Deposit Account Disclosures

Welcome to Alliance Capital International Bank, and thank you for opening an account. This Deposit Account Disclosure, together with your current signature card, the current rate sheet, the brochure(s) applicable to your deposit product(s), Schedule of Fees and Charges for Personal Accounts, and any schedules and addenda to those documents (collectively, the “Agreement”), form the agreement between you and Alliance Capital International Bank as to your checking, money market, savings, certificate of deposit. These documents may be amended from time to time. Throughout this booklet, the words “you,” “your,” and “yours” refer to the account holder. “We,” “us,” “our,” and “the Bank” refer to Alliance Capital International Bank. Except where it is clearly inappropriate, words and phrases used in this Agreement should be interpreted so the singular includes the plural and the plural includes the singular. For additional information, including charges on services other than those listed in our Schedule of Fees and Charges, please contact an Alliance Capital International Bank representative.

General Information About Deposit Accounts

I. Terms and Conditions

Definitions

Account. The term “account” means any savings, money market, transactional (checking), and certificate of deposit that you have with us.

Agent. The term “agent” shall mean any person that you authorize to action your behalf. We may continue to rely on the actions of an agent until such time as the account owner who authorized the agent dies and we receive notice of the death or the account owner notifies us, in writing, to end the agency and after we have had a reasonable opportunity to action the notice.

Business Day. Our business days are Monday - Friday. Federal holidays are not included.

Combined Accounts. Some checking accounts allow money market, savings, and certificate of deposit balances to be used for the purpose of waiving the checking account monthly service charge.

Occurrence. (solely for the purposes of overdrafts and returned item fees). An Occurrence is each day in which your account does not have sufficient available funds to cover the items presented for payment regardless of whether or not you are charged an Overdraft and/or Returned Item Fee for the item. For example, if you have three (3) items presented for payment in a single day for which there are 3 insufficient funds to cover these items, that is considered to be one (1) “Occurrence”. However, you may be charged for each of the three (3) items.

Overdraft. An Overdraft results from the Bank’s payment of any items despite the lack of available funds. The Bank may assess an Overdraft Fee for this service.

Remotely Created Check. A “remotely created check” is a check that is not created by the paying bank and bears a legend on the drawer’s signature line, such as “Authorized by Drawer” or “No Signature Required,” or words to that effect.

Returned Item. Any item that is presented against your account for payment but the Bank dishonors or rejects the payment due to the lack of sufficient available funds. The Bank may assess a Returned Item Fee for this service.

Right of Set-off. The Bank’s debiting of any deposit account(s) you hold with the Bank (assets we owe you) to pay a debt you owe the Bank.

Balances and Cut-off Times Balances shown on statements, receipts, and records may not reflect transactions and charges made but not yet posted. Most transactions made before the Bank’s cut-off time will be posted on the business day they are presented. The cut-off time of Alliance Capital International Bank is 2 p.m. (Eastern Time). For example, if you conduct a transaction on a Friday, but after the bank’s cut-off time, your receipt will reflect the next business day for the transaction (e.g., the following Monday).

Online Banking Service: The bank’s cut-off time is 5 p.m. (Eastern Time) Monday – Friday.

Additional Cut-off Times Any knowledge, notice, or stop payment order received by the Bank, or any legal process served upon the Bank comes too late to affect our right or duty to pay an item or charge your account for the item if the knowledge, notice, stop payment order, or legal process is received or served on before 2 p.m.

When You Open Your Account

Identification Requirements We require identification, including a Social Security Number and or Cedula, Taxpayer Identification Number, and/or certification of foreign status (non-resident alien), for each signer on a deposit account prior to opening an account. We may refuse to open, and we may close, any account for which you do not provide us with acceptable identification for any signer and/or if you do not provide a Taxpayer Identification Number, Social Security Number and or Cedula, or certification of foreign status.

Account Opening Verification We may make any inquiries that we consider appropriate to determine if we should open and maintain your bank account. This may include obtaining information from financial institutions or other third parties about your checking, Time Deposit, or savings accounts or a credit report on you and/or any other signer on the account. If we decline to open an account or provide any services based on information we receive, we will provide you with the name and address of the company that provided the information. Upon request, you may obtain a free copy of the information by contacting the named company.

Types of Account Ownership You may open your account in your name only or jointly with another person. The following types of account ownership are available:

• Individual The account owner is the only person who has the right to withdraw from the account, unless we permit the account owner to designate an agent, attorney-in-fact, or other signer to the account. In most instances, on the death of the account owner, this account will pass through the estate of the account owner.
• Joint Tenancy With Rights of Survivorship If you open an account with one (1) or more other persons, we will assume it is a joint tenancy with rights of survivorship account unless the signature card clearly indicates otherwise. All account owners have equal ownership interest in the account during their lifetimes. If an account owner dies, ownership of the account will automatically pass to the surviving account owner(s).
• Tenancy in Common Each account owner has complete and separate access to the funds and withdrawal rights. Until we receive notice of the death of any account owner, any account owner will have complete withdrawal rights to the entire account balance. If more than one account owner survives the death of another account owner, such surviving account owners shall remain as tenants in common between them. Each account owner is presumed to “own” the funds in proportion to that person’s net contribution to the account. Therefore, upon the death of an account owner, the Bank may refuse to honor any request or order concerning the account or any check drawn on the account until we receive either joint instructions from the representative of the deceased account owner and the remaining account owners or a court order.

Deposits We may accept deposits to your account from any source and need not question the authority of the depositor to make the deposit. In accepting items for deposit, the Bank acts only as your collection agent and may refuse to accept any item. If the institution upon which an item is drawn does not honor the item or if an item is lost in transit, the Bank is authorized to reverse the deposit to the account and to reverse any related interest without regard to the timeliness of the return of the item. The Bank reserves the right to accept items on a collection basis only. In this case, the item will be deposited to your account when payment of the item is received by the Bank. Any checks that the Bank is unable to collect may be returned to you by mail. At our discretion, our fee may be netted from the proceeds of the collected item. In addition, institutions that pay items on collection typically remit the amount of the item less any fee they assess. All deposits are subject to verification and collection. In the unlikely event that your deposit is lost in transit, you will be asked to recreate the check portion of your deposit. When you deposit an item to your account, the Bank is acting only as your collection agent and reserves the right either not to credit your account or, if already credited, to charge your account for any items lost in transit. Therefore, you should maintain adequate records to permit identification of the drawer of any deposited item that is reported lost in the payment process and to provide that drawer with adequate information to take whatever action is appropriate for cancellation and/or replacement of that item to you. You agree that Alliance Capital International Bank is not responsible for items lost while not in our possession.

Remotely Created Checks We may, at our sole discretion, accept or refuse to accept for deposit to your account remotely created checks. If we accept any remotely created checks for deposit, you represent that the remotely created check is authorized and that you are authorized to enforce the remotely created check. You agree to indemnify and hold us harmless against any and all claims, demands, losses, damages, liability, costs, and expenses that we may incur arising directly or indirectly from your deposit of remotely created checks. Your indemnification obligations under this provision shall survive any termination of your account.

Checks Drawn on Foreign Banks We may refuse to accept checks for deposit or collection if they are payable in a foreign currency. If we accept any check for deposit, we may assume that any check drawn on an institution outside the United States of America is payable in the currency of the country where the institution is located. If we accept a foreign check, you assume all risk of loss associated with currency value fluctuations and late returns. We may use our current buying or selling rate, as applicable, when processing foreign currency items and may recover from your account any loss incurred in connection with our processing of such items.

Endorsements or Notations on Items All items presented for deposit should be properly endorsed. If not endorsed, the Bank is authorized to endorse them for you or collect them for you without your endorsement. For all joint accounts, the Bank may deposit all checks payable to any or all of you whether endorsed by any of you, and any one of you may endorse for the others. There may, however, be some instances in which the Bank may require your personal endorsement before accepting an item for deposit. We may accept or pay items bearing restrictive endorsements or other notations, whether on the front or the back of the item. You agree that such restrictive endorsements and other notations shall have no effect on us. You agree to indemnify, defend, and hold us harmless from any and all costs, actions, damages, claims, and demands related to or arising out of our acceptance or payment of such items. We reserve the right to refuse to accept items bearing qualified endorsements (e.g., “without recourse” or “no protest”). If we agree to accept such items, you agree that such qualified endorsements shall have no effect on us. We reserve the right to refuse to accept for deposit items which bear more than one (1) endorsement or the endorsements of payees who are not known to us. If you wish to deposit an item that has been endorsed by a payee who is not known to us, we reserve the right to require:

• That all endorsers be present before we accept an item; or
• That all endorsements be guaranteed by a financial institution.

Change in Signers The Bank must be notified of any change to the signers on your account. Any change will be effective upon the Bank’s receipt and acceptance of the new signatures at the Bank’s office.

Change of Address You agree to notify us of any change of address, telephone number, or if you seek a change in your services. We may change your address of record if we receive an address change notice from the U.S. Postal Service, or if we receive information from another person in the business of providing corrected address information that the address in our records no longer corresponds to your address. Change of address requests may be subject to verification. All communications from us to you will be sent to the last address shown in our records.

Signature Requirement If you indicate on your signature card or other account opening documents that more than one (1) signature is required for withdrawal, that indication is for your own internal procedures. It is not binding on us. We may pay out funds from your account if the check, item, or other withdrawal instruction is signed by any one of the persons authorized to sign on the account. We have no liability to you if we do this.

Returned Deposited Items If an item you deposit is returned to us for any reason, without regard to the timeliness of the return, the amount of the item and a fee will be charged to your account. If we receive an affidavit or declaration under penalty of perjury or another form of certification stating, as to any item on which we, as depository bank, make a warranty, that an endorsement of an item deposited to your account is forged, unauthorized, or missing, that the item contains an alteration, or that an item is otherwise unauthorized so that we may have breached a warranty we make as a depository bank, we may rely on the truthfulness of the affidavit, declaration, or certification. Without prior notice to you, the Bank reserves the right in its sole discretion to place a hold on the funds pending an investigation or to charge back to your account the amount of any item deposited to your account and which is later returned to us due to an allegedly forged, unauthorized, or missing endorsement, claim of alteration, encoding error, or other problem which, in our judgment, justifies reversal of credit. We reserve the right to deposit the funds at issue with an appropriate court.

Overdrawn Accounts/Non-Sufficient Funds If your account is overdrawn for any reason, including:

• The Bank cannot collect the funds from a deposit you have made; or
• The Bank has intentionally or unintentionally paid items for which you do not have the funds; or
• There were not sufficient funds to cover the amount of a service or other Bank charge;
each account owner, jointly and severally, agrees to reimburse the Bank for the amount of the overdraft, including any Returned Item/ Overdraft Fees without regard to the signer on the item(s) that created the overdraft. Payment of an overdrawn account is due immediately or upon demand by the Bank.

Standard Overdraft Practices We may choose, at our discretion, to charge an Overdraft Fee when your account does not have sufficient funds to cover these items. We generally do not pay these items if your account is not in good standing or if your account has had too many overdrafts. If you do not want us to pay these items when doing so will overdraw your account, please contact your account officer at the bank. Even if we do not pay an item, you will incur a Returned Item Fee if an item is returned for insufficient funds. (There still may be times when an item is paid, and overdraft occurs, and an Overdraft Fee is charged.) Further, the dishonoring of an item could result in additional fees or other consequences imposed under your agreement with the payee or by law.

Advance Notification of Item Being Returned If we receive advance notification that any item which you deposited is being returned by the drawee institution, we reserve the right to place a hold on your account for the amount of those funds. We will mail you a notice advising you of this action. Upon our actual receipt of the item, it may be charged to your account and, unless an overdraft is created, will be returned to you so you may take whatever action you deem appropriate.

No Right of Privacy Among Co-Owners Each owner of an account with multiple owners agrees that no individual owner has an expectation of privacy as to any information on the account. We may disclose any and all information concerning the account, including, without limitation, the information on the signature card, to any account owner or the agent of any account owner.

Death or Incapacity You agree to notify us immediately, in writing, about the death or incapacity of any account holder or authorized signer on your account. We may, at our sole discretion, freeze, set-off, refuse, and/or reverse any transaction (including but not limited to, Federal or retirement benefits to the deceased) if any account holder dies or becomes incapacitated. We may also, at our sole discretion, continue to honor transactions by other authorized signers and account holders on the account until we receive written notice to the contrary.

Dormant Accounts State laws generally require that any checking, savings, or matured certificate of deposit be escheated or sent to the state indicated in your last known address if, after a certain amount of time, the owner has not conducted certain types of activity on the account, including:

• Increased or decreased the balance of the account; or
• Corresponded in writing with the Bank concerning the account; or
• Otherwise indicated an interest in the account as evidenced by a memorandum or other record on file with the Bank.

If we consider your account inactive, then (unless prohibited by federal law or the law of the state where we maintain your account) we may:

• Charge dormant account fees in addition to regular monthly maintenance fees;
• Stop sending statements;
• If the account received interest, stop paying interest; and
• Refuse to pay items drawn on or payable out of the account.

If you re-establish contact with us, we do not have to reimburse you for these fees and we are not liable to you for any interest that would otherwise have accrued on your account. Note: Automatic transactions such as direct deposits or recurring transfers do not count as activity on the account. If your account has none of the types of activity detailed above (or as detailed in the applicable state law), for a period of time, your account may be designated as “dormant.’’ Dormant accounts will not receive bank statements. While dormant, the checking, or savings account will continue to be charged applicable service charges. Unless your account has a balance of under $10, we will attempt to notify you and to advise you how to reactivate your account. If your account becomes dormant, any attempted activity may be dishonored. Before we turn over an abandoned account, we may send a notice to the address we currently show for the account statement. We may not send this notice if mail we previously sent to this address was returned. Unless prohibited by the applicable state law, we may charge to the account our costs and expenses of any notice, advertisement, payment and delivery of the account to the applicable state agency. After we turn the funds over to the state, we have no further liability to you for the funds and you must apply to the appropriate state agency to reclaim your funds.

Statements and Your Responsibility to Review The Bank provides monthly statements to all account customers. These statements include all account activity for the statement period. It is important that you review each statement upon receipt and notify us in writing of:

• Any error, omission, alteration, unauthorized signature, or other irregularity in checks or statements;
• Any loss, theft, improper or unauthorized use of any instrument evidencing funds on deposit, or any banking forms relating to an account.

Any statements that the Bank has mailed or delivered to you, or holds for you, must be promptly reviewed after you receive them. If you do not report unauthorized transactions within thirty (30) days after the statement is mailed or made available, we will not be liable for payment of any forged or unauthorized items shown on the statement. In the event that unauthorized or forged transactions are committed by the same person, the thirty (30) days begins on the date the first statement in which the first unauthorized transaction appears is mailed or made available. in the presence of a Bank employee. You agree to cooperate in our investigation. We reserve the right to investigate your claims fully and we reserve a reasonable length of time for our investigation. Only if we are satisfied that the transaction was unauthorized and was reported in a timely manner will we re-credit your account. In this regard, we reserve the right to exercise all our legal defenses to your claim. For unauthorized electronic funds transfers, you must notify the Bank within sixty (60) days of the statement date on which the unauthorized transfer(s) appeared in order to limit your liability for the amount of such unauthorized transactions. If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days.

Combined Statements Multiple savings accounts and certificates of deposits can be combined with a checking account for the convenience of viewing account activity on one (1) statement.

Notices Any written notice you give to the Bank is effective when it is actually received by the Bank and we have had a reasonable opportunity to act on it. Any written notice the Bank gives to you is effective when it is deposited in the mail, postage prepaid, and addressed to you at your statement mailing address. Notice to any one (1) account owner is considered notice to all owners of the account.

Privacy Policy We will disclose your personal information only in accordance with our Privacy Policy. A copy of this policy will be sent to you annually, and you may request a copy at any time. You will receive a copy of our Privacy Policy whenever you establish a new personal account with us.

Verification of Deposit If you give a written Verification of Deposit to a third party that requests us to release your account-related information, we will assess a fee to the third party for this service.

Closure of the Account The Bank reserves the right to close any account at any time, with or without cause. The Bank will advise you of this action. If the Bank closes the account, we will give or mail to you a cashier’s check for the available balance remaining in the account, including accrued interest if applicable, subject to any agreement concerning maturity or the Bank’s right of set-off. Once all funds become available, the balance of the account will be sent to you. If you close the account, accrued but unpaid interest will be forfeited. This includes account closings caused by legal process.

Reporting of Account Closure If you do not satisfactorily maintain your account or if we close your account for cause, information concerning your account including, without limitation, insufficient funds activity, fraud, or attempted fraud or criminal activity, may be reported to consumer reporting agencies. Information we report usually includes your name, address, Taxpayer Identification Number or Social Security Number, driver’s license number, and the date and reason the account was closed. The consumer reporting agency may supply this information to others. Adverse information provided to a consumer reporting agency may affect your ability to open another deposit account at other financial institutions.

Legal Processes If we are served with any legal process (subpoena, restraining order, levy, search warrant, writ of attachment or execution, or similar order) which we believe to be valid and which we believe applies to your account or relationship with us, even if we are not a party, we may comply with such legal process. We may comply with any legal process without regard to the location served or the manner of service. The result is that we may accept legal processes in person, by mail, electronically, or by facsimile transmission at the Bank’s office. Legal process against one owner may reach accounts held by that owner jointly with others. It is the obligation of the affected owner or any owner who receives notice of the legal process to notify co-owners of the legal process. The Bank reserves the right to send only one notice of legal process to the account holder(s). Unless prohibited by law, we may charge you a fee for each legal process. On subpoenas or other requests for information, unless prohibited by law, if we are not fully reimbursed for research and other handling costs by the party who served the process, we may charge those costs to your account. You agree to indemnify, defend, and hold us harmless from any and all actions, claims, liability, losses, costs, and damages associated with our compliance with any legal process that we believe to be valid. Accounts opened with trust or fiduciary designations, in particular, may be subject to legal processes. Legal processes must be served before our cut-off hour of 2 P.m. Eastern Time to be effective against checks posted but not yet paid.

Right of Set-off and Security Interest We may set off against any of your accounts without prior notice to you. The Bank may debit funds held in an individual account, whether the debt is owed individually or jointly with another person or persons. The Bank may debit funds held in joint accounts for debts for which any one owner is liable. If the Bank debits funds from certificate of deposit account, the funds withdrawn may be subject to an early withdrawal penalty. If you are a sole proprietor, the Bank may also debit any of your personal accounts. If your business is a partnership, the Bank may debit any personal account of any general partner. In all cases, the Bank will not be liable to you for dishonoring items where the set-off results in insufficient funds in your account to pay any items presented against your account. You agree to hold the Bank harmless from claims arising from our utilizing our right of set-off. In addition, you grant the Bank a security interest in all of your deposit accounts to secure any obligation you owe to the Bank.

Pledges and Security Interests in Favor of Others You cannot give a security interest or pledge your account to someone else without first getting the Bank’s written consent. We are not required to give consent to a security interest or pledge.

Collection Actions Negative information reflecting on your credit may be submitted to credit reporting agencies if:

• We initiate a collection activity against you for indebtedness arising out of your account relationship. Further, you shall be liable to us for interest, at the legal rate, for any and all indebtedness you incur based on your account activity from the date the indebtedness is incurred.
• You fail to fulfill the terms of your obligations with regard to your deposit account(s) with the Bank or,
• In the Bank’s judgment, you misuse your account. This may occur whether or not the Bank incurs a loss in connection with your account.

Preventing Fraud and Other Losses

Duty to Review Statements and Transactions You have a duty to protect your account against abuse. You must promptly examine and reconcile your statement and, if applicable, any items, upon receipt. If you find that your records and ours disagree, or if you suspect that a check or endorsement is altered or forged, contact us immediately.

• Watch for out-of-sequence checks and checks made payable to cash or to a bank. Review your transaction activity often for unexpected fluctuations.
• Do a thorough background check on agents, bookkeepers, accountants, or other employees who may be handling any part of your banking and/or who have access to your confidential records.
• Never leave unused checks in the open or in an easily accessible location. Unused checks should be kept under lock and key and monitored for usage. Do not assume missing checks are not a problem. Destroy any checks that you do not intend to use. You agree to accept full responsibility for any failure to safeguard your blank checks. If you fail to properly monitor your account or your account records, we may deny any claim you make for monetary loss due to forgery, alteration, or unauthorized checks. See also “Statements and Your Responsibility to Review.”

Agents; Powers of Attorney If you want to give another person access to your account, please talk to our offices well in advance of the date by which you wish to allow this access. The Bank makes available a durable power of attorney form that is limited to a specific deposit account as identified on the power of attorney form and which will remain valid notwithstanding the incapacity of the principal. Each owner of your account is independently permitted to authorize someone else to access your account. If you name an agent or an attorney-in-fact on a non-Bank form, we may require that the form naming the agent or attorney-in- fact be reviewed and approved. If you have more than one power of attorney or agency appointment on file with the Bank, we will honor each one independently unless you tell us to do otherwise or one power of attorney clearly revokes all prior appointments. For example, if you have named two (2) different persons as attorneys-in-fact on separate powers of attorney, we will permit each to act in accordance with the information on the power of attorney on which they are named. All agencies and powers of attorney will terminate (a) when the Bank has been given notice of the termination of the agency/ power of attorney and has a reasonable opportunity to act on the notice; (b) with the death of the principal (grantor of the agency/power of attorney) and with the Bank’s notice of the death of the principal. We reserve the right to refuse attorneys- in-fact access to certain banking services which you may have, such as Online Banking Service. You understand and agree that we have no duty or responsibility to monitor the acts of your agent or attorney-in-fact, or to ensure that your agent/ attorney-in-fact is acting for your benefit. You agree that we will not be liable to you for any loss or damage you incur as a result of actions by any agent/attorney-in-fact.

Instructions by Facsimile, Email, or Voicemail Without prior notice to us and by our express agreement with you, we may disregard any instructions or requests made by email, facsimile machine, or voicemail (telephone recording device).

Changes in Terms and Conditions We may amend, add, or delete any provision of the terms and conditions detailed in these pages at any time. To the extent and in the manner and timeframes required by law, we will notify you in advance of any changes that affect your rights and obligations. You indicate that you accept a change we make by continuing your account relationship with us or, if the change affects your certificate of deposit, by allowing the certificate of deposit to renew after the change becomes effective.

Conflicting Demands In case of conflicting certifications or demands, a dispute about ownership of the account, ownership of any funds in the account, or any account holder’s authority or capacity to act on the account, we may refuse to honor any request or order concerning your account or any check drawn on your account until we receive: 1) joint instructions regarding the account, or 2) a court order. At our sole discretion, we may require the signatures of all account holders and/or all authorized signers to comply with a specific request or for the withdrawal of funds and/or closing of an account. In such event, we may also refuse to honor any further transactions and may return checks and other items. We reserve the right to interplead or deposit with the courts any disputed funds.

Investigative Freeze As part of our loss prevention program, when we suspect that irregular, unauthorized, or unlawful activities may be involved with your account, we may “freeze” (or place a hold on) the balance in your account (and in other accounts you maintain with us) pending an investigation of such suspected activities. You will be notified of any investigative freeze. While your account is frozen, all withdrawals from the account are generally blocked.

Enforcement You agree to be liable to the Bank for any liability, loss, or expense that the Bank incurs as a result of any dispute involving your account or services. You authorize the Bank to deduct any such liability, loss, or expense from any of your accounts without prior notice to you.

Governing Law This Agreement and your account shall be governed by the laws of the Commonwealth of Puerto Rico.

Limitation of Liability We shall not be liable for special or consequential damages to you which arise under this Agreement or by law with respect to your account, except as otherwise agreed in writing. Any loss is reduced by your recovery of funds or services from any other source.

Our Relationship Unless we agree otherwise in writing, our relationship with you shall be one of debtor and creditor; no fiduciary, quasi- fiduciary, or other special relationship exists between us.

Reservation of Rights We shall not be deemed to have waived any of the provisions contained in this Agreement by having waived the same or similar provisions at any other time. We reserve the right to close any account at any time without prior notice, with or without cause. We reserve the right to refuse to open any account, and also the right to change or discontinue the terms of any account after opening. Examples used in this Agreement are not intended to be the only applications of the rule being explained. Examples are illustrative and not limiting.

Severability In the event that any part of this Agreement is held by a court to be invalid or unenforceable for any reason, the other paragraphs and portions of this Agreement shall not be invalid or unenforceable and will continue in full force and effect.

Funds Availability Wire transfers will be available on the day we receive the deposit. Our policy is to make funds from most of your other deposits available to you on the first business day after the day we receive your deposit. Once they are available, you can withdraw the funds. We will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If your deposit is received on a business day and before the cut-off time for our office (see cut-off times listed under “Balances and Cut-off Times”), we will consider that day to be the day of deposit. Any deposit made before the cut-off time will be processed the same day. Any deposits made after the cut-off time will be processed the next business day.

Longer Delays May Apply In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $200 of your deposits will be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time that you make your deposit. We will also tell you when the funds will be available. The Bank is under no obligation to pay any items you have authorized against funds that are not yet available. Such items will be treated as any other overdraft or non-sufficient-funds items. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice. If you will need the funds from a deposit right away, you should ask us when the funds will be available. In addition, some or all of the funds you deposit by check may be delayed for a longer period under the following circumstances:

• You have overdrawn your account repeatedly in the last six (6) months.
• The checks you deposited on this day exceed $5,000.
• We believe a check you deposit will not be paid.
• You are re-depositing a check that has been returned unpaid.
• You are depositing to a new account.
• There is an emergency, such as failure of communications or computer equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.

Special Rules for New Accounts If you are a new customer, the following special rules will apply during the first thirty (30) days your account is open: Funds from electronic deposits and wire transfers to your account will be available on the day we receive the deposit. The first $5,000 of a day’s total deposit of cashier’s, certified, teller’s, travelers, and Federal, State, and local government checks will be available on the first business day after the day of your deposit, if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the seventh business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.

Miscellaneous

1. Our Right to Delay Enforcement: We can choose to not enforce or delay in enforcing any provisions of this Agreement without losing the right to enforce them in the future.
2. Items in the Mail: We are not responsible for any items you mail to us that are lost in transit. Therefore, you may not wish to place currency or coupons in the mail.
3. Direct Deposit: If you have direct deposit, you agree that if a direct deposit must be returned for any reason, you authorize us to deduct the amount from this Account or any other Account you may have with us, without prior notice and at any time.
4. Accounts with Zero Balance: We may consider any Account (excluding CDs) having a zero balance for forty-five (45) Calendar Days to be closed by you. Other fees may still apply; see the Personal Fee Schedule for any applicable fees.
5. Account Mailings: From time to time, the Bank may enclose advertising or promotional materials with any periodic statement that is mailed or otherwise made available to you with respect to your Account(s). These materials may include, without limitation, information regarding new, modified or discontinued products or services, by the Bank. By opening and maintaining an Account with the Bank, you consent to the mailing and receipt of these advertising or promotional materials with your periodic statement.

Compliance

You agree to comply with applicable laws and regulations. You may not use your account or related services for any illegal transactions or activity, for example those prohibited by the Unlawful Internet Gambling Enforcement Act, and Regulation GG. You agree to indemnify us from every action, proceeding, claim, loss, cost and expense (including attorney’s fees) suffered or incurred by us due to any U.S. or foreign government entity seizing, freezing or otherwise asserting or causing us to assert control over any account or funds in an account of yours (or ours) when purportedly caused by, or arising out of, your action or inaction. This will apply whether or not such action is ultimately determined to be authorized under the laws of the U.S. or its territories, or of any foreign jurisdiction. We are not required to inquire or determine the authority of any action taken by the U.S. or foreign government entity prior to acceding to any legal process initiated by it. Please note that your agreement to comply with applicable laws and regulations includes United States economic sanctions laws and regulations, including regulations issued by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, and Executive Orders issued by the President of the United States.

Jury Trial Waiver YOU AND WE EACH AGREE THAT NEITHER YOU NOR WE SHALL (A) SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM, OR ANY OTHER ACTION BASED UPON, OR ARISING OUT OF, THIS AGREEMENT OR ANY ACCOUNT OR THE DEALINGS OF THE RELATIONSHIP BETWEEN YOU OR US, OR (B) SEEK TO CONSOLIDATE ANY SUCH ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. THE PROVISIONS OF THIS SECTION SHALL BE SUBJECT TO NO EXCEPTIONS. NEITHER YOU NOR WE HAVE AGREED WITH OR REPRESENTED TO THE OTHER THAT THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. YOU AND WE EACH ACKNOWLEDGE THAT THIS WAIVER HAS BEEN KNOWINGLY AND VOLUNTARILY MADE.

II. Checking and Savings Accounts

Interest On savings accounts, interest is accrued and calculated on the daily ending balance. Interest is accrued on all deposits as of the day the Account is opened on a 365/365-day basis (366/366-day basis during a leap year), and is compounded monthly on the cycle date. The APY for the Account assumes that interest will remain on deposit until maturity; a withdrawal will reduce earnings. This method applies a daily periodic rate to the principal in the account each day. Interest rates are determined by Bank policy, market conditions and daily balance. Interest is compounded daily and paid monthly on savings. Collected balances are used in determining interest earned on savings accounts. Non-cash deposits are considered part of the collected funds balance when the Bank receives provisional credit for the items. Items drawn on other financial institutions usually take one (1) to three (3) business days before the Bank receives provisional credit for them. Interest is available for withdrawal when it has been credited to your account. No interest will be paid on your account from one (1) statement period to the next if you close the account or change your account to a non-interest bearing account within that period. The Bank may reverse interest that has been earned on any deposit that is reversed for any reason. The annual percentage yield quoted for your account assumes that interest earned is reinvested in the account monthly, that all funds remain on deposit for one (1) year from the date of deposit, and that the interest rate does not change. Interest withdrawn will reduce the annual percentage yield earned. Interest rates can change as frequently as daily. Rate change notices will not be sent, however, the current rate is available by telephoning our Bank.

Transaction Limitations for Savings and Money Market Accounts For savings and money market accounts, federal regulations permit you to make no more than a combined total of six (6) pre-authorized, automatic, electronic (including computer initiated), telephone withdrawals or transfers, or similar orders payable to third parties in any month. We may impose a fee, as disclosed on the Personal Fee Schedule, for each such withdrawal in excess of six (6) that you make in any monthly period. These fees will be reflected in your monthly statement. In addition, repeated violations will result in the Account being closed or changed from a savings type Account to a transaction Account.

Right to Advance Notice of Withdrawal On all savings accounts, we reserve the right to require seven (7) days advance notice of a withdrawal.

Review of Drawer Signatures You agree that the Bank does not fail to exercise ordinary care in paying an item solely because our procedures do not provide for sight-review, provide for a sight-review only for items above a threshold level, or provide for a sight-review on a sample basis, at our discretion. The Bank reserves the right not to sight-review drawer signatures because we pay items on an automated basis to reduce costs for all customers.

Personal Account Usage Do not use a personal deposit account as a business account. A sole proprietorship is a business. If you elect to use your personal deposit account for business purposes, we reserve the right to change your personal deposit account to a business deposit account type. We will notify you prior to any change.

Order of Paying Items We post many transactions in “groups” at the end of each business day. First, we credit your account for items and funds that have been accepted for deposit to your account. Charges against your account are then generally processed in the following sequence: (1) previously authorized transactions; (2) wire transfers; (3) transfers of funds between Alliance Capital International Bank accounts; and (4) Bank fees. Within each group, we generally pay items as follows: If items have a machine readable date and/or time stamp, we pay the items in the order of the date/time stamp. If we have no date/ time stamp, we pay items after items with a time stamp, sequenced from the lowest amount to the highest amount. The order in which transactions are paid can affect the total amount of Overdraft/Returned Item Fees. On any given banking day, we may have system issues that could cause us to change the order in which groups and transactions are processed. Our order of posting depends on a number of factors, including when a transaction occurs, whether it has already been approved by us or has become final, the order in which it is presented, the amount, system availability, risk to the Bank, and the type of transaction in question, among other variables. We will not give you prior notice of any change to the general posting order described above. We always reserve the right to post transactions that are payable to Alliance Capital International Bank first, and we may post any transaction earlier or later in the process than is indicated above. As such, if you want to avoid an overdraft or the possibility of a rejected transaction, you should take steps to ensure that your account has sufficient funds to cover each of your transactions and fees.

Stop Payment Before we pay a third-party transfer, you have the right to place a stop payment order on the item, unless we are committed to honor the item as provided by the regulations regarding check processing. For cutoff times, see “Additional Cut-off Times.”

• Each stop payment order (“Order”) applies ONLY to the items that conform EXACTLY to the descriptions you provided on the Stop Payment Order. If any of the information concerning the item is not given or incorrect (including your failure to give the precise amount of the item, to the penny), the Bank may not be able to honor the Order.
• The Bank must receive each Order at a time and in a manner that allows the Bank a reasonable opportunity to act on the Order for the Order to be honored. Each Order shall not be effective if the Bank has already: 1) accepted or certified the item; or 2) settled for the item without having to revoke the settlement under statute, clearing house rule, or agreement.
• Each Order will terminate at the earliest of the following: 1) thirteen (13) months from the date it is received by the Bank; 2) your closure of the account. Unless the Order is renewed at the fee applicable at the time, the item may be paid if it is presented for payment after the Order terminates. If the Order terminated as a result of you closing the account, a new Stop Payment Order must be placed at the fee applicable at that time if you later reopen the account.
• If the Bank is able to and does stop payment on the item, the payee or other holder of the item may be able to recover from you the amount of the item plus other appropriate damages.
• The Bank is authorized to deduct from your account the Bank’s applicable Stop Payment Fee.
• If more than one person is permitted to draw on your account, any of these persons may stop payment on the Item.
• You agree to indemnify and hold the Bank harmless from any and all costs, expenses, suits, and/or judgments that the Bank may either incur or be assessed due to honoring the Order. You authorize the Bank to debit your account for any such amount due the Bank.
• If the Bank re-credits your account after paying the item over a valid and timely Order, you agree to transfer to the Bank all of your rights against the payee or other holder of the item, and to assist the Bank in any later action taken against said payee or other holder.

Transfer of Ownership If an account is held by natural persons only (personal account), it is NOT TRANSFERABLE. Federal regulations exclude from the definition of transfer an account pledged as collateral for a loan or the passing of title upon death, divorce, marriage, incompetency, or by operation of law. Neither transfer between natural persons when made on the books at Alliance Capital International Bank nor the addition or subtraction of names of other natural persons is regarded as a transfer.

Default Your Account may be in default if: (a) you have repeatedly overdrawn your Account; (b) you do not repay immediately any overdraft; (c) you do not comply fully with any term or condition of this Agreement or of any other agreement you may have with us; (d) you give us false or misleading information about yourself or any of your deposit or credit relationships with us or with others; (e) you file or someone else files against you a petition in bankruptcy; (f) any of your loans with us is past due or otherwise in default; (g) we, in our sole discretion, are not satisfied with your condition or affairs, financial or otherwise; or (h) we, in our sole discretion, believe that your financial condition has suffered an adverse change. If you are in default, we may close any or all of your Accounts, with or without notice (unless notice is required under applicable law), or we may exercise all available rights and remedies provided elsewhere in this Agreement or other agreements and all rights and remedies available at law or equity.

III. Certificate of Deposit

Deposits Unless otherwise indicated, additional deposits of $10,000 or more can be made only within the ten (10) calendar day grace period (one [1] calendar day grace period for 7–31-day accounts) on automatically renewable certificates of deposits. Interest on the additional funds will begin to accrue on the business day you make your deposit and will be at the same rate as the renewed certificate of deposit. The additional deposit(s) will mature at the same time as the renewed certificate of deposit.

Interest We use the daily balance method to calculate the interest on your account based on a 365/366-day year and actual days. This method applies a daily periodic rate to the principal in the account each day. Interest is compounded monthly, except for those retirement accounts noted as compounding daily. The annual percentage yield quoted for your account assumes that interest earned is reinvested in the account monthly, that all funds remain on deposit for one (1) year from the date of deposit (even for shorter term deposits), and that the interest rate does not change. Interest withdrawn will reduce the annual percentage yield earned. For certificates of deposits with terms of thirty-two (32) days or longer, you may choose the frequency of interest payments. Interest can be paid as frequently as monthly, but must be paid at least once a year. On certificates of deposits, interest may be reinvested into the account, credited to another checking, money market or savings account, or paid to you by check. For Individual Retirement Accounts, interest is reinvested until you establish a distribution plan or withdraw the funds. Certificates of deposits with terms of 7–31 days will receive interest only at maturity. Interest may be reinvested into the certificate of deposit or deposited to a checking, money market or savings account.

Maturity Automatically renewable certificates of deposit renew at the rate in effect on the maturity date, for the same term and under the same conditions last disclosed (unless we tell you otherwise). We will mail a renewal notice approximately fifteen (15) days prior to the maturity date (except for 7–14-day terms). You have ten (10) days after the maturity date (one [1] calendar day grace period for 7–31-day accounts) to make changes to your certificate of deposit without penalty. The renewal notice will include a phone number you can call on the maturity date (or shortly after) to find out the interest rate and annual percentage yield on your renewed certificate of deposit. A non-renewable certificate of deposit will not earn interest beyond the maturity date, and will not renew automatically at maturity. We will mail a maturity notice approximately fifteen (15) days prior to the maturity date (except for 7–14-day terms). The maturity notice will include a phone number you can call if you would like to open another certificate of deposit.

Withdrawals; Early Withdrawal Penalties Interest which has been reinvested may be withdrawn without penalty at any time, if the account term and interest rate have not changed since the reinvestment. Additional withdrawals without penalty are permitted at maturity for automatically renewable certificates of deposit, during the ten (10) calendar day grace period (one [1] calendar day grace period for 7–31- day terms), upon a depositor’s death or mental incapacity. Withdrawals at any other time may be permitted at the Bank’s discretion and may be subject to interest penalties. Accounts closed during the grace period will forfeit any interest that accrued during the grace period. All penalties are calculated on a simple interest basis. The penalty assessed may reduce the principal balance remaining on your account after the withdrawal. The penalty is calculated at the interest rate in effect at the time the certificate of deposit was opened or last renewed. The penalties on the amount withdrawn are:

• 7 through 31 Day term: seven (7) days simple interest.
• 32 Days through 1 Year term: thirty (30) days simple interest.
• Over 1 Year term: one hundred eighty (180) days simple interest.

IV. Funds Transfers

The next five paragraphs specifically relate the Uniform Commercial Code provision, Article UCC-4A, as adopted in the applicable state. Generally, these are wire transfers, but other transactions may be covered. Additional agreements may exist between us regarding funds transfers.

Notice of Receipt of Funds Transfer In the event we receive a funds transfer for your account, we are not responsible for notifying you of our receipt of the funds transfer. In some cases, typically for a funds transfer transmitted through the Federal Reserve Wire System, we will send you a notice of receipt of a funds transfer. The funds transfer will be reflected on your account statement for the applicable period. We shall not be liable for any damages, claims, or losses including, without limitation, loss of any interest incurred by you for any failure on our part to notify you of receipt of a funds transfer.

Funds Transfer’s Reliance on Identification Numbers If a funds transfer order designates the beneficiary by both name and an identifying account number, we, or any bank receiving the funds transfer order, may pay the funds transfer order based upon the number alone, even if the account number does not belong to the named beneficiary. If a funds transfer order designates an intermediary bank or a beneficiary’s bank by both name and an identifying number, we, or any bank receiving the funds transfer order, are entitled to rely on the identifying number alone, even if the number does not belong to the named bank.

Transmitting and Recording Information About You in the Funds Transfer Payment Process Any funds transfer (or payment order) executed by us is subject to rules and regulations applicable to funds transfers, including the Federal Bank Secrecy Act and its regulations. In order to comply with all applicable laws and regulations in executing any funds transfer, we may transmit information regarding you, such as your name, address, and account number, as part of the payment process. In addition, when we receive any funds transfer or payment order, we may require and record your name and account number and other information. By sending or receiving funds transfers through us, you agree that you will assist us in complying with the applicable laws and regulations and hold us harmless from any liability in connection with our compliance with the laws or regulations.

Confidentiality We will disclose information to third parties about your account or the transfers you make:

• Where it is necessary for completing transfers, or
• In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or
• In order to comply with government agency or court orders, or
• If you give us your written permission.

Please also review our current Privacy Policy brochure.

V. Documentation

Preauthorized Credits. If you have arranged to have direct deposits made to your account at least once every sixty (60) days from the same person or company, the person or company making the deposit will tell you every time they send us the money. You can contact our offices to find out whether or not the deposit has been made.

Periodic Statements. You will get a monthly account statement (unless there are no transfers in a particular month). In any case, you will get the statement at least quarterly.

Our Liability If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

• If, through no fault of ours, you do not have enough money in your account to make the transfer.
• If the transfer would go over the credit limit on your overdraft line.
• If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
• If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
• There may be other exceptions stated in our agreement with you.