Private Credit contract terms by Migros Bank

Private credit agreement

1. Migros Bank grants the borrower a private loan of CHF XXXX
   The interest rate (including administrative costs) is fixed at XXXX% p.a.
   Migros Bank shall pay out the amount of the credit in accordance with the instructions of the borrower, after expiry of the statutory or agreed cancellation period of 14 days following the signing of the credit agreement by both parties.

2. The borrower undertakes to repay the amount of credit plus CHF XXXX
   corresponding to the interest of XXXX % p.a.
   monthly instalments of CHF XXXX

The interest shall be calculated as soon as the credit amount is paid out and according to its actual period of use. Before the last payment is made, the borrower receives a final statement that takes into account any differences in value and rounding, as well as administrative and other costs. The final monthly instalment shall be adjusted accordingly and invoiced on this basis.

3. The borrower may revoke his application for the conclusion of the agreement or his acceptance in writing within 14 days. The period for revocation shall begin as soon as the creditor has received a copy of this agreement. The time limit shall be observed if the notice of revocation is delivered to the post office on the 14th day. The customer is entitled to repay the credit early - even partially. In the event of early repayment of the credit, the customer is entitled to exemption from interest and an appropriate reduction of the costs related to the unused credit period.

4. Amendments and supplements to this agreement must be made in writing. Verbal agreements are not valid and cannot be invoked against Migros Bank.

5. The creditor authorises Migros Bank to request information from the residents' registration office, the debt enforcement office, the tax office and other third parties (e.g. credit information services such as CRIF AG). Any data blocking ordered by the borrower shall be deemed to be irrevocably lifted with respect to Migros Bank. In doing so, the borrower expressly releases Migros Bank from banking secrecy. The creditor also authorises Migros Bank to request information from the Central Office for Credit Information (ZEK) and, if required by law, from the Consumer Credit Information Centre (IKO) and to report the private credit and its processing to the ZEK and, if required by law, to the IKO.

6. The creditworthiness test is based on a seizable portion of income in accordance with and in application of Art. 28 Para. 2 and 3 of the Federal Consumer Credit Act (CCA) of CHF 456.75 (taking into account the current demand and after adjustment for the rent portion). The calculation sheet for the creditworthiness test is an integral part of this credit agreement.

7. The attached general terms and conditions for private credits are an integral part of this credit agreement.
   Applicable law and place of jurisdiction

8. This credit agreement is governed by Swiss law. For borrowers domiciled in Switzerland, the place of jurisdiction, place of performance and place of enforcement are governed by the applicable legal provisions. For borrowers domiciled abroad, the place of performance, the place of debt enforcement and the place of jurisdiction for any proceedings shall be the place of the branch of Migros Bank that granted the credit. However, Migros Bank shall be entitled to sue the borrower before any other competent court in Switzerland or abroad.

9. 9. The conclusion of the contract/offer by Migros Bank is subject to positive information from the ZEK/IKO, positive information from the debt enforcement office and the applicant's correct income data. If these conditions are not met, the contract or offer shall be null and void.

10. Special agreements
    Payment of CHF XXXX in favour of Migros Bank Ltd, account XXXX. Transfer of the credit to the third party bank (according to the final account to be followed).

The borrower confirms that he/she has received a signed copy of this agreement and a copy of the creditworthiness test. He/she declares that he/she accepts all of its provisions without reservation. The borrower further certifies that he/she has received the general conditions for private loans and acknowledges that these conditions form an integral part of this agreement. By signing this agreement, the borrower certifies that he/she is currently in perfect health, is not undergoing medical treatment and is fully capable of working, and that the information provided in the application for a private credit is complete and true.

General conditions for private credit

1. Changes of name and address.
Communications from Migros Bank shall be deemed to have been completed if they are sent to the last address known to Migros Bank. The borrower undertakes to notify Migros Bank of any change of address 10 days prior to the move and of any change of name immediately. If searches are necessary due to a change of address or name, Migros Bank may charge the costs to the borrower. Migros Bank is free to decide whether or not to charge the costs of the corresponding searches in the event of a change of address or name during or after the term of the contract.
If the borrower moves his residence abroad, the balance of the debt must be repaid in full no later than 10 days before his departure, unless otherwise agreed in writing.

2. Delayed payment.
If the borrower fails to pay an instalment on time, he shall be in arrears without a reminder. If instalments of at least 10% of the net credit amount are not paid, the remaining open debt shall become due immediately, even without termination of the contract. In such a case, Migros Bank may require the borrower to provide collateral in kind or in the form of securities in the same amount as would have been due in the event of immediate termination of the contract.
In the event of late payment, the borrower shall owe interest on arrears in the amount of the interest according to No. 2 of the private credit agreement at the most, plus proven cash and legal costs. In addition, an administration fee of CHF 10.00 for the first reminder and CHF
20.00 for the second and subsequent reminders. Migros Bank shall be free to charge costs in connection with default interest and reminder fees either during the term of the contract or upon termination of the contract.

3. Certificate of interest
On 31 December of each year, the borrower shall receive an interest statement for the private loan. The interest statement is deemed to have been approved if its accuracy is not contested in writing within 30 days, stating the reasons. In addition, the borrower may request a statement of account or interest statement at any time upon payment of a processing fee of CHF 10.00.

4. Customer's statements
Migros Bank may rely on the information provided by the customer regarding his/her person, income and assets. If the customer makes false statements in this regard, the contract or offer shall be null and void.

5. Protection in the event of accident, illness or death
For all loans, Migros Bank grants the following financial protection in the event of accident, illness or death to creditors who are under 64 years of age at the time of signing the contract:
In the event of the death of the borrower before the loan has been repaid in full, the remaining balance of the debt is waived.
During the period in which the borrower is no longer able to perform his/her profession or any other reasonably required work due to illness or accident, Migros Bank shall pay 1/30 of the monthly instalments for each additional day of 100% incapacity to work after a waiting period of 90 days. The waiting period shall run from the date on which the total incapacity to work is determined by a doctor. The 90-day waiting period starts again from any partial or total recovery.

6. Illness
Illness is understood to mean any health impairment that can be diagnosed by a doctor and that is beyond the control of the borrower, unless the Migros Bank's medical advisor determines that the illness already existed at the time the contract was concluded. The waiver of monthly instalments is excluded in the case of maternity, pension neurosis and psychological or psychosomatic illnesses.

7. Accident
An accident is defined as any injury to the body that can be detected by a doctor and to which the policyholder is involuntarily subjected as a result of an external force acting suddenly on him/her. Late consequences of an accident that occurred before the date of conclusion of the contract are not covered.

8. Beginning and duration of protection
The entitlement to protection by Migros Bank shall commence on the date of payment of the credit amount to the borrower and shall remain in effect for the entire duration of the credit agreement. This right shall lapse in the event of revocation in accordance with point 3 of the private credit agreement or in the event of early repayment of the outstanding debt.

9. No remission of debt and monthly instalments
The right to remission of debt or monthly instalments is lost if the borrower

• does not inform Migros Bank within 10 days of the expiry of the waiting period.
• is in default of payment.
• caused the accident, illness or death himself/herself, or if it is related to a crime or misdemeanour committed by the creditor, or if it is attributable to drug addiction or drunkenness.
• Migros Bank shall not release its doctors from medical secrecy insofar as this is necessary for the determination of the borrower's entitlement by a medical officer of Migros Bank or by a court of law. The borrower shall bear the costs of the medical examination.

10. Repayment of monthly instalments already paid.
The repayment of monthly instalments already paid in connection with accident, illness or death protection is excluded in all cases.