Common use of USING THE ACCOUNT Clause in Contracts

USING THE ACCOUNT. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by ▇▇▇▇▇▇ from time to time. Subject to paragraph 5.3, we will credit your Account when we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent. 5.2 Your Account can also receive internal transfers from other Accounts owned or controlled by the Partner Platform, which apply instantly. 5.3 An incoming payment will not be credited to your Account if: 5.3.1 the Account has reached the Account Limits; or 5.3.2 the Account is blocked or terminated; or 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or 5.3.4 we suspect the payment to be fraudulent. 5.4 If we are unable to credit your Account for any of the reasons in paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you. 5.5 Your Account can make payments out to external bank accounts via Faster Payments, SEPA Transfer, SWIFT Payments (if selected as a Modulr Product) and other methods as added and notified to you by the Partner Platform from time to time. 5.6 Your Account will be configured and operated by the Partner Platform. You agree that ▇▇▇▇▇▇ and we may take instructions from the Partner Platform regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We and Modulr have no liability for actions taken by the Partner Platform. If you disagree with any actions taken by the Partner Platform these should be discussed with the Partner Platform. We are also authorised to take instructions from any other Account Manager (where different from Partner Platform) and, with respect to Physical Card Transactions, from the Cardholder. You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account and/or Card(s). 5.7 Where Cards are made available to you, your Account can be used to fund Card Transactions. You or your Account Manager or Partner Platform can request a Virtual Card or a Physical Card to be issued to you via the Online Portal or Modulr API. 5.8 Where a Virtual Card or Physical Card is issued to you, you may be able to register and/or store the details of the Card within third party apps and/or devices and to use those third-party apps/devices to initiate payments with your Card. When you first register your Card within a third-party app/device we support, you may be required to verify that it is you requesting the registration of the Card. If you do not do this, you may not be able to register and use your Card through the third-party app/device. 5.9 The value of any Card Transaction, together with any applicable fees and charges, will be deducted from your Account once we receive the authorisation request from the Merchant. 5.10 If the Card Transaction is made in a currency other than the currency the Card is denominated in, the Card Transaction will be converted to the currency of the Card by the relevant Card Scheme at a rate set by it on the day we receive details of the Card Transaction. The exchange rate varies throughout the day and is not set by us. You can check the relevant Card Scheme rate as follows. 5.11 A Transaction is deemed to be authorised by you: 5.11.1 when you or your Account Manager or Partner Platform enters the security information on the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via the Modulr API with the relevant security credentials; 5.11.2 when you or your Account Manager or Partner Platform submits a request for a creation of a Virtual Card via the Online Portal or Modulr API, you shall be deemed to have authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value specified when creating the request for creation of the Virtual Card; 5.11.3 when you or the Cardholder (i) enter a PIN or provide any other security credentials; (ii) sign a sales voucher; (iii) provide the Physical Card details and/or provide any other details as requested; (iv) wave/swipe the Physical Card over a card reader; or (v) insert the Physical Card into a card device or an ATM; 5.12 You can cancel any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice to cancel no later than close of business on the Business Day before the Transaction was due to take place; 5.13 If for any reason whatsoever, a negative balance arises because a Transaction is completed when there are not enough funds on your Account for that Transaction, you shall reimburse the negative balance amount immediately, unless circumstances described in sections 5.15 and 5.16 apply. You agree that once we make this negative balance known to you, we will charge you the amount of negative balance and you must repay it immediately. We may charge the amount of the negative balance against any funds on your Account, including any subsequently loaded funds. Until we are reimbursed this negative balance amount, we may arrange for your Account, including Card(s) to be suspended. We may also report the negative balance to credit reference agencies. 5.14 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to recover the negative balance amount from the Merchant. 5.15 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover the negative balance amount from the person who made the error. 5.16 The Available Balance on your Account will not earn any interest. 5.17 You can check the balance and Transaction history of your Account at any time via the interface provided to you by the Partner Platform or by contacting Customer Services, or the Online Portal if you have relevant access details. 5.18 You will be provided with a monthly statement free of charge setting out information relating to individual payment Transactions by the Partner Platform or us (using the details we have associated with your Account).

USING THE ACCOUNT. 5.1 7.1. Your Account can receive bank transfers and other payment types as added and notified to you by ▇▇▇▇▇▇ Us from time to time. Subject to paragraph 5.3clause 7.3, we We will credit your Account when we We receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent. 5.2 7.2. Your Account can also receive internal transfers from other Accounts owned or controlled by the Partner PlatformAccounts, which apply instantlyimmediately. 5.3 7.3. An incoming payment will not be credited to your Account if: 5.3.1 7.3.1. the Account has reached the Account Maximum Balance or Account Limits; or 5.3.2 7.3.2. the Account is inactive or blocked or terminated; or 5.3.3 7.3.3. the sender has provided incorrect/invalid Account Details for your Account; or 5.3.4 we 7.3.4. We suspect the payment to be fraudulent. 5.4 7.4. If we We are unable to credit your Account for any of the reasons in paragraph 5.3 clause 7.3 then the funds may be sent back to the sender without a prior notification to you. 5.5 Your Account can make payments out to external bank accounts via Faster Payments, SEPA Transfer, SWIFT Payments (if selected as a Modulr Product) and other methods as added and notified to you by the Partner Platform from time to time. 5.6 7.5. Your Account will be configured and operated by the Partner PlatformPlatform as your Account Manager. You agree that ▇▇▇▇▇▇ and we We may take instructions from the Partner Platform in that capacity regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We and Modulr have no liability for actions taken by the Partner Platform. If you disagree with any actions taken by the Partner Platform these should be discussed with the Partner Platform. We are also authorised to take instructions from any other Account Manager (where different from Partner Platform) and, with respect to Physical Card Transactions, from the Cardholder. You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account and/or Card(s). 5.7 Where Cards are made available to you, your 7.6. Your Account can be used make payments out to fund Card Transactions. You or your Account Manager or Partner Platform can request a Virtual Card or a Physical Card to be issued external bank accounts via Faster Payments and other methods as added and notified to you via the Online Portal or Modulr APIfrom time to time. 5.8 Where a Virtual Card or Physical Card is issued to you, you may be able to register and/or store the details of the Card within third party apps and/or devices and to use those third-party apps/devices to initiate payments with your Card7.7. When you first register your Card within a third-party app/device we support, you may be required to verify that it is you requesting the registration of the Card. If you do not do this, you may not be able to register and use your Card through the third-party app/device. 5.9 The value of any Card Transaction, together with any applicable fees and charges, will be deducted from your Account once we receive the authorisation request from the Merchant. 5.10 If the Card Transaction is made in a currency other than the currency the Card is denominated in, the Card Transaction will be converted to the currency of the Card by the relevant Card Scheme at a rate set by it on the day we receive details of the Card Transaction. The exchange rate varies throughout the day and is not set by us. You can check the relevant Card Scheme rate as follows. 5.11 A Transaction is deemed to be authorised by you: 5.11.1 , when you or your Account Manager or Partner Platform enters the security information on the Modulr Our Online Portal to confirm a Transaction is authorised, or when it is instructed via the Modulr Our API with the relevant security credentials;. Once the Transaction is confirmed, We cannot revoke the Transaction save for in those circumstances set out in clause 7.11 below. 5.11.2 when you or your Account Manager or Partner Platform submits a request for a creation of a Virtual Card via the Online Portal or Modulr API, you shall 7.8. The following Transactions may be deemed to have authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value specified when creating the request for creation of the Virtual Card;withdrawn: 5.11.3 when you or the Cardholder (i) enter a PIN or provide any other security credentials; (ii) sign a sales voucher; (iii) provide the Physical Card details and/or provide any other details as requested; (iv) wave/swipe the Physical Card over a card reader; or (v) insert the Physical Card into a card device or an ATM; 5.12 You can cancel 7.8.1. any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice to cancel is given no later than close of business on the Business Day business day before the Transaction was due to take place;; and/or 5.13 7.8.2. Transactions due to take place on a future date. 7.9. If for any reason whatsoeverWe refuse to execute a payment order to or to initiate a Transaction, a negative balance arises because a Transaction is completed when there We will, without undue delay and provided We are not enough funds on legally permitted to do so, notify you or your Account for that Transaction, you shall reimburse the negative balance amount immediately, unless circumstances described in sections 5.15 and 5.16 apply. You agree that once we make this negative balance known to you, we will charge you the amount of negative balance and you must repay it immediately. We may charge the amount Manager of the negative balance against refusal. If possible, We will provide the reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of rectifying any funds on your Account, including any subsequently loaded funds. Until we are reimbursed this negative balance amount, we may arrange for your Account, including Card(s) factual errors that led to be suspended. We may also report the negative balance to credit reference agenciesrefusal. 5.14 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to recover the negative balance amount from the Merchant. 5.15 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover the negative balance amount from the person who made the error. 5.16 7.10. The Available Balance on your Account will not earn any interest. 5.17 7.11. You or your Account Manager (as the case may be) can check the balance and Transaction history of your Account at any time via the interface provided to you by the Partner Platform or by contacting Customer Services, or the Online Portal if you have relevant access detailstime. . 5.18 7.12. You will be provided with a monthly statement free of charge setting out information relating to individual payment Transactions by the Partner Platform or us via your Account Manager (using the details we We have associated with your Account).

USING THE ACCOUNT. 5.1 Your 7.1 The Account can be used for setting up Direct Debits, Standing Orders, and to make Faster Payments including Future Dated Payments subject to Account Limits. You must authorise the organisation taking Direct Debit payments from the Account. 7.2 If the Automatic Payment on the Account specifies that a payment is to take place on a specified day or on the last day of a certain period, then we will treat the Payment Instruction as being received on the day specified. 7.3 If a payment is made using Faster Payments, we will send the payment within 2 hours, provided that the payment is within your Account Limits and there is sufficient Available Balance. If we suspect fraudulent activity on your Account, we may take longer than 2 hours to send the payment. Restrictions may apply at recipient’s bank. 7.4 Any Automatic Payment is usually taken from the Account at the beginning of the day they are due except Direct Debit payment which are taken at the beginning of the Business Day. 7.5 It is Account Manager’s responsibility to ensure they put in correct recipient Account Details and payment amount when making any payment or setting up payee. 7.6 It is Account Manager’s responsibility to check there is sufficient Available Balance before any payment is due. 7.7 We will treat a payment as authorised by the Account Manager and genuine if: 7.7.1 the transaction was authorised from the Self Service Account Management Portal; 7.7.2 the Account Manager has set up any Automatic Payments. 7.8 A payment will not be sent out (without prior notice to you) if: 7.8.1 the Account does not have sufficient Available Balance to cover the payment; or 7.8.2 the Account is suspended or closed; or 7.8.3 if the Account has reached its Account Limits; or 7.8.4 if we suspect the payment to be fraudulent. 7.9 We will not be liable to inform the recipient of any stopped payment under paragraph 7.8 and we will not be liable for any loss this may incur to you. 7.10 The Account Manager may be able to stop a Direct Debit payment provided that: 7.10.1 they cancel before two Business Days before your Account is due to be debited; 7.10.2 the payment has not already been made; 7.10.3 the Account manager provides all the details requested on the Self Service Account Management Portal to stop the payment. 7.11 If the Account Manager stops or cancels a Direct Debit, they must tell the recipient to whom the Direct Debit is payable, we will not be responsible if they fail to inform them and the recipient will not have any claim against us. 7.12 The Account Manager may stop a Standing Order and Future Dated Payment by cancelling the payment on the Self Service Account Management Portal before the end of the Business Day prior to the Business Day the Account is due to be debited. We recommend that the recipient is also informed; we will not be responsible if the Account Manager fails to inform them and the recipient will not have any claim against us. 7.13 If, for any reason, a payment is processed for an amount greater than the Available Balance on your Account, you must repay us the amount by which the Full Deductible Amount exceeds your Available Balance immediately after receiving an invoice from us. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding. 7.14 The Account can receive bank transfers funds via Faster Payments and other payment types as added and notified to you by ▇▇▇▇▇▇ from time to timeBACS Credit. Subject to paragraph 5.37.15, we will credit your the Account when we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent. 5.2 Your 7.15 A payment coming into the Account can also receive internal transfers from other Accounts owned or controlled by the Partner Platform, which apply instantly. 5.3 An incoming payment will be not be credited to your Account if: 5.3.1 7.15.1 the Account has reached the Account Maximum Balance or Account Limits; or 5.3.2 7.15.2 the Account is blocked inactive or terminatedblocked; or 5.3.3 7.15.3 the sender has provided incorrect/invalid Account Details for your Account; or 5.3.4 7.15.4 we suspect the payment to be fraudulent. 5.4 If we are unable to credit your Account for any of the reasons in paragraph 5.3 then the 7.16 The funds may be sent back to the sender without a prior notification to you. 5.5 Your Account can make payments out to external bank accounts via Faster Payments, SEPA Transfer, SWIFT Payments (if selected as a Modulr Product) and other methods as added and notified to you by the Partner Platform from time to time. 5.6 Your Account will be configured and operated by the Partner Platform. You agree that ▇▇▇▇▇▇ and we may take instructions from the Partner Platform regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We and Modulr have no liability for actions taken by the Partner Platform. If you disagree with any actions taken by the Partner Platform these should be discussed with the Partner Platform. We are also authorised to take instructions from any other Account Manager (where different from Partner Platform) and, with respect to Physical Card Transactions, from the Cardholder. You are responsible for all actions of notifying the Account Manager if paragraph 7.15 applies. Please note this will only apply to Faster Payments in and any Cardholder in relation BACS Credit. 7.17 The Account may receive High Value Payments subject to a number of checks. The Account Manager must inform us prior to receiving a High Value Payment, allowing us enough time to conduct required checks. The Account Manager agrees to provide all the information and documents requested by us to carry out our checks. 7.18 Once an approval has been granted for receiving a High Value Payment into the Account, the Account and/or Card(s)will have a new Account maximum balance limit applied. 5.7 Where Cards are made available to you, your 7.19 Each time the Account can be used to fund Card Transactions. You or your Account Manager or Partner Platform can request a Virtual Card or a Physical Card to be issued to you via the Online Portal or Modulr API. 5.8 Where a Virtual Card or Physical Card is issued to you, you may be able to register and/or store the details of the Card within third party apps and/or devices and to use those third-party apps/devices to initiate payments with your Card. When you first register your Card within a third-party app/device we support, you may be required to verify that it is you requesting the registration of the Card. If you do not do this, you may not be able to register and use your Card through the third-party app/device. 5.9 The value of any Card Transaction, together with any applicable fees and charges, will be deducted from your Account once we receive the authorisation request from the Merchant. 5.10 If the Card Transaction is made in a currency other than the currency the Card is denominated in, the Card Transaction will be converted to the currency of the Card by the relevant Card Scheme at a rate set by it on the day we receive details of the Card Transaction. The exchange rate varies throughout the day and is not set by us. You can check the relevant Card Scheme rate as follows. 5.11 A Transaction is deemed to be authorised by you: 5.11.1 when you or your Account Manager or Partner Platform enters the security information on the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via the Modulr API with the relevant security credentials; 5.11.2 when you or your Account Manager or Partner Platform submits a request for a creation of a Virtual Card via the Online Portal or Modulr API, you shall be deemed to have authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value specified when creating the request for creation of the Virtual Card; 5.11.3 when you or the Cardholder (i) enter a PIN or provide any other security credentials; (ii) sign a sales voucher; (iii) provide the Physical Card details and/or provide any other details as requested; (iv) wave/swipe the Physical Card over a card reader; or (v) insert the Physical Card into a card device or an ATM; 5.12 You can cancel any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice to cancel no later than close of business on the Business Day before the Transaction was due to take place; 5.13 If for any reason whatsoever, receive a negative balance arises because a Transaction is completed when there are not enough funds on your Account for that Transaction, you shall reimburse the negative balance amount immediately, unless circumstances described in sections 5.15 and 5.16 apply. You agree that once we make this negative balance known to you, we will charge you the amount of negative balance and you must repay it immediately. We may charge the amount of the negative balance against any funds on your Account, including any subsequently loaded funds. Until we are reimbursed this negative balance amount, we may arrange for your Account, including Card(s) to be suspended. We may also report the negative balance to credit reference agencies. 5.14 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to recover the negative balance amount from the Merchant. 5.15 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover the negative balance amount from the person who made the error. 5.16 The Available Balance on your Account will not earn any interest. 5.17 You can check the balance and Transaction history of your Account at any time via the interface provided to you by the Partner Platform or by contacting Customer Services, or the Online Portal if you have relevant access details. 5.18 You will be provided with a monthly statement free of charge setting out information relating to individual payment Transactions by the Partner Platform or us (using the details we have associated with your Account).High Value Payment then paragraph

USING THE ACCOUNT. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by ▇▇▇▇▇▇ from time to time. Subject to paragraph 5.3, we will credit your Account when we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent. 5.2 Your Account can also receive internal transfers from other Modulr Accounts owned or controlled by the Partner PlatformAssociated Service Provider, which apply instantly. 5.3 An incoming payment will not be credited to your Account if: 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or 5.3.2 the Account is inactive or blocked or terminated; or 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or 5.3.4 we suspect the payment to be fraudulent. 5.4 If we are unable to credit your Account for any of the reasons in paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you. 5.5 Your Account can make payments out to external bank accounts via Faster Payments, SEPA Transfer, SWIFT Payments (if selected as a Modulr Product) and other methods as added and notified to you by the Partner Platform from time to time. 5.6 Your Account will be configured and operated by the Partner PlatformAssociated Service Provider. You agree that ▇▇▇▇▇▇ and we may take instructions from the Partner Platform Associated Service Provider regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We and Modulr have no liability for actions taken by the Partner PlatformAssociated Service Provider. If you disagree with any actions taken by the Partner Platform Associated Service Provider these should be discussed with the Partner Platform. We are also authorised to take instructions from any other Account Manager (where different from Partner Platform) and, with respect to Physical Card Transactions, from the Cardholder. You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account and/or Card(s)Associated Service Provider. 5.7 5.6 Where Cards are made available to youso agreed with us, your Account can be used to fund Virtual Card Transactions. You or your Account Manager or Partner Platform Associated Service Provider can request a Virtual Card or a Physical Card to be issued to you via the Online Portal or Modulr API. 5.8 Where a Virtual Card or Physical Card is issued to you, you may be able to register and/or store the details of the Card within third party apps and/or devices and to use those third-party apps/devices to initiate payments with your Card. When you first register your Card within a third-party app/device we support, you may be required to verify that it is you requesting the registration of the Card. If you do not do this, you may not be able to register and use your Card through the third-party app/device. 5.9 The value of any the Virtual Card Transaction, together with any applicable fees and charges, will be deducted from your Account once we receive the authorisation request from the Merchant. 5.10 5.7 If the Virtual Card Transaction is made in a currency other than the currency the Virtual Card is denominated in, the Virtual Card Transaction will be converted to the currency of the Virtual Card by the relevant Mastercard Card Scheme at a rate set by it Mastercard (see ▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇/en-gb/consumers/get-support/convert-currency.html) on the day we receive details of the Virtual Card Transaction. The exchange rate varies throughout the day and is not set by us. You can check the relevant Card Scheme rate as follows. 5.11 5.8 Your Account can make payments out to external bank accounts via Faster Payments, SEPA and other methods as added and notified to you by the Associated Service Provider from time to time. 5.9 A Transaction is deemed to be authorised by you: 5.11.1 , when you or your Account Manager or Partner Platform Associated Service Provider: 5.9.1 enters the security information on the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via the Modulr API with the relevant security credentials; 5.11.2 5.9.2 when you or your Account Manager or Partner Platform Associated Service Provider submits a request for a creation of a Virtual Card via the Online Portal or Modulr API, you shall be deemed to have authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value specified when creating the request for creation of the Virtual Card; 5.11.3 5.9.3 when you give instructions through a third party (such as the recipient of a Direct Debit Mandate or the Cardholder (i) enter a PIN or provide any other security credentials; (ii) sign a sales voucher; (iii) provide the Physical Card details and/or provide any other details as requested; (iv) wave/swipe the Physical Card over a card reader; or (v) insert the Physical Card into a card device or an ATM;Payment Initiation Service Provider). 5.12 You can cancel 5.10 The following Transactions may be withdrawn: 5.10.1 any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice to cancel is given no later than close of business on the Business Day before the Transaction was due to take place; and/or 5.10.2 Transactions due to take place on a future date. 5.11 Cancelling a Direct Debit Mandate with us will not cancel the agreement with the organisation you are paying. It is your responsibility to tell the organisation collecting the payment about the changes to your instructions. 5.12 We may at any time cancel or suspend your right to use Virtual Cards where we: 5.13.1 we are concerned about the security of your Virtual Card or access to it; 5.12.2 we know or suspect that that your Virtual Card is being used in an unauthorised or fraudulent manner; 5.12.3 we need to do so in order to comply with the law or otherwise for regulatory or fraud prevention purposes; 5.12.4 the transaction would breach the limits applicable to your Virtual Card; 5.12.5 you break an important part of these Terms and Conditions, or repeatedly break any term in this Agreement and fail to resolve the matter in a timely manner. 5.13 If for any reason whatsoever, we refuse to execute a negative balance arises because payment order to or to initiate a Transaction is completed when there are not enough funds on your Account for that Transaction, we will, without undue delay and provided we are legally permitted to do so, notify you shall reimburse or the negative balance amount immediately, unless circumstances described in sections 5.15 and 5.16 applyAssociated Service Provider of the refusal. You agree that once we make this negative balance known to youIf possible, we will charge you provide the amount reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of negative balance and you must repay it immediately. We may charge rectifying any factual errors that led to the amount of the negative balance against any funds on your Account, including any subsequently loaded funds. Until we are reimbursed this negative balance amount, we may arrange for your Account, including Card(s) to be suspended. We may also report the negative balance to credit reference agenciesrefusal. 5.14 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to recover the negative balance amount from the Merchant. 5.15 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover the negative balance amount from the person who made the error. 5.16 The Available Balance on your Account will not earn any interest. 5.17 You can check the balance and Transaction history of your Account at any time via the interface provided to you by the Partner Platform or by contacting Customer Services, or the Online Portal if you have relevant access details. 5.18 You will be provided with a monthly statement free of charge setting out information relating to individual payment Transactions by the Partner Platform or us (using the details we have associated with your Account).

USING THE ACCOUNT. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by ▇▇▇▇▇▇ Modulr from time to time. Subject to paragraph 5.3, we will credit your Account when we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent. 5.2 Your Account can also receive internal transfers from other Modulr Accounts owned or controlled by the Partner Platform, which apply instantly. 5.3 An incoming payment will not be credited to your Account if: 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or 5.3.2 the Account is inactive or blocked or terminated; or 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or 5.3.4 we suspect the payment to be fraudulent. 5.4 If we are unable to credit your Account for any of the reasons in paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you. 5.5 Your Account can make payments out to external bank accounts via Faster Payments, SEPA Transfer, SWIFT Payments (if selected as a Modulr Product) and other methods as added and notified to you by the Partner Platform from time to time. 5.6 Your Account will be configured and operated by the Partner Platform. You agree that ▇▇▇▇▇▇ Modulr and we may take instructions from the Partner Platform regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We and Modulr have no liability for actions taken by the Partner Platform. If you disagree with any actions taken by the Partner Platform these should be discussed with the Partner Platform. We are also authorised . 5.6 Your Account can make payments out to take instructions external bank accounts via Faster Payments and other methods as added and notified to you by the Partner Platform from any other Account Manager (where different from Partner Platform) and, with respect time to Physical Card Transactions, from the Cardholder. You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account and/or Card(s)time. 5.7 Where Cards are made available to you, your Account can be used to fund Card Transactions. You or your Account Manager or Partner Platform can request a Virtual Card or a Physical Card to be issued to you via the Online Portal or Modulr API. 5.8 Where a Virtual Card or Physical Card is issued to you, you may be able to register and/or store the details of the Card within third party apps and/or devices and to use those third-party apps/devices to initiate payments with your Card. When you first register your Card within a third-party app/device we support, you may be required to verify that it is you requesting the registration of the Card. If you do not do this, you may not be able to register and use your Card through the third-party app/device. 5.9 The value of any Card Transaction, together with any applicable fees and charges, will be deducted from your Account once we receive the authorisation request from the Merchant. 5.10 If the Card Transaction is made in a currency other than the currency the Card is denominated in, the Card Transaction will be converted to the currency of the Card by the relevant Card Scheme at a rate set by it on the day we receive details of the Card Transaction. The exchange rate varies throughout the day and is not set by us. You can check the relevant Card Scheme rate as follows. 5.11 A Transaction is deemed to be authorised by you: 5.11.1 , when you or your Account Manager or Partner Platform enters the security information on the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via the Modulr API with the relevant security credentials;. Once the Transaction is confirmed, we cannot revoke the Transaction save for in those circumstances set out in paragraph 5.8 below. 5.11.2 when you or your Account Manager or Partner Platform submits a request for a creation of a Virtual Card via the Online Portal or Modulr API, you shall 5.8 The following Transactions may be deemed to have authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value specified when creating the request for creation of the Virtual Card;withdrawn: 5.11.3 when you or the Cardholder (i) enter a PIN or provide any other security credentials; (ii) sign a sales voucher; (iii) provide the Physical Card details and/or provide any other details as requested; (iv) wave/swipe the Physical Card over a card reader; or (v) insert the Physical Card into a card device or an ATM; 5.12 You can cancel 5.8.1 any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice to cancel is given no later than close of business on the Business Day business day before the Transaction was due to take place;; and/or 5.13 5.8.2 Transactions due to take place on a future date. 5.9 If for any reason whatsoever, we refuse to execute a negative balance arises because payment order to or to initiate a Transaction is completed when there are not enough funds on your Account for that Transaction, we will, without undue delay and provided we are legally permitted to do so, notify you shall reimburse or the negative balance amount immediately, unless circumstances described in sections 5.15 and 5.16 applyPartner Platform of the refusal. You agree that once we make this negative balance known to youIf possible, we will charge you provide the amount reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of negative balance and you must repay it immediately. We may charge rectifying any factual errors that led to the amount of the negative balance against any funds on your Account, including any subsequently loaded funds. Until we are reimbursed this negative balance amount, we may arrange for your Account, including Card(s) to be suspended. We may also report the negative balance to credit reference agenciesrefusal. 5.14 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to recover the negative balance amount from the Merchant. 5.15 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover the negative balance amount from the person who made the error. 5.16 5.10 The Available Balance on your Account will not earn any interest. 5.17 5.11 You can check the balance and Transaction history of your Account at any time via the interface provided to you by the Partner Platform or by contacting Customer Services, or the Online Portal if you have relevant access details. 5.18 5.12 You will be provided with a monthly statement free of charge setting out information relating to individual payment Transactions by the Partner Platform or us (using the details we have associated with your Account).

USING THE ACCOUNT. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by ▇▇▇▇▇▇ from time to time. Subject to paragraph 5.3, we will credit your Account when we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent. 5.2 Your Account can also receive internal transfers from other Modulr Accounts owned or controlled by the Partner Platform, which apply instantly. 5.3 An incoming payment will not be credited to your Account if: 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or 5.3.2 the Account is inactive or blocked or terminated; or 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or 5.3.4 we suspect the payment to be fraudulent. 5.4 If we are unable to credit your Account for any of the reasons in paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you. 5.5 Your Account can make payments out to external bank accounts via Faster Payments, SEPA Transfer, SWIFT Payments (if selected as a Modulr Product) and other methods as added and notified to you by the Partner Platform from time to time. 5.6 Your Account will be configured and operated by the Partner Platform. You agree that ▇▇▇▇▇▇ and we may take instructions from the Partner Platform regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We and Modulr have no liability for actions taken by the Partner Platform. If you disagree with any actions taken by the Partner Platform these should be discussed with the Partner Platform. We are also authorised to take instructions from any other Account Manager (where different from Partner Platform) and, with respect to Physical Card Transactions, from the Cardholder). You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account. 5.6 Your Account and/or Card(s)can make payments out to external bank accounts via SEPA, Faster Payments and other methods as added and notified to you by the Partner Platform from time to time. 5.7 Where Cards are made available to you, your Account can be used to fund Card Transactions. You or your Account Manager or Partner Platform can request a Virtual Card or a Physical Card to be issued to you via the Online Portal or Modulr API. 5.8 Where a Virtual Card or Physical Card is issued to you, you may be able to register and/or store the details of the Card within third party apps and/or devices and to use those third-party apps/devices to initiate payments with your Card. When you first register your Card within a third-party app/device we support, you may be required to verify that it is you requesting the registration of the Card. If you do not do this, you may not be able to register and use your Card through the third-party app/device. 5.9 The value of any Card Transaction, together with any applicable fees and charges, will be deducted from your Account once we receive the authorisation request from the Merchant. 5.10 If the Card Transaction is made in a currency other than the currency the Card is denominated in, the Card Transaction will be converted to the currency of the Card by the relevant Card Scheme at a rate set by it on the day we receive details of the Card Transaction. The exchange rate varies throughout the day and is not set by us. You can check the relevant Card Scheme rate as follows. 5.11 A Transaction is deemed to be authorised by you: 5.11.1 , when you or your Account Manager or Partner Platform Platform: 5.7.1 enters the security information on the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via the Modulr API with the relevant security credentials; 5.11.2 5.7.2 when you or your Account Manager or Partner Platform submits give instructions through a request for a creation third party (such as the recipient of a Virtual Card via Payment Initiation Service Provider). Once the Online Portal or Modulr APITransaction is confirmed, you shall be deemed to have authorised any subsequent Virtual Card we cannot revoke the Transaction made using such Virtual Card up to the authorisation value specified when creating the request save for creation of the Virtual Card;in those circumstances set out in paragraph 5.8 below. 5.11.3 when you or the Cardholder (i) enter a PIN or provide any other security credentials; (ii) sign a sales voucher; (iii) provide the Physical Card details and/or provide any other details as requested; (iv) wave/swipe the Physical Card over a card reader; or (v) insert the Physical Card into a card device or an ATM; 5.12 5.8 You can cancel any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice to cancel no later than close of business on the Business Day before the Transaction was due to take place;. 5.13 5.9 If for any reason whatsoever, a negative balance arises because a Transaction is completed when there are not enough funds on your Account for that Transaction, you shall reimburse the negative balance amount immediately, unless circumstances described in sections 5.15 and 5.16 applysection 5.10 applies. You agree that once we make this negative balance known to you, we will charge you the amount of negative balance and you must repay it immediately. We may charge the amount of the negative balance against any funds on your Account, including any subsequently loaded funds. Until we are reimbursed this negative balance amount, we may arrange for your Account, including Card(s) Account to be suspended. We may also report the negative balance to credit reference agencies. 5.14 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to recover the negative balance amount from the Merchant. 5.15 5.10 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover the negative balance amount from the person who made the error. 5.16 5.11 The Available Balance on your Account will not earn any interest. 5.17 5.12 You can check the balance and Transaction history of your Account at any time via the interface provided to you by the Partner Platform or by contacting Customer Services, or the Online Portal if you have relevant access details. 5.18 5.13 You will be provided with a monthly statement free of charge setting out information relating to individual payment Transactions by the Partner Platform or us (using the details we have associated with your Account).

USING THE ACCOUNT. 5.1 Your 7.1 Subject to Account Limits, the Account can receive bank transfers be used for setting up direct debits, for making and other payment types as added receiving Faster Payments and notified to you by ▇▇▇▇▇▇ from time to time. for receiving BACS and CHAPS. 7.2 Subject to paragraph 5.3Account Limits, we funds can be added to the Account via Faster Payments, BACS and CHAPS payments. The Account Details will credit be required for adding funds via one of these methods. Funds can also be added to the Account by loading your Account when we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sentCard at a Post Office or PayPoint. 5.2 Your 7.3 A payment coming into the Account can also receive internal transfers from other Accounts owned or controlled by the Partner Platform, which apply instantly. 5.3 An incoming payment will may not be credited to your the Account if: 5.3.1 7.3.1 the Account has reached the Account Maximum Balance or Account Limits; or 5.3.2 7.3.2 the Account is blocked inactive or terminatedblocked; or 5.3.3 7.3.3 the sender has provided incorrect/invalid Account Details for your Account; or 5.3.4 7.3.4 we suspect fraudulent activity on the payment Account; or 7.3.5 to be fraudulentdo so is prohibited by any law. 5.4 If we are unable to credit your Account for any of the reasons in paragraph 5.3 then the 7.4 The funds may be sent back to the sender without a prior notification to younotifying you if paragraph 7.3 applies. 5.5 Your Account can 7.5 To make payments out to external bank accounts via a UK Faster Payments, SEPA Transfer, SWIFT Payments (if selected as a Modulr Product) and other methods as added and notified to you by the Partner Platform Payment from time to time. 5.6 Your Account will be configured and operated by the Partner Platform. You agree that ▇▇▇▇▇▇ and we may take instructions from the Partner Platform regarding the operation of your Account, including you must first set up the creation recipient as a new payee. For setting up a new payee you will need to provide a name, account number and sort code of beneficiaries and the person you wish to pay. 7.6 You can set up direct debits from your Account to pay your suppliers. To set up a direct debit from your Account, you must first authorise the organisation taking direct debit payments from the Account. 7.7 If a direct debit on the Account specifies that a payment is to take place on a specified day or on the last day of a certain period, then we will treat the payment instruction as being received on the day specified. 7.8 Any direct debit payment is usually taken from the Account at the beginning of payments, on the Working Day it is due. 7.9 It is your behalf. We and Modulr have no liability for actions taken by the Partner Platformresponsibility of to check there is sufficient Available Balance before any payment is due. If the Account does not have sufficient Available Balance any direct debit payment may be rejected. 7.10 Any payments will be made within the following timescales Type of Transaction Timescale 7.11 The time of receipt of a transaction order is when we receive it. You cannot stop a transaction after it has been transmitted to us and you disagree with any actions taken by the Partner Platform these should be discussed with the Partner Platformhave given consent (for same day payments). We are also authorised to take instructions from any other Account Manager To cancel future dated payments (where different from Partner Platformpermitted) and, with respect you must tell us at least one business day before the payment is due to Physical Card Transactions, from the Cardholderbe made. 7.12 It is your responsibility to ensure correct recipient account details and payment amount is provided when making any payment or setting up a payee. You are responsible if you give us incorrect instructions or mistakenly instruct us to make the same payment more than once, but we will try to help you get the money back. We may not always be able to do this, but we will do all we can. We will not charge you a fee for all actions tracing, recalling or cancelling a payment during the Alpha Phase. If we cannot get the money back, you can request the relevant information we have about the transaction to help you reclaim the money. We will provide this information on receiving a written request from you, unless the law prevents us from doing so. 7.13 You can authorise us to make a payment from your Account via the Mobile Application by setting up electronic payments and giving us instructions via a third party, such as through a direct debit scheme or a Payment Initiation Service Provider. We will treat a payment as authorised by you if: 7.13.1 the transaction was authorised from the Mobile Application using the required entry passcode or credentials and that the payee had been approved; 7.13.2 you have set up or agreed to any direct debit payments to be taken from your Account; or 7.13.3 a Payment Initiation Service Provider has made a payment from your Account with your consent. 7.14 We may refuse to execute or process a payment (without prior notice to you) if: 7.14.1 the Account does not have sufficient Available Balance to cover the payment; or 7.14.2 the Account is suspended or closed; or 7.14.3 the Account has reached its Account Limits; or 7.14.4 we need to do so to comply with the rules of the payment system; or 7.14.5 we suspect fraudulent activity on the Account Manager and any Cardholder in relation or the payment is unlawful or fraudulent; or 7.14.6 we are concerned about fraud or unauthorised access to the Account and/or Card(s)by an Authorised Third Party Provider; or 7.14.7 required to comply with any law. 5.7 Where Cards 7.15 If we refuse to process a payment under 7.14: 7.15.1 we will not be liable for any loss this may result in, nor will we be obliged to inform the intended recipient. 7.15.2 you can check the Account to ensure there was enough Available Balance and/or that correct recipient details were provided at the point when the transaction was authorised or payee set up, or you can ask us why we have not executed a payment by contacting Customer Services. Unless the law prevents us, we will explain why and we will also tell you what you can do to correct any errors in the payment instruction. 7.15.3 it may be because we have concerns under paragraph 7.14.6. In this event, Digi Ventures will contact you using the contact details provided by you or by leaving a message on the Mobile Application as soon as possible or in advance if possible to explain why we have refused to process the payment, unless we are made available prohibited by the law or we have security reasons to you, your Account can do so. 7.16 You may not be used able to fund Card Transactions. You or your Account Manager or Partner Platform can request a Virtual Card stop any payments once it has been authorised by you or a Physical Card to be issued to you via the Online Portal or Modulr API. 5.8 Where a Virtual Card or Physical Card is issued to you, Payment Initiation Service Provider. However you may be able to register and/or store the details of the Card within third party apps and/or devices and to use those third-party apps/devices to initiate payments with your Card. When you first register your Card within stop a third-party app/device we support, you may be required to verify that it is you requesting the registration of the Card. If you do not do this, you may not be able to register and use your Card through the third-party app/device. 5.9 The value of any Card Transaction, together with any applicable fees and charges, will be deducted from your Account once we receive the authorisation request from the Merchant. 5.10 If the Card Transaction is made in a currency other than the currency the Card is denominated in, the Card Transaction will be converted to the currency of the Card by the relevant Card Scheme at a rate set by it on the day we receive details of the Card Transaction. The exchange rate varies throughout the day and is not set by us. You can check the relevant Card Scheme rate as follows. 5.11 A Transaction is deemed to be authorised by youdirect debit payment provided that: 5.11.1 when you or your Account Manager or Partner Platform enters 7.16.1 the security information on the Modulr Online Portal to confirm a Transaction direct debit is authorised, or when it is instructed via the Modulr API with the relevant security credentials; 5.11.2 when you or your Account Manager or Partner Platform submits a request for a creation of a Virtual Card via the Online Portal or Modulr API, you shall be deemed to have authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value specified when creating the request for creation of the Virtual Card; 5.11.3 when you or the Cardholder (i) enter a PIN or provide any other security credentials; (ii) sign a sales voucher; (iii) provide the Physical Card details and/or provide any other details as requested; (iv) wave/swipe the Physical Card over a card reader; or (v) insert the Physical Card into a card device or an ATM; 5.12 You can cancel any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice to cancel no later than close of business on the Business cancelled one Working Day before the Transaction was Account is due to take place;be debited; and 5.13 7.16.2 the payment has not already been made. 7.17 If you stop or cancel a direct debit, you must tell the recipient to whom the direct debit is payable. We will not be responsible if you fail to inform them and the recipient will not have any claim against us. 7.18 If, for any reason whatsoeverreason, a negative balance arises because a Transaction payment is completed when there are not enough funds on your Account processed for that Transaction, you shall reimburse an amount greater than the negative balance amount immediately, unless circumstances described in sections 5.15 and 5.16 apply. You agree that once we make this negative balance known to you, we will charge you the amount of negative balance and you must repay it immediately. We may charge the amount of the negative balance against any funds Available Balance on your Account, you must repay us the amount by which the Full Deductible Amount exceeds your Available Balance immediately after receiving an invoice from us. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including any subsequently loaded funds. Until we are reimbursed this negative balance amount, we may arrange for legal action and/or closing your Account, including Card(s) to be suspended. We may also report the negative balance to credit reference agenciesrecover any monies outstanding. 5.14 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to recover the negative balance amount from the Merchant. 5.15 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover the negative balance amount from the person who made the error. 5.16 7.19 The Available Balance on your Account will not earn any interest. 5.17 You can check the balance and Transaction history of your Account at any time via the interface provided to you by the Partner Platform or by contacting Customer Services, or the Online Portal if you have relevant access details. 5.18 You will be provided with a monthly statement free of charge setting out information relating to individual payment Transactions by the Partner Platform or us (using the details we have associated with your Account).

USING THE ACCOUNT. 5.1 Your Account can receive bank transfers and other payment types as added and notified to you by ▇▇▇▇▇▇ Modulr from time to time. Subject to paragraph 5.3, we will credit your Account when we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent. 5.2 Your Account can also receive internal transfers from other Modulr Accounts owned or controlled by the Partner Platform, which apply instantly. 5.3 An incoming payment will not be credited to your Account if: 5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or 5.3.2 the Account is inactive or blocked or terminated; or 5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or 5.3.4 we suspect the payment to be fraudulent. 5.4 If we are unable to credit your Account for any of the reasons in paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you. 5.5 Your Account can make payments out to external bank accounts via Faster Payments, SEPA Transfer, SWIFT Payments (if selected as a Modulr Product) and other methods as added and notified to you by the Partner Platform from time to time. 5.6 Your Account will be configured and operated by the Partner Platform. You agree that ▇▇▇▇▇▇ Modulr and we may take instructions from the Partner Platform regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We and Modulr have no liability for actions taken by the Partner Platform. If you disagree with any actions taken by the Partner Platform these should be discussed with the Partner Platform. We are also authorised . 5.6 Your Account can make payments out to take instructions external bank accounts via Faster Payments (once enabled) and other methods as added and notified to you by the Partner Platform from any other Account Manager (where different from Partner Platform) and, with respect time to Physical Card Transactions, from the Cardholder. You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account and/or Card(s)time. 5.7 Where Cards are made available to you, your Account can be used to fund Card Transactions. You or your Account Manager or Partner Platform can request a Virtual Card or a Physical Card to be issued to you via the Online Portal or Modulr API. 5.8 Where a Virtual Card or Physical Card is issued to you, you may be able to register and/or store the details of the Card within third party apps and/or devices and to use those third-party apps/devices to initiate payments with your Card. When you first register your Card within a third-party app/device we support, you may be required to verify that it is you requesting the registration of the Card. If you do not do this, you may not be able to register and use your Card through the third-party app/device. 5.9 The value of any Card Transaction, together with any applicable fees and charges, will be deducted from your Account once we receive the authorisation request from the Merchant. 5.10 If the Card Transaction is made in a currency other than the currency the Card is denominated in, the Card Transaction will be converted to the currency of the Card by the relevant Card Scheme at a rate set by it on the day we receive details of the Card Transaction. The exchange rate varies throughout the day and is not set by us. You can check the relevant Card Scheme rate as follows. 5.11 A Transaction is deemed to be authorised by you: 5.11.1 , when you or your Account Manager or Partner Platform enters the security information on the Modulr Online Portal to confirm a Transaction is authorised, or when it is instructed via the Modulr API with the relevant security credentials;. Once the Transaction is confirmed, we cannot revoke the Transaction save for in those circumstances set out in paragraph 5.8 below. 5.11.2 when you or your Account Manager or Partner Platform submits a request for a creation of a Virtual Card via the Online Portal or Modulr API, you shall 5.8 The following Transactions may be deemed to have authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value specified when creating the request for creation of the Virtual Card;withdrawn: 5.11.3 when you or the Cardholder (i) enter a PIN or provide any other security credentials; (ii) sign a sales voucher; (iii) provide the Physical Card details and/or provide any other details as requested; (iv) wave/swipe the Physical Card over a card reader; or (v) insert the Physical Card into a card device or an ATM; 5.12 You can cancel 5.8.1 any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice to cancel is given no later than close of business on the Business Day business day before the Transaction was due to take place;; and/or 5.13 5.8.2 Transactions due to take place on a future date. 5.9 If for any reason whatsoever, we refuse to execute a negative balance arises because payment order to or to initiate a Transaction is completed when there are not enough funds on your Account for that Transaction, we will, without undue delay and provided we are legally permitted to do so, notify you shall reimburse or the negative balance amount immediately, unless circumstances described in sections 5.15 and 5.16 applyPartner Platform of the refusal. You agree that once we make this negative balance known to youIf possible, we will charge you provide the amount reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of negative balance and you must repay it immediately. We may charge rectifying any factual errors that led to the amount of the negative balance against any funds on your Account, including any subsequently loaded funds. Until we are reimbursed this negative balance amount, we may arrange for your Account, including Card(s) to be suspended. We may also report the negative balance to credit reference agenciesrefusal. 5.14 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to recover the negative balance amount from the Merchant. 5.15 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover the negative balance amount from the person who made the error. 5.16 5.10 The Available Balance on your Account will not earn any interest. 5.17 5.11 You can check the balance and Transaction history of your Account at any time via the interface provided to you by the Partner Platform or by contacting Customer Services, or the Online Portal if you have relevant access details. 5.18 5.12 You will be provided with a monthly statement free of charge setting out information relating to individual payment Transactions by the Partner Platform or us (using the details we have associated with your Account).

USING THE ACCOUNT. 5.1 7.1. Your Account can receive bank transfers and other payment types as added and notified to you by ▇▇▇▇▇▇ Us from time to time. Subject to paragraph 5.3clause 7.3, we We will credit your Account when we We receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent. 5.2 7.2. Your Account can also receive internal transfers from other Accounts owned or controlled by the Partner PlatformAccounts, which apply instantlyimmediately. 5.3 7.3. An incoming payment will not be credited to your Account if: 5.3.1 7.3.1. the Account has reached the Account Maximum Balance or Account Limits; or 5.3.2 7.3.2. the Account is inactive or blocked or terminated; or 5.3.3 7.3.3. the sender has provided incorrect/invalid Account Details for your Account; or 5.3.4 we 7.3.4. We suspect the payment to be fraudulent. 5.4 7.4. If we We are unable to credit your Account for any of the reasons in paragraph 5.3 clause 7.3 then the funds may be sent back to the sender without a prior notification to you. 5.5 Your Account can make payments out to external bank accounts via Faster Payments, SEPA Transfer, SWIFT Payments (if selected as a Modulr Product) and other methods as added and notified to you by the Partner Platform from time to time. 5.6 7.5. Your Account will be configured and operated by the Partner PlatformFitzrovia Finance as your Account Manager. You agree that ▇▇▇▇▇▇ and we We may take instructions from the Partner Platform Fitzrovia Finance in that capacity regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We and Modulr have no liability for actions taken by the Partner PlatformFitzrovia Finance. If you disagree with any actions taken by the Partner Platform Fitzrovia Finance these should be discussed with the Partner Platform. We are also authorised to take instructions from any other Account Manager (where different from Partner Platform) and, with respect to Physical Card Transactions, from the Cardholder. You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account and/or Card(s)Fitzrovia Finance. 5.7 Where Cards are made available to you, your 7.6. Your Account can be used make payments out to fund Card Transactions. You or your Account Manager or Partner Platform can request a Virtual Card or a Physical Card to be issued external bank accounts via Faster Payments and other methods as added and notified to you via the Online Portal or Modulr APIfrom time to time. 5.8 Where a Virtual Card or Physical Card is issued to you, you may be able to register and/or store the details of the Card within third party apps and/or devices and to use those third-party apps/devices to initiate payments with your Card7.7. When you first register your Card within a third-party app/device we support, you may be required to verify that it is you requesting the registration of the Card. If you do not do this, you may not be able to register and use your Card through the third-party app/device. 5.9 The value of any Card Transaction, together with any applicable fees and charges, will be deducted from your Account once we receive the authorisation request from the Merchant. 5.10 If the Card Transaction is made in a currency other than the currency the Card is denominated in, the Card Transaction will be converted to the currency of the Card by the relevant Card Scheme at a rate set by it on the day we receive details of the Card Transaction. The exchange rate varies throughout the day and is not set by us. You can check the relevant Card Scheme rate as follows. 5.11 A Transaction is deemed to be authorised by you: 5.11.1 , when you or your Account Manager or Partner Platform enters the security information on the Modulr Our Online Portal to confirm a Transaction is authorised, or when it is instructed via the Modulr Our API with the relevant security credentials;. Once the Transaction is confirmed, We cannot revoke the Transaction save for in those circumstances set out in clause 7.11 below. 5.11.2 when you or your Account Manager or Partner Platform submits a request for a creation of a Virtual Card via the Online Portal or Modulr API, you shall 7.8. The following Transactions may be deemed to have authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value specified when creating the request for creation of the Virtual Card;withdrawn: 5.11.3 when you or the Cardholder (i) enter a PIN or provide any other security credentials; (ii) sign a sales voucher; (iii) provide the Physical Card details and/or provide any other details as requested; (iv) wave/swipe the Physical Card over a card reader; or (v) insert the Physical Card into a card device or an ATM; 5.12 You can cancel 7.8.1. any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice to cancel is given no later than close of business on the Business Day business day before the Transaction was due to take place;; and/or 5.13 7.8.2. Transactions due to take place on a future date. 7.9. If for any reason whatsoeverWe refuse to execute a payment order to or to initiate a Transaction, a negative balance arises because a Transaction is completed when there We will, without undue delay and provided We are not enough funds on legally permitted to do so, notify you or your Account for that Transaction, you shall reimburse the negative balance amount immediately, unless circumstances described in sections 5.15 and 5.16 apply. You agree that once we make this negative balance known to you, we will charge you the amount of negative balance and you must repay it immediately. We may charge the amount Manager of the negative balance against refusal. If possible, We will provide the reasons for the refusal and where it is possible to provide reasons for the refusal and those reasons relate to factual matters, the procedure of rectifying any funds on your Account, including any subsequently loaded funds. Until we are reimbursed this negative balance amount, we may arrange for your Account, including Card(s) factual errors that led to be suspended. We may also report the negative balance to credit reference agenciesrefusal. 5.14 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to recover the negative balance amount from the Merchant. 5.15 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover the negative balance amount from the person who made the error. 5.16 7.10. The Available Balance on your Account will not earn any interest. 5.17 7.11. You or your Account Manager (as the case may be) can check the balance and Transaction history of your Account at any time via the interface provided to you by the Partner Platform or by contacting Customer Services, or the Online Portal if you have relevant access detailstime. . 5.18 7.12. You will be provided with a monthly statement free of charge setting out information relating to individual payment Transactions by the Partner Platform or us via your Account Manager (using the details we We have associated with your Account).