Agreement for Advancing Payments and Payments in Installments

Whereas          The client requested the company, as defined below, to provide him with payment management services in accordance with the 
                             agreement he signed or approved in this regard (hereinafter: “Payment Services Agreement”); and

Whereas          In accordance with the Payment services Agreement and subject to its provisions, the client will manage a personal account with the company,
                             as defined therein; and

Whereas          The options for depositing funds in the user’s personal account with the company include, inter alia, deposit through a client’s debit card
                             transaction (hereinafter: “Self-Debit”); and

Whereas          The client asked the company to enable him to deposit funds originating from Self-Debit in his personal account, while making a
                             transaction in Installments and advancing immediate crediting of the client’s account in the full amount (hereinafter: “Advancing
                             Payments”); and

Whereas          In addition therewith, the client asked the company to enable him to make a payment to another personal account holder, while making 
                             a transaction in Installments with the client’s personal debit card and advancing the crediting of the other account holder in the full total
                             amount of the transaction instantly (hereinafter: “Installments”);

Therefore, it was agreed and stipulated between the parties as follows:

1. The introduction to this Agreement comprises an integral part thereof.
2. All the definitions in the Payment Services Agreement shall also apply to this Agreement.
3. The company will allow the client, insofar as he requests and subject to the company’s complete and absolute discretion, to carry out an operation of advancing payments and paying in Installments, as defined above. The company’s decision whether to allow such a transaction will be made for each request and operation separately, without the company being required to justify its decision, if it decided not to allow an operation, as aforesaid. The client declares that upon his engagement with the company in the Payment Services Agreement and in this Agreement for Advancing Payments, he does not rely in any way on this possibility, and he will not have any claim against the company in this regard.
4. Operations of Advancing Payments and payments in Installments constitute a loan that the company will provide to the user, for which the client will pay the company interest at the rate specified in the Appendix to this Agreement. Each operation will constitute a separate loan, the period of which will be from the date of execution of the operation until the date when the company receives the last payment in the series of payments related thereto.
5. The interest for operations of Advancing Payments and payment in Installments, as defined above, will be paid by the client in advance, and his debit card will be charged at the time of the transaction. The client’s personal account or the account of the other account holder to which the amount is paid, as the case may be, will be credited with the full amount of the transaction, while deducting the amount paid by the client for the interest. The client’s debit card with the issuer will be charged for the full amount, which also includes the payment for the interest. When performing such operations, prior to the final approval thereof, a message will be sent to the client that includes complete details regarding the transaction, including interest rates and payment amounts, and the client will be required to confirm his consent to the details before the transaction is executed and as a condition thereof.
6. The interest rate can change from time to time according to the company’s decision and its sole discretion. Upon a change in the aforementioned interest rate, a notification will be sent to the client in the application, which will take effect immediately on the business day following the notification. In any case, details will be given regarding the interest rate prior to the execution of any operation and the client will be required to approve each transaction separately.
7. Collateral provided by the client to the company as part of the Payment Services Agreement will also be used by the parties to secure the client’s undertakings towards the company in respect of this Agreement, including instructions regarding a lien and an offset.
8. The company will be entitled to make available the loans it granted to the client pursuant to this Agreement, all or some thereof, for immediate repayment, in any case where the client has violated the provisions of the Payment Services Agreement and/or this Agreement and/or in any case where, according to the Payment Services Agreement, the company is entitled to terminate the Agreement with the client immediately and permanently or freeze it for a limited period.
9. Full Disclosure

In accordance with the provisions of the law, the details below are brought to the client’s attention. In any case of a contradiction between the aforesaid below and between a separate notification regarding the details of a transaction that will be sent to the client prior to its execution, the aforesaid in the individual notification will prevail.

The company with a license to grant credit (Lender)	ICP Finances Ltd., Com. No. 511089526
Company address and contact details	9 Metsada St., B.S.R. 3, Bnei Brak, 03-6226100
The identity of the entity supervising the activities of the license holder	The Capital Market, Insurance and Savings Authority
The loan amount and the term of loan	In accordance with the details of the operation and as detailed in the notification to be sent prior to its execution
The date of the actual provision of the loan	The date of the operation by the client
The amount the borrower will receive	The amount of the operation minus the interest, as detailed in the notification to be sent prior to its execution (except in a credit transaction – see clause 6 of the Agreement)
The amount that the borrower will pay until the end of the loan term exceeding the credit amount he received (not including linkage)	As detailed in the notification to be sent prior to its execution
Total to be paid by the end of the period (not including linkage)	As detailed in the notification to be sent prior to its execution
Details of payments	In accordance with the details of the operation and as detailed in the notification to be sent prior to its execution
The nominal interest rate	Fixed interest rate of 12.8% (as of the date of presentation of this document, on an annual basis)
The adjusted interest rate	Fixed interest rate of 13.58% (as of the date of presentation of this document, in an annual calculation that also takes into account compound interest)
The actual cost rate of the credit	13.58% (according to the definition in Article 1 of the Fair Credit Law)
The maximum cost rate of the credit	19.5% for transactions for a period of over 3 months; 24.5% for transactions for a period of up to three months (as of the date of presentation of this document)
Linkage	None
Fees and related costs for the provision of credit	None (excluding expenses comprising part of the debt collection procedure)
Interest on arrears	None
Maximum rate of interest on arrears	23.4% for transactions for a period of over 3 months; 29.4% for transactions for a period of up to three months (as of the date of presentation of this document)
The existence of a right to early repayment and its conditions	None
The measures that a license holder may initiate due to non-payment on time, and the conditions for initiating such steps, as well as the conditions for the provision of a loan for immediate repayment, according to the law and according to the Agreement	Provision for immediate repayment and realization of collateral (promissory note, set-off and lien) – See clauses 8 and 9 of the Agreement