. The Password sent by the Company in a text message for the

authentication of orders for a single use shall be valid for 5 minutes. If the Account Holder performs the authentication of the

given order with the PASSWORD sent in a text message for a single use subsequent to this deadline, the Company shall refuse

authentication. The Company is obliged to send a text message to a mobile phone number belonging to the network of a

domestic GSM service provider.

Approval:

a) In case of orders in paper format: Approval shall mean signing a completed payment order form (payment transfer, cash

withdrawal forms or authorising statement or document for collection) in a way identically with the signature model of the

authorised person as submitted to the Company.

b) In case of electronic orders: Approval shall mean approving orders submitted by the Internet Banking system by using a

password sent by the Company to the Account Holder’s mobile phone number in a text message for a single use.

Beneficiary is the entity that shall be entitled to funds concerned by the payment transaction executed by the Company.

Framework Agreement shall mean an agreement concluded between the Company and the Account Holder for indefinite

period including the opening and managing of payment accounts and the provision of payment transaction services forming an

integral part with the Company’s Business Conditions and related Announcement and shall be applied together.

MNBr. shall mean MNB Decree of 18/2009. (VIII.6.) on the execution of payment transactions.

Mobile Banking Service shall mean the service of the Company within which the Company sends a text message (SMS) to the

mobile phone number determined by the Account Holder about the transactions executed on the Payment Account. In addition,

Business Conditions

3

it shall also mean the Company’s telephone customer service, which provides information on the balance of the Payment

Account. The Account Holder shall not submit any orders or give approval via Mobile Banking.

Bank Business Day shall mean a day when the Bank is open for the purpose of executing payment transactions.

Payment Order in Paper Format shall mean any payment order in paper format which has not been signed by the Customer

electronically.

Pft.: Act LXXXV of 2009 on providing payment services.

Ptk.: Act V of 2013 on the Civil Code.

Authorised Person shall mean a person authorised by the Account Holder to dispose of the Payment Account.

Account Holder shall mean a natural person, or legal entity above the age of 14 for whom the Company provides payment

service in accordance with Section 3.1/d of “Hpt.” and financial services as specified in Section 6.1/87 a), b), c) of Hpt. [Act on

credit institutions and financial undertakings].

Account Management Unit shall mean the business unit of the Company that manages the Account Holder’s Payment Account.

Document for Personal Identification: For Hungarian citizens a valid passport with home address card, identity card with home

address card or driving licence with a photo together with home address card. For non-resident customers a valid passport.

Service shall mean any payment transaction service as specified by Section 3.1.of Hpt. and financial services as specified in

Section 6.1/87 a), b), c) of Hpt. [Act on credit institutions and financial undertakings].

Durable Medium shall mean any instrument or procedure established and applied by the Company which makes it possible to

store information permanently and allows the unchanged reproduction of the information stored. This may include CD, DVD,

and web hosting and web link.

Company: VirPay Pénzforgalmi Szolgáltató Korlátolt Felelősségű Társaság [VirPay Payment Service Provider Inc.] (abbreviated

name: VirPay Kft., Company registration number: 08 09 026652; Seat: 9200 Mosonmagyaróvár, Szent István király út 49. A lph 1,

MNB operating licence number: H-EN-I-174/2016).

Customer shall mean any natural person above the age of 14, or any legal entity or other organsiation for whom/ which the

Company provides payment service in accordance with Section 3. 1/d of Hpt. and financial services as specified in Section 6.

1/87 a), b), c) of Hpt. [Act on credit institutions and financial undertakings].

VirPay Virtual Surface/Internet Banking shall mean an electronic service which makes it possible via electronic connection to

execute payment transactions electronically between the Company and the Account Holder, and on behalf of the Company to

provide information with regard to the Payment Account without the use of paper forms.

VirPay Telephone Banking Code shall mean a secret code attached to the Payment Account which is used by the Account Holder

for Mobile Banking and enables identification when the Customer contacts the Company by telephone. The code for telephone

banking shall mean a 6-number code given by the Account Holder. After being verified by the Telephone Customer Service the

telephone banking code enables balance inquiry about the Payment Account. Mobile Banking operates with the help of a phone

operator. The Telephone Banking Code may be applied for on conclusion of the specific Payment Account Agreement. The

Company may also identify the Account Holder with the Telephone Banking Code when the Company initiates contact with the

Customer.

II. Establishment, amendment and termination of the framework agreement

1) The rights and obligations of the Parties

In accordance with a Payment Account Agreement concluded by the Company the with the Account Holder in writing, the

Company shall be liable to open and manage a Payment Account for the Account Holder to execute payment transaction orders,

and the Account Holder shall be liable to pay the fees and commission charges. In accordance with the Payment Account

Agreement, the Company manages and records the funds available for the Account Holder, receives the properly submitted

payment orders from the Account Holder, performs the tasks related to the fulfilment of payment orders as specified by the

MNB Decree of 18/2009. (VIII.6.), receives payments and credits them on the Account Holder’s account, as well as, informs the

Account Holder on the amounts his or her account has been debited or credited with and notifies him or her about the Payment

Account balance. The Account Holder shall be liable to pay the corresponding amount for the services and provide coverage for

the Company to fulfil payment orders in case of Payment Account debits prior to execution.

Business Conditions

4

2) Information before concluding the Framework Agreement

Prior to the conclusion of the Framework Agreement the Company shall provide clear information for the Customer in

Hungarian language. For information the Company shall send/give the Business Conditions and the Announcement to the

Customer in printed or electronic form.

3) Conclusion and establishment of the Framework Agreement

3.1. The Framework Agreement is established after the Payment Account Agreement properly completed and signed by the

Account Holder has been accepted by the Company together with the annexes as required and prescribed by law with

authorised signature.

3.2. The Customer shall provide true data in the Payment Account Agreement. The Customer authorises the Company to check

the provided data, the submitted papers, and documents containing the Customer’s photo and signature in the records of the

issuing authorities. In accordance with the effective provisions and provided on the conclusion of the Payment Account

Agreement, the Customer shall inform the Company of any changes in the d recorded ata within five (5) working days. The

Customer shall also notify the Company of the loss or disappearance of any of his or her documents suitable for identification in

writing without any delay.

3.3. By signing the Payment Account Agreement, the Customer (Account Holder) declares that he /she is aware of the facts laid

down in the Framework Agreement including the Business Conditions and the Company’s Announcement and accepts to be

bound by their provisions. . The Company shall display the Business Conditions and the effective Announcement in a place open

for Customers in the Company’s branch office and makes them accessible and downloadable on its website; therefore they may

be read and known by any person. The Company shall provide the Customer with the Business Conditions containing the terms

on concluding the agreement, the General Terms and Conditions, the effective Announcements and the Payment Account

Agreement, i.e. the Framework Agreement, as well as, all the data as specified in Section 10 of Pft. during the period of the

Framework Agreement in print or by durable medium without any extra fees or charges.

3.4. The Company shall open and manage the Payment Account on its registered seat. As chosen by the Customer, the Company

opens the Payment Account in HUF, USD and EUR currencies with the restrictions and as listed in the Announcements.

3.5. The Company reserves the right to prescribe a minimum amount for account opening and management, the size of which

shall be included by the effective Announcement. If the closing balance of the Payment Account is below the minimum amount

as specified in the Announcement at the end of the given month and no transaction has been initiated by the Customer, the

Customer shall be liable to pay a fee as specified by the Announcement for maintaining the account below the minimum

balance.

3.6. If – prior to the first day of the given month – the balance on the Payment Account is zero or negative for twelve (12)

months and the Payment Account has not been blocked, the Company will terminate the Payment Account Agreement.

3.7. The Company may reject account opening without justification. If the Company rejects the Account Holder’s request for

account opening, the Framework Agreement and the Payment Account Agreement will not be established.

3.8. The Company may open a Payment Account if

a) the business organisation already registered as required by law (hereinafter: registry) for its establishment as a legal entity

has certified with a document dating from not longer than 30 day ago that it is included in the registry, and has submitted its tax

number and statistical code;

b) the legal entity not yet registered has submitted a copy of its Deed of Foundation (Memorandum of Association) and – if

being liable for registration without opening a Payment Account as a requirement for requesting company registration – has

enclosed the electronic certificate or its official copy in print received from the Company Court on request for company

registration;

c) the natural person or sole proprietor with VAT payment obligation has submitted a copy of a document on being recistered

with the National Tax and Customs Administration; the sole proprietor has enclosed a copy of certificate onregistration, a sole

proprietor’s licence, or any other licence required for operation.

d) In case of a person or entity not liable to open a payment account – in accordance with the provisions for the legal form - the

documents and papers for establishment and recording have been submitted.

e) the Customer-as a natural person - has submitted his/her documents for identification.

3.9. In case of account opening legal entities, any other organisation together with the authorised person thereof, as well as

natural persons shall undergo identification as specified in Pmt.

Business Conditions

5

3.10. Identifying the Payment Account for the fulfilment of payment transactions shall take place with the Customer’s full or

shortened name and its specific payment transaction number (Payment Account number).

3.11. The Payment Account may be terminated by the Company immediately if the organisation liable to open payment account

will not certify within 90 days following the opening of the account with an official document not older than 30 days that it has

been registered.

3.12. in accordance with Section 3.8. b):

a) For business entities or cooperatives, the payment transaction account may not be debited or credited with any amount

except for the share capital unless the Account Holder has certified its request for registration and submitted its tax number and

statistical code,

b) For legal entities after registration the payment transaction account may be debited or credited except for the share capital

even if conditions in Section a) are fulfilled only after certifying registration.

3.13. By concluding the Framework Agreement the Account Holder shall accept that the Company confidentially handles and

stores the Customer’s payment data for the conclusion of a Payment Account Agreement and the provision of payment

transaction services in accordance with the effective rules on data protection.

4) The amendment of the Framework Agreement

4.1. The Company may unilaterally modify the terms of the Framework Agreement, including the Payment Account Agreement,

the Business Conditions and the Announcements unfavourably for the Customer.

4.2. The Company shall notify the Customer of its intention to modify the Framework Agreement in writing or on durable

medium for at least two months before the amendment takes effect. The two-month deadline expires on the day which may be

regarded as a starting day on the basis of its number; if this day is missing from the expiry month, the deadline expires on the

last day of the month.

4.3. On initiating the amendment of the Framework Agreement, the Company informs the Customer that modification on behalf

of the Customer shall be deemed accepted by the Customer if he or she does not notify the Company of the contrary before the

modification takes effect. Notification shall also include that the Customer shall be entitled to cancel the Framework Agreement

with immediate effect free of any fees, costs or other payment obligations. The Company shall take into account any statement

on behalf of the Customer indicating the Customer’s intention to accept the modified terms. Receiving the termination of the

agreement following the expiration of the deadline shall be regarded as termination of the Framework Agreement by ordinary

notice, and the Framework Agreement shall remain effective with the amended conditions until the expiration of the notice

period.

4.4. In case of changes in the reference exchange rates, modifications in currency exchange rates may take place as described

above immediately without any obligation for notification

4.5. The Company is not obliged to inform the Customer about a favourable change in the exchange rates.

4.6. The Company shall inform the Account Holders by displaying an Announcement in its registered seat in a place open for

customers, by sending an extra letter to raise Customers’ awareness giving reference points or using an extracted form. The

Company shall inform the Account Holder of amanedments by Durable Medium if – in the specific Payment Account Agreement

in the part on “Methods of Information on the Amendment of Framework Agreement” – the Customer has chosen to receive

information electronically.

4.7. The amendments taking effect shall be applicable for the already concluded Framework Agreements and the ongoing

transactions (Payment Transactions).

5) Termination of the Framework Agreement

The provisions under this point refer to the termination of the Framework Agreement, to the cancellation of the services

provided in accordance with the Framework Agreement, in case of cancellation to the settlement between the Company and the

Customer. The cancellation of the Payment Account involves the cancellation of all the related services at the same time. The

Framework Agreement shall be terminated (i) upon the Account Holder’s death or dissolution without succession; (ii) in case of

cancellation, upon expiration of the notice period case specified below.

Business Conditions

6

5.1. Cancellation by ordinary notice

5.1.1. The Framework Agreement is concluded for an indefinite period of time and the Company shall be entitled to cancel it in

writing without cause by giving a two-month notice. The Customer shall be notified of the cancellation in writing.

5.1.2. The Account Holder shall be entitled to cancel the Framework Agreement without cause by giving a one-month notice.

5.1.3. Cancellation involves the termination of the Framework Agreement. By the full cancellation of the Framework Agreement

the Account Holder shall settle all the debts against the Company, or the Company shall accept the full cancellation if there is

enough coverage on the Customer’s Payment Account to settle debs for the Company. On cancellation and termination of the

Framework Agreement the Company shall charge the pro-rata value of the service actually rendered in accordance with the

Framework Agreement.

5.1.4. If the Account Holder is a Customer qualifying as consumer or micro-enterprise, any Framework Agreement having been

in force for more than one year may be cancelled by the Account Owner free of any fees, costs and other payment obligations.

On cancellation or termination of the Framework Agreement in any other cases, the Company shall be entitled to charge the

Customer with the cancellation fees equivalent with the actual, direct cancellation costs.

5.1.5. The Company shall cancel the Payment Account with immediate effect if, within ninety days from opening the Payment

Account, the organization obliged to open a payment account does not certify by a document not older than 30 days issued by

the registering organization that it is included in the registry. In this case, the Framework Agreement shall also be terminated, of

which the Company shall inform the Account Holder in writing. The Parties shall settle up with each other no later than on the

date of termination. In establishing the existence and amount of debts of the Account Holder against the Company, the

Company’s records shall prevail.

5.1.6. If the Account Holder uses the cash deposit payment services of the Hungarian Post Office Ltd., the Account Holder shall

inform its ccustomers of the termination of the Payment Account and shall arrange the replacement of those cash deposit

payment orders involving the Payment Account held but terminated with the Bank on time. In accordance with Section 5 (6) of

the MNB Decree amounts arriving after the termination of the Payment account by cash transfer order through the post shall

be retransferred by the Company for the payer through postal services, by charging the arising costs as specified in the General

Terms and Conditions on Payment Transactions by the Hungarian Post Office.

5.2. Termination with immediate effect

5.2.1. The Framework Agreement shall be terminated with immediate effect if the Account Holder seriously violates the service

agreement or any other agreement concluded with the Company or any other financial institution.

Violation of any important provisions of the Framework Agreement or repeated violation of any obligations shall be regarded as

serious breach of agreement. The Company regards the following as serious breach of agreement:

a) violation of payment obligation and notification obligation;

b) the Account Holder violates the service agreement and the provisions of the business regulations;

c) the Account Holder fails to ensure the conditions specified for the service to be used;

d) the Account Holder does not use the service properly;

e) the Account Holder does not fulfil any of his/her payment obligations arising from the service agreement;

f) the Account Holder violates copyright in relation to the software;

g) the Account Owner attempts to circumvent the security or encryption system of the service;

h) according to the Company’s judgment, any action of the Account Holder in connection with any service is

suspected to be a crime, or to be related to a crime.

5.2.3. In the case and time as specified in Section 4.3., i.e. if the unilateral amendment of the agreement is initiated by the

Company, the Account Holder shall be entitled to terminate the Framework Agreement with immediate effect.

6) Legal consequences of the termination of the Framework Agreement

6.1. On termination of the Framework Agreement until the last day of the notice period, on termination with immediate effect

parallel with the termination, the Company shall provide information to the Account Holder of the balance on the Payment

Account with a full and detailed account statement on the basis of which the Parties settle up with each other.

6.2. The Company is only entitled to charge the pro-rata value of the service actually rendered in accordance with the

Framework Agreement.

Business Conditions

7

6.3. On termination of the Framework Agreement all the receivables of the Company based on the Framework Agreement

become overdue and the Account Holder shall be liable to settle his or her debts as determined in the account statement within

eight (8) days.

6.4. On termination of the Framework agreement, when receiving information on termination, the Company shall be entitled to

block the balance on the Payment Account for the coverage to be charged to meet payment obligations until the deadline of the

termination of the payment account, but for thirty (30) days following the termination of the Framework Agreement. During

this period the Company shall not execute order against the Payment Account except for collection based on authorisation

letter, official transfers and transfers based on summons. While the account is blocked, the Account Holder shall not be entitled

to receive interest on blocked sum.

6.5. Parallel with termination with immediate effect, or if the Account Holder does not dispose of the amount on the Payment

Account following the termination of the Framework Agreement for cancellation or any other reason, the Company shall be

entitled to transfer the credit balance of the account to a non-interest bearing suspense account for maximum five years.

6.6. Upon death of the Account Holder as a natural person, the Framework Agreement shall be terminated (i) in the case of a

testamentary order by transferring the account balance to the account of the beneficiary/-ies following their identification and

the submission of the certificate of death, or (ii) in other cases, after the identification of the heirs duly proving their rights

by an original deed (with an original, final notarial deed of the grant of probate with full effect, a court decision or a certificate of

inheritance, or, in the case ofnon-residents, the equivalent documents according to the jurisdiction of their respective

countries, in an authenticated form) by paying them the amount of the account balance. The Company shall only deliver the

assets, placed with the Company, of the testator Account Holder holding a Payment Account to the heir(s) if the above-

mentioned documents are submitted.

III. Disposal right of Payment Account

7) Persons having right of disposal of the Payment Account

7.1. The Company shall regard the Account Holder as the sole person authorized to dispose of the Payment Account, unless the

Customer gives a written authorization to a third person to dispose of the account and notifies the Company of this

authorization.

7.2. The Account Holder qualifying as a natural person may dispose of the Payment Account as specified in the Payment Account

independently or jointly with another person or separately.

7.3. Disposal of a legal entity’s account shall require the precise full or abbreviated name (company name) and signature of the

authorised person(s) given by the Account Holder on the signature card. In accordance with Act XII. of 2003 on the Order of

Taxation (hereinafter: Art.) other organisations may dispose of their Payment Account in their Deed of Foundation, or in case of

its lack as specified in the Payment Account Agreement.

7.4. The right of disposal of the Account Holder or that of the authorised proxy for his or her presentation based on legal

provisions may be withdrawn at any time.

7.5. Disposal of the Payment Account and the names and signatures of the authorised persons can be found on the signature

card.

7.6. The Company shall ensure with due care as may be reasonably expected of it that the right of disposal may only be

exercised by the Account Holder and the person authorised by him or her.

7.7. On exercising the right of disposal the Company may verify with due care as may be expected of it whether the signature on

the order – including the password and approval code for VirPay virtual surface, i.e. Internet Banking, in case of balance inquiry

the VirPay telephone banking Code – is identical with the model signatures on the Signature Card, or the password, approval

code or telephone banking code. The Bank shall refuse to execute the transaction orders or forward them (or provide

information of the balance on the Customer’s Payment Account, if the signatures, or the given log-on password , approval code

or telephone banking code are noticeably not identical with the recorded model signatures, passwords, approval codes or

telephone banking codes. The Company shall not take responsibility for damage due to the acceptance or refusal of signatures

or codes – except for failure due to wilful misconduct.

7.8. The person authorised to represent the business organisation based on the provisions regulating the legal form of the

Account Holder (hereinafter: Senior Executive) notifies the Company about the authorised persons to dispose of the account.

Business Conditions

8

The Company does not verify whether the authorised person to dispose of the account meets the requirements as specified in

other provisions.

7.9. The Senior Executive shall be entitled to exercise the right of notification and disposal – if taking into account the

characteristics of the organisation’s legal form – he or she may certify his or her appointment for the position and signature with

trustworthy evidence (e.g. request for registration or amendment of registration as recorded by the registry court in charge, or

specimen signature countersigned by the attesting notary or lawyer). The Company shall not be liable for any of the Account

Holder’s losses arising from the rejection of the amendment of registration. If the Senior Executive’s assignment ceases, the

disposal right of the authorised signatories shall apply unless otherwise provided by a new or another Senoir Executive.

7.10. If the account holding organisation is recorded in the Company Register, the Senior Executive’s signature may be approved

by specimen signature copy countersigned and submitted to the registry court or by the specimen signature copy countersigned

by the attesting notary.

7.11. If the account holding organisation has several executives who are independently authorised to represent the organisation

due to the provisions regulating its legal form, notification on behalf of any of the executives shall take effect. If on the basis of

the Deed of Foundation of the account holding organisation one or more executives are only entitled to notify the Company,

notification on their behalf shall be effective. In case of joint representation the authorised persons may make notification

jointly.

7.12. Should there be any dispute about the authorisation of the person acting on behalf of the organisation, the Company shall

regard the notifying person for the purpose of notification as the organisation’s authorised proxy as long as he or she shall be

entitled to act on behalf of the organisation in accordance with the relevant provisions relating to the organisation’s registration.

7.13. For disposal of the Payment Account, the Account Holder or Notifier shall provide the Company with its model signature

on a card which is designed for this purpose and forms an annex to the Payment Account Agreement.

7.14. The authorised proxy may initiate payment orders to debit the Payment Account and receive information about the

initiated Payment Transactions and the balance of the Payment Account.

7.15. The person authorised by the Account Holder to act on behalf of the organisation independently or jointly may not notify

another person as an authorised proxy.

7.16. Amendment in the right of disposal shall be transferred by the Company on receipt of the information within three (3)

working days at the latest. Being notified at the Company the newly authorised person may initiate payment transactions after

the submission of his or her model signature.

7.17. The Company shall examine the presence and authenticity of signatures on payment orders by comparing them with the

ones provided on the Signature Card. Any legal entity being an Account Holder shall acknowledge that in its relations with the

Company, the stamp potentially used by it shall solely serve to state the name of the organisation, and the Company shall not

examine the presence, form or content thereof nor assume any liability for doing so. If the payment order bears a signature

different from the one given on the Signature Card, the Bank shall return the payment order unfulfilled to the sender by stating

the reason.

7.18. The Account Holder may dispose of his or her payment account without any restrictions.

7.19. Deposits handled separately for a definite purpose without the free disposal by the Account Holder may only be used for

this purpose during the period of separation.

7.20. The Company shall separate the necessary coverage for the execution of official transfers and transfers based on summons

against the Account Holder’s Payment Account after identifying the name and individual identifier on the payment order with

those of the paying party.

7.21. The Company shall not use the funds the payment account has been credited with.

7.22. Unless otherwise specified, Payment Account Agreements shall be subject to the provisions of the Civil Code relating to

bank account agreements.

8) Proxy holders

8.1. The Account Holder may grant rights of disposal over the payment account to third parties – without any presence on the

signature card - also on an ‘ad hoc’ basis. Such an ‘ad hoc’ proxy may be accepted by the Company, provided that it is put into a

public document or a private document providing full evidence. The authorisation shall clearly include the subject of the

authorisation, its terms and conditions and expiry date.

Business Conditions

9

8.2. Rights of disposal of the proxy holder shall not entitle him/her to make any legal statements to assign new proxy holders, or

to change or terminate the authorizations of any proxy holders.

8.3. In the event of any suspicion, any inaccuracy in the data of the proxy issuer or the proxy holder or in any other important

items of the proxy, or any unclear information or any suspected abuse, the Company shall be entitled to refuse the execution of

payment orders submitted based on such a proxy, and to call upon the proxy issuer to make a new statement.

8.4. The Company shall not be liable for any delayed or faulty execution if this was due to any wrong, insufficient or inconsistent

information in the payment order or notification of the proxy holder, or to any failure to provide notification on changes in

his/her data submitted.

9) Disposal in the event of death

The Account Holder as a natural person may dispose of his/ her claims on the Payment Account in a way that in the event of

death these claims shall be repaid to the beneficiary named by him/her. This disposal shall apply to all the payment account

claims of the Account Holder against the Company. The individual Payment Accounts shall have the same beneficiary. The

Account Holder may also name more than one beneficiary indicating the rate of their share. In this case the claim does not

belong to the Account Holder’s inheritance proceedings and after the submission of the Account Holder’s original certificate of

death or notarised copy, the specified beneficiary may dispose of the amount he/she shall be entitled to either by cash

withdrawal in person or through an authorised proxy or by having it transferred to any other Payment Account. The Account

Holder may dispose of his or her Payment Account for the case of death in the Payment Account Agreement.

IV. Fulfilment of payment orders

10) General provisions on the fulfilment of payment orders

10.1. Within the Bank Business Day the Company shall determine the initial and closing time of receiving payment orders; it shall

also determine the final time for submission on the basis of which the Company can perform the tasks with regard to the

submitted payment orders on the given day – unless a later value date is given by the Account Holder or otherwise specified by

Law or the MNB decree. Tasks arising from orders received between the final submission time and closing time as well as those

received other than on working day shall be performed by the Company on the following Business Day, unless a later value date

is given by the Account Holder or otherwise specified by Law or the MNB decree.

10.2. On receipt of the payment order the Company records and stores its arrival time (year, month, day, hour, minute).

10.3. The Company shall receive payment orders in their order of arrival to the Bank, and shall execute payment orders aimed at

the debiting of bank accounts in the order of receipt, unless any provision of law or the Account Holder provides otherwise. The

order of receipt shall be established according to the Company’s records. The Company shall take over payment orders

between the initial and final submission time without any delay. The Company shall take over the payment orders submitted

into a box initiated specially for their collection between the initial and closing time on working days within 60 minutes after

submission.

10.4. The Customer shall submit the orders to the Company in writing (in the branch office on a specifically designed form or in

accordance with the related agreement on the so called VirPay virtual surface (“Internet Banking” service). The Company shall

not execute payment orders not submitted on a specifically designed form. The Company shall be entitled to reject payment

orders without execution that have been completed by a signature not identical with that on the signature card (false signature)

or those being illegible and containing missing data. The Company shall only regard transfer orders as orders in writing that

have been submitted to the teller at the cash desk at the Company’s official seat.

10.5. No e-mail sent to the Company’s e-mail address through any electronic network qualifies as order.

10.6. If provided with all the data including those for the identification of the authorised proxies and with the necessary

coverage for the fulfilment, the Company initiates and executes the fulfilment of payment orders according to the time as

specified in the Announcement. The Company shall be obliged to meet the deadlines in the Announcement if the payment order

contains the correct data. In case of missing data the Company reserves the right to reject the fulfilment of order without

reason. The Company shall inform the Customer about the rejection of the order.

10.7. The Bank may perform partial execution if only a part of the necessary coverage is available, should a legislative provision

so require.

10.8. If there is a lack of funds, the Company shall act as follows. If there is a lack of funds, the Company shall put the order(s) on

hold and place it/them in a queue. If, on the first Bank Business Day following the submission and / or value date of the order(s)

Business Conditions

10

uncovered, the funds are made available, the Bank shall perform the transfer(s) that are on hold prior to executing the transfer

orders that arrive on that day, except for official transfers or transfers based on summons or unless otherwise provided by the

Account Holder. If the necessary coverage is not available, the Company shall cancel the payment orders on hold – except for

official transfers and transfers based on summons three days following the original date of submission or that of the debit date.

The Company is not liable for any loss arising from this procedure. The Company shall notify the Customer that in accordance

with Section 60.1 of Pft., in case of transfers that cannot be partially or fully executed on the basis of official transfers or

transfers based on summons due to the lack of funds, - unless otherwise provided by the beneficiary – it may place the orders in

a queue for maximum thirty-five days until the availability of the necessary coverage. The Company shall also inform the

Customer that official transfers and transfers based on summons of shall precede the execution of any payment transactions!

10.9. Based on an authorisation given by the Account Holder as a paying party in favour of a third person, the Company shall

place collection orders in queue as specified by authorisation. Orders shall only be executed up to the balance available on the

account. If the coverage of the payment order is available only in part, the Company shall execute partially only in case of official

transfers and transfers based on summons, as well as, in the case of collection based on authorisation.

11) Specific regulations on the execution of payment transactions within the EEA

11.1. Essential rules for the receipt of payment orders affecting payment transactions within the EEA with regard to the

deadlines of their execution

11.1.1. Calculating the execution deadlines as specified in Sections 11.2.1. and 11.2.3. – except for statements in Section

11.1.2-11.1.4. – the time of receiving the order is the date when the order submitted by the Customer as paying party, or by the

beneficiary himself/herself or indirectly by him/her has arrived at the Company. Payment orders arriving other than on working

day shall be regarded as received on the following working day.

11.1.2. If based on an agreement with the Account Holder, the Company places the payment orders in a queue, with regard to

the calculation of the fulfilment date as specified in Sections 11.2.1. and 11.2.3, based on the provisions in Section 11.1.5.,

payment orders shall be regarded as received on the date when the necessary amount is available on the account of the

Customer as a paying party for the full or partial execution of the order.

11.1.3. With regard to the calculation of the fulfilment date as specified in Section 11.2.1. transfers based on summons shall be

considered to be received on the date as specified in Section 11.1.5. when the Company becomes obliged to execute the

transfer. This provision shall also be applied to transfers based on summons and the retainment of the amount as specified for

transfers based on summons.

11.1.4. Payment orders as specified in Section 11.2.2. – except for official transfers and transfers based on summons – shall be

regarded to be received on the date as specified in section 11.1.5. when the payment order has arrived at the Company and

there is enough coverage on paying party’s payment account for the full or partial execution of the order. If the payment order

is submitted with a debit date, the payment order is received on the date when the necessary coverage is available on the

payment account of the Customer as paying party for full or partial execution on the debit date.

11.1.5. The Company shall be entitled to set a final time at least two hours prior to the closing time on the working day after

which the arrived payment order shall be regarded as received on the following working day.

11.1.6. If the Customer and the Company agree to start the execution of the payment order

a) on a specific date,

b) after a specific period,

c) on the date when the Customer has provided the Company with the necessary coverage for execution,

this agreed date shall be regarded as the date of receipt. Should the agreed date fall on a date which is no working day for the

Company, the following working day shall be regarded as the date of receipt.

11.2. Fulfilment deadline (Execution of payment orders for the payment account)

11.2.1. The Company shall ensure that the beneficiary’s account managed by his/her payment service provider shall be

credited with the transaction amount on the working day following the receipt of the payment order as specified in Section

11.1.1. at the latest in case of the following payment transactions:

a) domestic payment transactions in HUF without any currency conversion

b) payment transaction in EUR without any currency conversion,

Business Conditions

11

c) one-off domestic payment transaction requiring conversion between HUF and EUR

d) in case of payment transactions between EEA countries with one-off domestic payment transaction requiring conversion

between HUF and EUR, or if the fulfilment of transactions between EEA countries takes place in EUR.

If orders are submitted in paper format, the fulfilment deadline will be extended with an extra working day.

11.2.2. Unlike specified in Section 11.2.1., in case of domestic payment transactions without currency conversion, the Company

– as a direct member of the domestic clearing system – shall ensure that the account of the beneficiary’s payment service

provider be credited within four hours following the receipt of the payment order as specified in Section 11.1.4. if

a) the payment order refers to the fulfilment of transfers between payment accounts (as specified in Section 25 a, aa) excluding

official transfers and transfers based on summons, and

b) the payment orders are submitted by the paying party other than in paper format.

11.2.3 In addition to payment transactions other than specified in Section 11.2.1. a)-d), in case of payment transactions within

the EEA, the account of the beneficiary’s service provider will be credited with transaction amount until the end of the fourth

working day following the receipt of the payment order.

11.2.4. Orders initiated by or through the Customer as beneficiary shall be forwarded by the Company to the paying party’s

service provider within the period agreed with the beneficiary.

11.2.5. In case of collection, the Customer as beneficiary and the Company shall agree on the deadline as specified in Section

11.2.4. to ensure the necessary timeframe for the paying party’s service provider to debit the paying party’s payment account

when due.

11.3. Protection of the transaction amount

11.3.1. The Company as the paying party’s service provider shall ensure to provide the beneficiary’s service provider or the

intermediary used by the beneficiary’s service provider with the whole amount of the transaction free of any charges, fees or

costs.

11.3.2. The Company as the beneficiary’s payment service provider shall ensure that the received amount be available for the

Customer as beneficiary free of any charges, fees or costs.

12) Rejection of payment order

12.1. If the payment order does not meet the requirements in accordance with the legal provisions, the Company shall refuse to

execute it.

12.2. The Account Holder may reject any payment order which is issued and submitted in a manner not compliant with the

conditions set in the specific payment agreement or in any other agreement concluded with the Account Holder.

12.3. Unless otherwise provided for in any legislation, the Company shall reject payment orders which cannot be executed due

to the lack of financial coverage, unless otherwise agreed upon with the Account Holder, in which case the Parties agree that

transfer orders shall be put in a queue until the end of the 3rd Bank Business Day following the value date, and the Company

shall execute them according to the original order as soon as coverage becomes available. The Company repeatedly calls

Customers attention in compliance with Section 60.(1) of Pft. that official transfers and transfers based on summons that can be

executed neither fully nor partially due to the lack of funds shall be put in a queue by the Company for maximum 35 days if the

beneficiary fails to give instruction for immediate return.

12.4. If the Company refuses to execute the payment order – unless otherwise provided for by law –, it shall inform the Account

Holder of such refusal, and – unless prohibited by any provision of law – of the reason of refusal if possible, as well as of the

procedure to be conducted in order to correct any factual error resulting in the refusal of the order.

12.5. The Company shall send notification as specified in Section 12.4. to the Customer or make it available for him or her

a) without delay, but on receipt of the payment order at the latest,

b) in case of debit date on the working day following the debit date,

c) if the time period of the placement in queue expires, on the working day following its last day.

If the Company rejects a payment order submitted in paper format counter-signed based on any provision of law or any

agreement including an attached document, the payment order and the official document shall be returned to the Customer.

12.6. In case of rejection with any reason as specified in Section 12.4, the Company will charge a pro-rata value of the actual

directly arising expenses.

Business Conditions

12

13) Forms of payment orders

13.1. The Company is only required to execute payment orders which are received by the Company through the VirPay virtual

surface (Internet Banking), on the form specifically designed by the Company for this purpose, or on the form specified in MNB’s

Decree of 18/2009 on payment transactions. Payment orders submitted on paper shall be completed by the Account Holder in a

legible manner, with only blue ink pen, or a typewriter or a printer, in a manner to ensure that no addition or other modification

of the document nor any forging thereof may be possible, and the document shall also be dated. Following that, the payment

order shall in all cases be signed by the person having a right of disposal, in a manner identical with his/her signature provided

on the Signature Card.

13.2. The Customer shall be liable for providing accurate data in a format and with content suitable for the given order type, in

compliance with international standards, with intelligible and – in case of handwriting – legible information. In addition, in case

of electronic services it is especially important for the Customer to use the appropriate order type and menu item. Failing to do

so may result in a delayed or inaccurate transaction or even the rejection of the order or damage to the customer.

13.3. Any payment order submitted in a given currency by the person having a right of disposal shall be executed by the

Company against the Account Holder’s Payment account maintained in the given currency, unless the person having a right of

disposal provides otherwise or it is prohibited by law.

14) Data required for payment orders to be executed

14.1. The data necessary for a payment order to be executed are determined by the forms or – in the case of electronic payment

orders through the VirPay virtual surface (Internet Banking) – in the data included in the chosen menu.

14.2. The Company shall not accept any documents containing a payment order for execution completed with insufficient,

incorrect, unintelligible or inconsistent data, or on which there has been any deletion, modifycation or correction, or on which

the amounts written out in numbers and in letters are not the same, or on which there has been any addition, deletion or

crossing out in the printed content of the document, or which are torn or dirty. In such cases a new form shall be cmpleted.

14.4. The Company shall not examine any data entered in the comment field of payment orders, or their accuracy unless the

Company is required to do so by way of law.

15) Withdrawal, modification of orders or approvals

15.1. The Account Holder as paying party shall be entitled to withdraw his/her approval given for a payment order specified in

the Business Conditions. If a joint approval concerning more than one payment transaction is withdrawn, the related future

payment transactions shall no longer be deemed approved, either. Upon request, the Company shall confirm the date of

withdrawal to the Account Holder.

15.2. Following the receipt of the payment order by the Company, the Account Holder as paying party shall no longer be entitled

to withdraw or modify the payment order.

15.3. In case of collection, the Account Holder as paying party may withdraw the payment order – without prejudice to his/her

right to reimbursement – by the working day preceding the debit date.

15.5. In the case of payment orders with a fixed debit date, the Account Holder may withdraw the payment order by the end of

the working day preceding the debit date agreed upon by the Parties. In the case of payment orders initiated by or through the

beneficiary, the withdrawal of the payment order requires the consent of the beneficiary.

15.6. The Company charges a fee for the withdrawal of the payment order as specified in the Announcement.

15.7. If the Account Holder wishes to withdraw his/her approval, he/she shall send the Company a written statement by the

above deadline. The Account Holder shall reimburse the Company for any costs incurred in connection with such withdrawal

upon the first call of the Company, and the Company shall be entitled to enforce such claims against the Account Holder’s

Payment Account managed by the Company.

15.8. The Company shall not be liable for any damage that arises from withdrawal or modification.

15.9. The Account Holder shall be liable for any damage incurred due to payment orders related to the Payment Account, or to

the data provided therein which are inappropriate, incorrect or insufficient.

16) Execution of payment orders

16.1. When making credit entries, the Account Holder shall use the account number specified in the payment order. If the HUF

amounts to be credited for the benefit of the Account Holder are credited on a Payment Account held in other currency than

Business Conditions

13

HUF, the conditions applicable to the foreign currency transactions shall be applied. Official transfers and transfers based on

summons shall be executed by the Company also verifying the name and Payment account number of the Account Holder.

16.2. The Company shall be entitled to reject credit orders in which the name of the paying party is missing.

16.3. If payment orders given in a currency are different from the currency of the Payment Account, the Payment Account shall

be debited or credited in its own currency. When performing a conversion between the currency of the Payment Account and

the other currency, the Company – unless otherwise agreed upon with the Account Holder – shall apply the exchange rates

published by the Company in the manner specified in the Announcement.

16.4. The Company shall credit any Payment Account only with amounts which are received by the Company to the Account

Holder’s benefit, upon legal titles and in manners permitted by the prevailing legislative provisions. In accordance with

legislation on the prevention of money laundering, however, the Bank shall be entitled to examine the origin of any money

arriving to the benefit of the Payment account, to request justification for it, and to refuse to credit such amounts in the absence

of any appropriate justification.

16.5. Unless otherwise agreed by the Parties, the date of fulfilment of any outgoing payment order shall, in case of domestic

payments, be the day on which the beneficiary’s Payment Account is credited. The order of execution of payment orders shall

be contained in the prevailing Announcement in which the Company provides information – among others – as to when the

amount of the payment order is likely to be credited to the beneficiary’s bank account, considering the deadline of execution

specified in the relevant legal statutes and assuming that all other requirements are met.

17) Reimbursement

17.1. Following the request submitted by the Account Holder as paying party within fifty-six days from the debit date, the

Company shall reimburse the amount of the payment transaction initiated by or through the beneficiary and approved by the

payer (or shall reject such request by giving an explanation) within ten working days in the following cases:

a) the Account Holder was not aware of the amount of the payment transaction at the time of approval, and

b) the amount of payment transaction exceeded the amount that would have been reasonably expected of the Account Holder

in the circumstances, provided that the registered seat of the beneficiary’s payment service provider is incorporated in the EEA.

17.2. When assessing the amount of payment transaction to be reasonably expected of the Account Holder as paying party in

the circumstances, the Company shall take into account the previous payment transactions conducted by the Account Hodder as

paying party, the provisions of these Terms and Conditions as well as the circumstances of the payment transaction.

17.3. If the Account Holder exercises his/her right to reimbursement and wishes to lodge a claim with the Bank for

reimbursement regarding the amount collected from him/her, the Account Holder shall attach the following documents to the

claim for reimbursement submitted in writing:

a) the agreement between the Account Holder and the collecting party as beneficiary, making the basis of collection;

b) a statement made by the Account Holder being aware of his/her criminal liability, stating that he/she was not aware of the

amount of the payment transaction subject to the claim of reimbursement at the time of approving the given payment order;

c) the original copies of the invoice and payment information sent to the Account Holder by the collecting party as beneficiary

prior to the submission of the claim for reimbursement.

17.4. Within 10 working days following the submission of the claim for reimbursement by the Account Holder as paying party

(submitting all documents requested by the Company); the Company shall reimburse the amount of the payment transaction or

reject the request by giving an explanation. If, based on the information at its disposal, the Company decides upon rejecting the

claim for reimbursement submitted by the Account Holder as paying party, it shall inform the Account Holder at the same time

of the opportunities for the out of court settlement of the dispute as specified in these Business Conditions. If the Customer is

not a customer qualifying as consumer or micro-enterprise, he/she shall not be entitled to the right to reimbursement specified

in the section “Reimbursement”.

V. Correction of payment transactions, rules of liability and allocation of losses

18) Correction of payment transactions

18.1. The Account Holder may request the correction of any payment transaction which was not approved or was approved but

executed incorrectly immediately upon execution of the payment order, but at latest until the day corresponding to the date of

Business Conditions

14

debiting of the payment account in the second month following the date of execution of the payment order. If in the month of

expiration there is no calendar day corresponding to the date of debiting, the deadline shall expire on the last day of the month.

18.2. If the Company is also of the opinion that the payment transaction executed had not been approved or had been approved

but was executed incorrectly, it shall immediately perform the request for correction.

18.3. If the Account Holder is a customer qualifying as consumer or micro-enterprise, in the case of any request for the

correction of payment orders executed without approval or with approval but in an incorrect manner, the Company shall be

obliged to prove – by authentication data if applicable – that the payment transaction subject to Complaint had been approved

by the Account Holder as paying party, that the payment transaction had been recorded properly, and that the execution had

not been hindered by any technical problem or disturbance. If the Company performs any payment transaction which is not

approved and should not legally be executed due to the absence of approval, the Bank shall immediately reimburse the Account

Holder as paying party the amount of the payment transaction, restore the situation of the Payment account as it was before

debiting, and shall pay damages to the paying party.

19) Limitation of liability with regard to individual identifier

19.1. If the payment transaction is performed using an individual identifier (payment account number), the payment transaction

shall be deemed completed with respect to the beneficiary designated by the individual identifier.

19.2. If the execution of any official transfer or transfer based on summons takes place on the basis of an individual identifier,

the payment transaction shall be deemed completed with respect to the paying party designated by the individual identifier and

the paying party’s name.

19.3. Should an incorrect individual identifier be used, the Company shall accept no liability for any non-performance or faulty

performance of payment transactions, except for the case mentioned in Section 19.2.

19.4. If the Account Holder provides further data in addition to the data and individual identifiers specified by the Company for

the Account Holder as being necessary for the payment order to be executed, the Company shall be liable for such execution

with respect to the individual identifier.

19.5. The Company shall act as it may reasonably be expected in the circumstances regarding the reimbursement of the amount

involved in the payment transaction.

20) Liability for the execution of payment transactions

20.1. If the payment transaction was initiated by the Account Holder as paying party, the Company shall be liable for any faulty

execution of the payment transaction, unless it can prove that the amount of the payment transaction was received by the

beneficiary’s payment service provider. If the Bank’s liability is ascertained, the Bank shall immediately reimburse the amount of

the payment transaction which was not performed correctly or at all to the Account Holder, and shall restore the situation of

his/her Payment account as it was before the faulty payment transaction. Upon request of the Account Holder as paying party,

the Company – irrespective of the issue of liability for the non-performance or faulty performance of the payment transaction –

shall act as it may reasonably be expected in the circumstances regarding the follow-up of any transaction which was not

performed correctly or at all, and inform the Account Holder of the results of such follow-up.

20.2. If the payment transaction was initiated by or through the Account Holder as beneficiary, the Company shall be liable for

forwarding the payment order to the payment service provider of the paying party. In such cases the Company shall be

obliged to forward the payment order to the paying party’s service provider. The Company shall be liable to the Account

Holder as beneficiary for executing the payment transaction in compliance with legislation. If the Company’s liability is

ascertained, it shall be obliged to immediately make the amount of the credit transaction available to the Account Holder in

his/her bank account.

20.3. If the payment transaction was initiated by or through the Account Holder as beneficiary, the Company – irrespective of

the issue of liability for the non-performance or faulty performance of the payment transaction – shall act as it may reasonably

beexpected in the circumstances regarding the follow-up of the payment transaction, and inform the Account Holder of the

results of such follow-up.

20.4. Provisions of the above sections 20.1 – 20.3 shall only apply if the registered seat of the beneficiary’s payment service

provider is incorporated in an EEA state. The Company shall be liable to the Account Holder for the reimbursement of all fees,

costs and other payment obligations incurred in connection with the payment transaction which was not executed correctly or

at all by the Company, as well as for any loss of interest income.

Business Conditions

15

VI. Information, account statement

21) Information

21.1. In compliance with the Payment Account Agreement, the Company keeps contact with the Customer in Hungarian

language.

21.2. Should the Account Holder dispose of the fact in the Specific Payment Account Agreement that he/she would not require

information in paper format; the Company will notify him/her electronically of the amendments. The Company shall reserve the

right to suspend notification in paper format, if based on information by the Post Office letters may not be delivered to the

address given by the Account Holder.

21.3. During the validity of the Framework Agreement the Company shall be liable to provide these Business Conditions and the

Announcements, as well as, a copy of the specific Payment Account Agreement to the Customer on request in paper format or

on durable medium.

22) Account statement

22.1. Following debiting of the Payment account of the Account Holder as paying party according to the payment order based

on the Framework Agreement – unless otherwise agreed or provided for – the Company shall make available or deliver

information concerning payment transactions and the balance of the Payment account once in a month, namely an Account

Statement in a manner to enable the Account Holder to store them on a permanent basis and to display them in a format and

with content unchanged.

22.2. The legal effect of the Account Statement shall be identical to the legal effects of the balance of the current account, in

other words after the balance of the Payment Account is established by the Company, the Account Holder is only entitled to

dispose of the balance of the Payment account and not of the individual claims. The Account Holder shall inform the Company of

his/her potential requests or discrepancies in writing within 30 days following receipt of the information. Omission of the

Account Holder to provide such notification shall be deemed as if he/she agreed with the content of the information and the

balance of the Payment Account.

22.3. The Company shall provide information for the Account Holder as paying party of the debits and credits and the

transactions mentioned below on the Payment account:

a) any reference that enables the identification of the payment transaction, the beneficiary’s data;

b) the calculated amount of the payment transaction specified in the currency of the payment order;

c) an itemized list of all fees, costs and other payment obligations related to the payment services, payable by the Customer to

the Company;

d) the conversion rate applied by the Company for the fulfilment of payment orders, the amount subject to conversion;

e) the date of receiving the payment order or the debit date.

22.4. The Company shall provide information for the Account Holder as beneficiary of the debits and credits on the Payment

account as well as about the following facts:

a) any reference that enables the identification of the payment transaction and the paying party by the beneficiary, as well as,

any other information delivered with the payment transaction;

b) the amount credited on the beneficiary’s account in the currency;

c) an itemized list of all fees, costs and other payment obligations related to the payment services, payable by the beneficiary to

the Company;

d) the conversion rate applied by the Company for the fulfilment of payment orders, the amount subject to conversion;

e) the value date on which the account is credited with the amount.

22.5. On request of the Customer qualifying as consumer or micro-enterprise, the Company shall provide the data specified in

Section 22.3. and 22.4 in a paper format at least once a month free of any fees, costs or payment obligations. On special request

of the Account Holder qualifying as consumer or micro-enterprise – not requiring the postal delivery of the account statement in

paper format – the Company shall provide it for him or her in a paper format in a way that enables the Customer to receive the

account statement in the Company’s branch office without any charges.

Business Conditions

16

22.6. Should the Company and the Customer agree in the Payment Account Agreement otherwise, by charging fees – unless

otherwise provided in the Announcement – the Company shall send a transaction statement to the Customer by postal delivery

or through durable medium on the working day following the value date. The Company shall provide the account statement for

the Customer’s disposal in an electronic way through the VirPay virutual surface (Internet Banking). The Company enables the

Customer to have access to the account information function through the VirPay virtual surface Iinternet Banking). Access to

information shall only be made available by the Company if the Account Holder provides his/ her active mobile phone number

and /or e-mail address as specified in the Payment Account Agreement.

22.7. On request of the Account Holder, charging a special fee in accordance with the Announcement, the Company shall make a

copy of the already delivered account statement, or prepare an occasional account statement that may be taken over in the

Company’s branch office or in any other agreed way.

22.8. The Customer shall provide the same postal address for all the services provided by the Framework Agreement. Should the

Customer give another postal address for any other service in the future, it shall be deemed as an amendment of the postal

address provided for the already used services.

22.9. In case of successful identification by the telephone banking code based on Telephone Banking, the Company shall provide

the required information on the balance of the Payment account and the related transactions.

23) Information inquiry in person

23.1. The Account Holder and the person authorised to dispose of the account are entitled to inquire information about the

payment account at any time in person. By signing the Framework Agreement and notifying the Company of the persons

authorised to dispose of the account, the Account Holder shall acknowledge that with regard to the persons authorised to

dispose of the account, the Company shall provide all-inclusinve information of the Payment Account for them in accordance

with the notified right of disposal (jointly or independently). Persons authorised with the right of disposal shall only be entitled

to inquire information of the Payment Account until their disposal right is in effect in a way that the information inquiry /service

may only refer to the period during which the authorised person has been entitled to dispose of the account.

VII. Interests, fees, commission and currency rates

24) Interests

The Company shall pay no interest on the claims recorded on the Customer’s Payment Account.

25) Fees, costs and commissions

25.1. The amounts of commissions, fees and costs charged by the Company for the Account Holder’s account management and

payment transactions are determined in the effective Announcement which are debited from the Account Holder’s account by

the Company when they fall due unless otherwise provided by the Account Holder.

25.2. The payment of fees, commissions and costs is usually due at the end of each calendar month unless otherwise provided

for on the due payment date of certain payment transactions in the Announcement.

25.3. The Company shall charge the commissions and fees based on the currency in which the account is kept. Should fees and

commissions arise in a currency other than that of the Payment account, the conversion of the fees shall be based on rates

applicable to the transaction listed in the Announcement. Unless otherwise provided for in the Announcement, the Company

shall initiate the execution of the claim due, first of all, against the main account, in the case of no coverage on it against any of

the payment accounts freely disposed of by the Account Holder and managed by the Company.

25.4. If - in the case of no coverage - the Company is unable to debit the fees and charges to be due by the Account Holder

provided in this section, the Company shall be entitled to collect the relevant funds from any of the Account Holder’s payment

accounts when due, or if not available, the Company shall record those as arrears against the Account Holder. The Company

shall inform the Account Holder about the amount of arrears by recording it on the account statement in paper format and/or in

an e-mail. The default interest enforced by the Company with respect to arrears shall be disclosed in the Announcement. The

Company shall be liable to immediately pay the arrears with the default interest based on the Company’s written notice (upon

call sent together with the account statement or by e-mail). In case of failure to meet this obligation, the Company shall be

entitled to immediately suspend, block or terminate the services relating to account management, as well as the Framework

Agreement.

Business Conditions

17

25.5. The Company shall be entitled to statutory lien on the Customer’s payment account claim in security of its claims arising

from account management services. Based on this statutory lien the Company shall be entitled to deduct its claims arising from

account management services from the balance available on the Payment Account. The lien shall be considered established

when the Payment Account Agreement is concluded, without the lien being registered in the collateral register.

26) Exchange rates applied by the Company and their approval

26.1. In case of orders requiring conversion, submitted in a currency different from the currency of the account, the Company

shall carry out currency conversion together with the payment transaction. The reference rates applied for currency conversion,

their quotation time, the buying and selling rates based on the reference rates and their validity shall be contained in the

effective Announcement. The Account Holder may approve of the applicable exchange rate in person or by instruction through

the VirPay virtual surface (Internet Banking).

27) Advance notification of costs

27.1. The Company shall notify the Customers of the applicable fees and costs for the fulfilment of payment orders in the

existing Announcement in force. In the case of orders in paper format the Company shall provide access to the Announcements

in the Company’s branch office, in the case of electronically submitted payment orders through the VirPay virtual surface

(Internet Banking), as well as, on the Company’s website (www.virpay.eu). The Company shall enable the Customer to request

the calculation of costs in the Company’s branch office.

28) Opportunities for the out of court settlement of consumer complaints and disputes

28.1. The Customer may lodge a Complaint regarding the Company’s products and services (also including the Account Holder’s

complaint about the balance on his/her account in accordance with the Company’s Rules of Complaints. The Company’s Rules of

Complaints shall be available in a place open for Customers in the Company’s branch office, as well as on the Company’s website

(www.virpay.eu).

28.2. Complaints with respect to services shall be reported to VirPay Pénzforgalmi Szolgáltató Kft. [VirPay Payment Service

Provider Inc.].

28.3. On rejection of the complaint the Company shall notify the Customer of the following organisations for legal remedies:

Pénzügyi Békéltető Testület [Financial Arbitration Board] in the case of legal disputes on the establishment, validity,

legal effects and termination of the agreement, or violation or the legal effects of thereof.

28.4. Mail address of the Pénzügyi Békéltető Testület:

1013 Budapest, Krisztina krt. 39.; or: H-1525 Budapest BKKP Pf.: 172.);e-mail: ugyfelszolgalat@mnb.hu;

Phone number for Customers: (+36 40) 203-776

Magyar Nemzeti Bank Pénzügyi Fogyasztóvédelmi Központ [Consumer Protection Centre of the National Bank of

Hungary]

Mail address of the Magyar Nemzeti Bank Pénzügyi Fogyasztóvédelmi Központ:

1534 Budapest BKKP, Pf.777.; e-mail:ugyfelszolgalat@mnb.hu

Address: 1013 Budapest, Krisztina krt. 39. (Krisztina Plaza)

Customer phone number: (+36 40) 203-776

28.5. The Company shall inform the Customer qualifying as consumer that application forms requesting the sentiment of dispute

submitted to the MNB Pénzügyi Fogyasztóvédelmi Központ [Consumer Protection Centre of the Hungarian National Bank] or

Pénzügyi Békéltető Testülethez (PBT) [Financial Arbitration Board] are available electronically on the website of the two

organisations under the following links:

felugyelet.mnb.hu/fogyasztoknak

felugyelet.mnb.hu/pbt/bal_menu/letoltheto_dok

28.6. The Company shall also inform the Customer that it may request an application form from the Company to contact the

Financial Consumer Protection Centre of the National Bank of Hungary, or initiate request for dispute settlement, should there

Business Conditions

18

be any prior rejection of his/ her complaint by the Company. The Company shall send these documents to the Customer on

request free of charge.

28.7. The authority supervising the financial service providers is the National Bank of Hungary, address: 1054 Budapest,

Szabadság tér 8–9..

VIII. Detailed rules of payment transactions, payment orders and payment methods

29) General provisions

29.1. In accordance with the provisions of the Framework Agreement, to carry out payment transactions for the Account Holder,

the Company opens and manages the payment account, records the Account Holder’s claims, receives and executes the

correctly submitted orders. In each case the Company shall execute the payment transactions on the Payment account in

compliance with the effective legal provisions on payment transactions.

29.2. The Company may only carry out payment transactions – except for official transfers and transfers based on summons in

the case of the prior approval (or in certain cases as specified in the Payment Account Agreement subsequent approval) by the

paying party.

29.3.Payment methods applied in payment transactions include payment transactions between payment accounts, cash

payment related to the payment accounts, more specifically:

a) Methods of payment between Payment Accounts:

transfer,

collection,

b) Cash payments related to Payment Account, in particular:

- cash deposit in payment accounts,

- cash disbursement from Payment Account

29.4. Detailed rules of the above-listed methods of payment are governed by the MNB’s Decree.

29.5. The Account Holder shall be obliged to observe the balance on the Payment Account and ensure the necessary coverage

for the payment transactions. The procedure and deadline of the execution of the payment transactions shall be contained in

the effective Announcement.

29.7. Should there be any official transfers or transfers based on summons placed in a queue against the Account Holder’s

Payment Account, the Company shall not execute standing orders or direct debits against the part exempt from enforcement in

accordance with Act LIII 79/A of 1994 on judicial enforcement procedure; the Customer may dispose of the execution of these

payment obligations by specific transfer order.

30) Transfers

30.1. The Company shall forward domestic payment orders in HUF (including standing orders and batch transfers) through the

Giro system, domestic and international payment orders in foreign currency through the SWIFT system to the Beneficiary’s

Payment Service Provider.

30.2. Electronic payment orders and standing orders submitted in accordance with the legal provisions within the deadline for

execution on the same date shall be executed by the Company by intraday settlement as specified by law on payment

transactions.

30.3. The Company shall undertake transfers (including batch transfers) or transfers between the Customer’s own Payment

Accounts only in the case of full coverage, partial transfers shall not be executed unless otherwise provided, or agreed. Should

there be no coverage for the transfer order; The Company shall put the transfer order in queue for maximum three days. Should

there be not enough funds available until the specified deadline; the Company shall reject the execution of the order. The

Company shall notify the Customer of the rejection in the same way as of submission. The Company shall execute official

transfers and summons based on transfer as specified by law on payment transactions or put them in a queue for max. 35 days.

30.4. The Company shall not be liable for any damage (e.g. default interest, etc.) arising from the rejection of the payment order.

31) One-off transfers and transfers on value date

31.1. Transfer orders, instructions for transfers between the Customer’s own Payment Accounts (transfers between accounts

within the Company) may be submitted as one-off orders. One-off orders shall be submitted using an adequate document both

Business Conditions

19

in form and content in accordance with the effective provisions on payment transactions, otherwise the Company shall be

entitled to reject the one-off order without execution.

31.2. If the Payment account is credited in currency other than that of the Payment Account, the Company shall covert the

amount to be credited at the exchange rate specified in the Announcement and credit the Account in the Currency of the

Payment Account.

31.3. One-off orders may also be submitted by the Account Holder by giving the debit date. The debit day shall not exceed 60

days following the same calendar day of the submission, or should there be no such day in the given month, or fall on a day

other than working day, it shall be the following working day; in this case the Payment account shall be debited on this day. If

the debit date falls on a day other than a working day or on a bank holiday when the Giro system does not operate, the

Company tends to execute the transfer order submitted for the debit date on the following working day. If the Customer

designates an earlier date on submission, the Company shall execute the transfer as simple transfer.

32) Standing orders and batch transfers

32.1. Based on a specific agreement with the Company, by submitting a standing order on a correctly completed form or,by

using the VirPay virtual surface completing the required menu (Internet Banking surface), the Account Holder as paying party

may give instruction to the Company to execute regular transfer orders against his/her Payment account.

On the fulfilment of standing orders, the Company undertakes to transfer a given amount with the frequency determined by the

Account Holder to the his/her Payment Accounts, or to the Payment Account of the beneficiary determined by the Account

Holder or executes payment from the given Payment Account under the specified conditions.

32.2. Due to its nature, authorisation for standing orders will automatically be terminated on withdrawal by the Account Holder

on the VirPay virtual surface, or in case of instruction on forms designed by the Company authorisation will cease on the date of

of the cancellation statement following its certified receipt by the Company on the third day following the receipt of delivery at

the earliest.

32.3. Should the account to be credited cease, the Account Holder shall be liable to ensure the cancellation of the standing

order. In this case cancellation shall immediately take effect. .

32.4. On the cancellation of the Account Holder’s payment account, standing orders shall be cancelled by the Company.

32.5. If – following the cancellation of the account to be credited – the Account Holder has failed to give instruction for the

cancellation of standing orders and the order cannot be executed, the Company shall be entitled to stop the execution of

standing orders.

32.6. In case of batch transfers the Customer may submit transfer orders with the same legal titles but to be credited to the

payment accounts of different beneficiaries, in the form of batches through the VirPay virtual surface.

33) Collection

33.1. By submitting a collection order, the Account Holder as beneficiary gives an instruction to the Company to collect a given

amount against the payment account of the paying party, to the benefit of the Account Holder’s Payment account.

33.2. The collection order shall be submitted by the Account Holder as beneficiary to the Company. .

33.3. After receiving the collection order, the Company shall verify the data relating to the Account Holder as beneficiary

(beneficiary according to the document; if any document must be attached to the collection order; correspondence between the

Account Holder as beneficiary and the Payment Account number; signature of the person having rights of disposal as provided

to the Company).

33.4. Following verification of the items mentioned in section 33.3 the Company shall forward the data of the collection order

to the payment service provider managing the payment account of the paying party.

33.5. If any document must be attached to the collection order, or it must be counter-signed based on any provision of law or

any agreement, then the collection order so prepared shall be forwarded by the Company to the payment service provider

managing the payment account of the paying party in a manner enabling the verification of delivery.

33.6. The Company shall provide collection based on authorisation letter and direct debits.

Business Conditions

20

34) Collection based on authorisation letter

34.1. In the authorization (authorization letter), the Account Holder as paying party shall authorize the beneficiary – in the

manner determined by the Account Holder at its payment service provider – to submit a collection order. Authorisation for

collection based on authorization letter may only be given with respect to the Customer’s HUF account.

34.2. The authorisation letter shall include:

a. the name of the Customer as paying party and the account number of his/her payment account subject to

authorisation,

b. the name of the authorised beneficiary to submit collection order based on authorisation letter and his/her payment

account number,

c. the expiry date of authorisation,

d. in the case of obligation to attach any document, its accurate name.

34.3. The authorisation letter may also include:

a. the upper limit of execution,

b. the frequency of submission,

c. the duration of its placement in a queue if there is a lack of funds, partial payment options and the minimum amount

thereof,

d. method of withdrawal.

34.4. The Company shall accept and execute collection orders based on authorisation letter – unless otherwise provided in the

authorisation letter – until its withdrawal by the Customer as paying party in writing.

34.5 If the Customer or the Company terminates the Framework Agreement, the Company shall execute collection order based

on authorisation letter not later than on the date of cancellation.

34.6. The Company may also terminate the Framework Agreement prior to the expiration of the authorisation letter.

34.7 The Company shall immediately notify the beneficiary of the cancellation of the Framework Agreement as specified in

Sections 34.5. or 34.6. if the withdrawal of authorisation requires the beneficiary’s written consent.

34.8 The text of the authorization letter shall be governed by sample text 4 of Annex 3 of the MNB Decree. The Company shall

accept no authorisation letter other than the sample of the MNB Decree.

35) Direct debit

The following provisions shall apply to the Account Holder as paying party, the Account Holder as beneficiary, the Company as

service provider of the Account Holder as paying party or the Company as a service provider of the Account Holder as

beneficiary. Direct debiting shall only be carried out in case of HUF accounts.

35.1 Based on the authorization given by paying parties concerned, and according to the agreement with its own payment

service provider, the beneficiary shall submit collection orders with the same legal titles but to be debited to the payment

accounts of different paying parties, bearing a debit date, in the form of batches.

35.2 The Company as payment service provider managing the Payment Account of the Account Holder as paying party, based on

the authorization received from the Account Holder as paying party for the execution of a direct debit order, shall inform the

beneficiary of the acceptance, modification or termination of the authorization through the payment service provider managing

the beneficiary’s account within four working days following receipt of the authorization. The payment service provider shall

only inform the beneficiary of the upper limit of payment with the consent of the Account Holder as paying party.

35.3. The beneficiary shall inform the person having contract relations with it, as well as, the payment service provider managing

the account of the paying party on whether it acknowledges or rejects the authorization. The Company as payment service

provider managing the Payment Account of the Account Holder as paying party shall consider the authorization as having been

acknowledged by the beneficiary also in the event that the beneficiary starts collection.

35.4. The beneficiary shall notify of the service provider managing the payment account of the paying party of rejecting the

authorisation and the person having contract relations with it – if identifiable on the basis of notification.

35.5. The authorization as well as the modification thereof may also be sent by the beneficiary to the payment service provider

managing the Payment account of the paying party within four working days following its receipt from the paying party.

Authorisations received by the service provider managing the payment account of the paying party shall be handled as specified

in Section 35. (2).

35.6. The Company shall only accept authorisation in a manner as completed in the PFNY 31 payment transaction form available

in Annex 3 of the MNB Decree.

Business Conditions

21

35.7. The beneficiary shall submit direct debit orders in accordance with the framework agreement concluded with service

provider managing his/her account at least five working days prior to the debit date. The beneficiary shall determine the debit

date in a manner to ensure the fulfilment of payment by the deadline designated in the account or in any other document. If

the designated debit date does not fall on working day, the following day shall be regarded as debit date.

35.8. The beneficiary shall submit direct debit orders with the same amount as specified in the account serving as a basis for

submission, or in the lack of such account any other document containing the same amount.

35.9. The beneficiary’s service provider shall perform the tasks arising from the execution of direct debt orders on the working

day following their receipt.

35.10. The Beneficiary shall inform the person having legal contract with about the submission of the direct debit order by

sending an account serving as a basis for collection or in the lack of such account any other document at least six working days

prior to the debit date. In the case of instruction for the regular collection of the same amount, the beneficiary shall be liable to

give notification should there be any change in the amount of the collection; otherwise he/she shall be liable to notify the

Company at least once a year.

35.11. The payment service provider may also inform the paying party about the direct debit order prior to its execution.

35.12. The paying party may block the execution of the direct debit order with the service provider managing his/her payment

account until the end of the working day preceding the debit date. Blocking may not be effected against the partial amount of

the collection order. The Company shall not examine the justification and legitimacy of blocking. Blocking shall not affect the

validity and conditions of the authorization.

35.13. The payment service provider managing the payment account of the paying party shall inform the payment service

provider managing the payment account of the beneficiary on the performance or non-performance of the direct debit order, as

well as, on the reasons thereof. The notifications and the data of orders completed shall be forwarded by the payment service

provider managing the beneficiary’s payment account to the beneficiary in the manner specified in the framework agreement.

35.14. The payment service provider of the paying party shall inform the paying party of any failed direct debit order not later

than upon the subsequent notification provided for in the Pft.

36) Cash transactions

Cash transactions at the Company’s cash desk

36.1. Cash deposit and cash withdrawal shall take place at the cash desk of the Company’s registered seat.

36.2. The Company shall accept orders for cash transactions from the Account Holder, or the authorised person in form

specifically designed by the Company for this purpose, and as specified by the relevant terms on payment transactions with

respect to cash transaction in HUF and in foreign currency and containing the relevant form and content in accordance with the

legal provisions.

36.3. Cash desk service shall be provided by the Company during the opening hours of the cash desk as specified in the

Announcement. The Company shall require the Account Holder to inform the Company of cash withdrawals if their amount

exceeds the amount of cash withdrawals in HUF or any other convertible currency as specified in the Announcement (large sum

cash withdrawal) and the required denomination thereof by 10 o’clock on the working day prior to the transaction day in writing

or by phone confirming the telephone banking code. The Company shall inform the Account Holders of the amount of large sum

cash withdrawal in the Announcement, as well as, in a prospectus displayed in a place open for customers in the Company’s

branch office.

36.4. In case of cash withdrawals in the Company’s branch office, the authorised person disposing of the account shall be

entitled to withdraw cash in a manner as registered by the Company. In these cases, resident customers may prove their identity

by a valid identity card or any other official document qualifying as documents for identification (e.g. passport, driving licence

card, in case of non-residents a valid passport or any other official document for proving identity (e.g. document issued by

foreign authorities e.g. identity card or driving licence).

36.5. With respect to cash deposits made at the cash desk, the Customer shall be liable for the accuracy and veracity of the legal

title specified for the payment, and the Company shall not examine it unless it is bound to do so by law. Should the money the

Customer intends to deposit be or seem to be forged or counterfeit, the Company shall take it down on record, withdraw the

said money from circulation and send it to the National Bank of Hungary (MNB) for investigation without delay. The receipt of

such money – whether prior to the conclusion of the investigation or when the MNB ascertains that the money is forged or

counterfeit and withdraws it from circulation – shall not give rise to any financial claim on the part of the Customer.

Business Conditions

22

Cash transfers and cash disbursements through postal services

36.6. The Company undertakes to provide for payment services through Magyar Posta Zrt. (hereinafter: Post-Office) as specified

with relevant conditions in the Business Conditions and General Terms thereof. This service of the Company through the Post-

Office as payment service provider refers to cash payments as credits on the payment accounts managed by the Company (by

postal cash transfer orders, i.e. on a yellow cheque as it is commonly referred), as well as, cash payments as debits against the

payment account (by cash disbursement postal order) based on the Company’s agreement with the Post-Office.

36.7. Cash disbursement by disbursement postal order means a payment transaction where the Account Holder gives an

instruction to the Company to initiate a HUF disbursement in favour of the beneficiary to the address specified in the order,

which the Company shall perform through postal services. The Company may provide the amount of cash disbursement from

the payment account for the beneficiary (receiver) through postal transfer; cash payments to the beneficiary’s payment address

(addressee, receiver of cash) may be initiated at Magyar Posta Zrt. [Hunarian Post Office].

36.8. Based on the Business Conditions on payment transactions of the Hungarian Post Office, in the case of SERVICES ENABLING

CASH DEPOSITS TO PAYMENT ACCOUNT, the Company shall act as specified in accordance with legislation on the prevention of

money laundering and in compliance with the legal provisions of Act CXXXVI. of 2007 on the prevention of financing terrorism

and money laundering (hereinafter: Pmt) and based on the provisions of Section 11/A of Pmt.; in case of cash deposits equalling

or exceeding 300,000 Ft the Company shall record the Customer’s data as required by law.

36.9. In case of cash disbursement through postal services for the delivery and disbursement of the transferred sum, the

provisions of the 335/2012. (XII. 4.) Government Decree on the “Rules of rendering postal services and those related to the

official use of documents unless excluded or delivered conditionally” shall be applicable. Based on the agreement between the

Company and the Post, cash disbursement from payment account through postal services shall take place with the help of cash

disbursement orders service Magyar Posta Zrt.

36.10. In the case of cash deposits to payment accounts there shall be no amount limit for the service, without any minimum or

maximum limit.

36.11. By using a cash disbursement order, the Company or the Payment Account Holders qualifying as the Company’s

Customers may send money against their payment account which shall be disbursed by the Post-Office on the designated

premises either at the home address of the addressee, in the registered seat or at the post-office when providing its address

36.12. The cash disbursement order related to disbursement against payment accounts specifically designed by the Post shall

contain the following data:

a) the name of the Account Holder;

b) the Payment account number;

c) the amount to be paid;

d) the name(s) of the addressee(s);

e) the destination of the post (the name of the settlement);

f) the address of the public premises (road, street, any other name of premises , house number) and if available the

staircase, the number of floor, number of door, in the lack thereof the address of the location (public premises and

closer address data are hereinafter referred to as location of address);

g) The postal code of address.

36.13. The daily upper limit of cash payment with cash disbursement order is 200 000, - forint.

IX. Data management and data protection

37) Payment secret and its preservation

34.1. The Company shall handle the Customer’s data with respect to authorisation as specified in Section 3.13 and in accordance

with the prevailing legal provisions.

34.2. The Company shall inform the Customer that the data obtained by the Company on concluding agreement and providing

payment service shall be regarded as payment secret in accordance with Fsztv.

34.3. The Company, its senior management, as well as, its entire staff shall preserve any payment secret and business secret

with respect to the customers in the course of the Company’s operation and handle them in accordance with the provisions of

Fsztv. on the Rules of Secrecy without restrictions on time.

Business Conditions

23

34.4. The Company shall notify Customers that it shall be liable to forward the available data to the authorities in charge to

prevent and investigate payment abuse in accordance with the legislation of Act CXXXVI. of 2007 on the Prevention of Terrorism

and Money Laundering.

X. Information on subcontracted activities

The Company shall inform Customers that within the subcontracted services Instant Money application, Instant Money

environment cloud-based service are performed by T-System Magyarország Kft, the Electra Internet Banking software is

provided and operated by Cardinal Számítástechnikai Kft,, the tasks with respect to the operation of IT systems and devices on

the Company’s registered seat, as well as, the tasks related to disaster management threatening the IT systems and their

restoration to normal business operation are carried out by MAX Office Kereskedelmi és Szolgáltató Bt., services related to

book-keeping and accounting are provided by Dóra Lakatos, as sole provider, and based on assignment contract the legal

services are rendered by dr. Garamhegyi Ügyvédi Iroda.

XI. Other provisions

Unless provided otherwise by these Business Conditions and the General Terms and Conditions, the legal provisions of Act V. of

2013 on the Civil Code, the prevailing legislation on payment transactions, in particular Act CCXXXV. of 2013 on payment service

providers, Act LXXXV. of 2009 on the provision of payment transaction services and the MNB Decree of 18/2009. (VIII.6.) on the

execution of payment transactions.