Document:

Exhibit 4.1

    

    

    BA CREDIT CARD TRUST

     

    as Issuer

     

    CLASS A(2020-1) TERMS DOCUMENT

     

    dated as of December 17, 2020

     

    to

     

    THIRD AMENDED AND RESTATED BASERIES INDENTURE SUPPLEMENT

     

    dated as of December 17, 2015

     

    to

     

    FOURTH AMENDED AND RESTATED INDENTURE

     

    dated as of December 17, 2015

     

    THE BANK OF NEW YORK MELLON

     

    as Indenture Trustee

     

    

    
      
        

    

    
    TABLE OF CONTENTS

     

    

    	 	
            

            

          	
            Page

          
	 	 	 
	
            ARTICLE I

          	
            Definitions And Other Provisions Of General Application

          	
            1

          
	 	 	 
	
            Section 1.01.

          	
            Definitions

          	
            1

          
	
            Section 1.02.

          	
            Governing Law; Submission to Jurisdiction; Agent for Service of Process

          	
            5

          
	
            Section 1.03.

          	
            Counterparts

          	
            6

          
	
            Section 1.04.

          	
            Ratification of Indenture and Indenture Supplement

          	
            6

          
	 	 	 
	
            ARTICLE II

          	
            The Class A(2020-1) Notes

          	
            7

          
	 	 	 
	
            Section 2.01.

          	
            Creation and Designation

          	
            7

          
	
            Section 2.02.

          	
            Specification of Required Subordinated Amount and other Terms

          	
            7

          
	
            Section 2.03.

          	
            Interest Payment

          	
            7

          
	
            Section 2.04.

          	
            Payments of Interest and Principal

          	
            8

          
	
            Section 2.05.

          	
            Form of Delivery of Class A(2020-1) Notes; Depository; Denominations

          	
            8

          
	
            Section 2.06.

          	
            Delivery and Payment for the Class A(2020-1) Notes

          	
            8

          
	
            Section 2.07.

          	
            Targeted Deposits to the Accumulation Reserve Account

          	
            8

          
	 	 	 
	
            ARTICLE III

          	
            Representations and Warranties

          	9
	 	 	 
	
            Section 3.01.

          	
            Issuer’s Representations and Warranties

          	9

    

    

    
      - i -

      
        

    

    THIS CLASS A(2020-1) TERMS DOCUMENT (this “Terms Document”), by and between BA CREDIT CARD TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”),
      having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into
      as of December 17, 2020.

     

    Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new tranche of Class A Notes and shall specify the principal terms thereof.

     

    ARTICLE I

     

    Definitions and Other Provisions of General Application

     

    Section 1.01.             Definitions.  For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires:

     

    (1)          the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

     

    (2)         all other terms used herein which are defined in the Third Amended and Restated BAseries Indenture Supplement, dated as of December 17, 2015 (as modified, amended or
      supplemented from time to time, the “Indenture Supplement”), between the Issuer and the Indenture Trustee, or the Fourth Amended and Restated Indenture, dated as of December 17, 2015 (as modified, amended or supplemented from time to time, the
      “Indenture”), between the Issuer and the Indenture Trustee, as acknowledged and accepted by BANA, as Servicer, either directly or by reference therein, have the meanings assigned to them therein;

     

    (3)          all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as
      otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the
      date of such computation;

     

    (4)          all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of
      this Terms Document as originally executed;

     

    (5)          the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular Article, Section or
      other subdivision; 

     

    

    
      
        

    

    
    (6)          in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or
      the Indenture, the terms and provisions of this Terms Document shall be controlling;

     

    (7)          each capitalized term defined herein shall relate only to the Class A(2020-1) Notes and no other tranche of Notes issued by the Issuer; and 

     

    (8)          “including” and words of similar import will be deemed to be followed by “without limitation.”

     

    “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b)
      otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of
      the Class A(2020-1) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date following and including the November 2021 Transfer Date for which the Quarterly Excess Available
      Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 24 months prior to the Expected Principal Payment Date, (iii) the Monthly Period following the first Transfer
      Date following and including the May 2022 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 18 months
      prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the July 2022 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 4%, but in such
      event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment Date and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to
      occur of (i) the Expected Principal Payment Date for the Class A(2020-1) Notes and (ii) the date on which the Class A(2020-1) Notes are paid in full.

     

    “Base Rate” means, with respect to any Monthly Period, the sum of (i) the Weighted Average Interest Rates for the Outstanding BAseries Notes and the Class D Certificate (as such term is
      defined in the Series 2001‐D Supplement), (ii) the Net Servicing Fee Rate (as such term is defined in the Series 2001‐D Supplement) and (iii) so long as BANA or The Bank of New York Mellon is the Servicer, the Servicer Interchange Rate, in each case,
      for such Monthly Period.

     

    “BAseries Servicer Interchange” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicer Interchange (as such term is defined in the Series 2001‐D
      Supplement) with respect to such Monthly Period and (b) a fraction the numerator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period and the denominator of which is the Weighted Average
      Available Funds Allocation Amount for all series of Notes for such Monthly Period.

     

    

    
      - 2 -

      
        

    

    “Class A(2020-1) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class A(2020-1) Note and duly executed
      and authenticated in accordance with the Indenture.

     

    “Class A(2020-1) Noteholder” means a Person in whose name a Class A(2020-1) Note is registered in the Note Register.

     

    “Class A(2020-1) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2020-1) Notes is paid in full,
      (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof.

     

    “Class A Required Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 

     

    “Class A Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b).

     

    “Controlled Accumulation Amount” means $83,333,334; provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section

        3.10(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement.

     

    “Excess Available Funds Percentage” means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such
      Monthly Period.

     

    “Expected Principal Payment Date” means December 15, 2023.

     

    “Initial Dollar Principal Amount” means $1,000,000,000.

     

    “Interest Payment Date” means the fifteenth day of each month, or if such fifteenth day is not a Business Day, the next succeeding Business Day, commencing February 16, 2021.

     

    “Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from
      and including the Issuance Date) through the day preceding such Interest Payment Date.

     

    “Issuance Date” means December 17, 2020.

     

    “Legal Maturity Date” means May 15, 2026.

     

    “Note Interest Rate” means a per annum rate equal to 0.34%.

     

    

    
      - 3 -

      
        

    

    “Paying Agent” means The Bank of New York Mellon.

     

    “Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is (a) the amount of Available Funds allocated to the
      BAseries pursuant to Section 501 of the Indenture, plus (b) the amount of Available Funds distributed pursuant to Sections 4.06(a)(ii) and (iii) of the Series 2001‐D Supplement, plus (c) any Interest Funding sub‐Account
      Earnings on the related Transfer Date, plus (d) any amounts to be treated as BAseries Available Funds pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement, plus (e) the BAseries Servicer Interchange for such Monthly
      Period, minus (f) the excess, if any, of the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate amount to be treated as BAseries Available Funds for such Monthly Period pursuant to
      Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub‐Account for any tranche of BAseries Notes for such Monthly Period, minus
      (g) the BAseries Investor Default Amount for such Monthly Period, minus (h) the Aggregate Class D Investor Default Amount (as such term is defined in the Series 2001‐D Supplement) for such Monthly Period, and the denominator of which is the Weighted
      Average Floating Allocation Investor Interest (as such term is defined in the Series 2001‐D Supplement) for such Monthly Period.

     

    “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose
      of this definition, any Note authenticated and delivered under Section 306 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

     

    “Quarterly Excess Available Funds Percentage” means, with respect to the November 2021 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of
      which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

     

    “Record Date” means, for any Transfer Date, the last day of the preceding Monthly Period.

     

    “Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding
      Dollar Principal Amount of the Class A(2020-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a
      lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

     

    “Servicer Interchange Rate” means, for any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the BAseries Servicer Interchange for such Monthly Period, and the
      denominator of which is the Weighted Average Floating Allocation Investor Interest (as such term is defined in the Series 2001‐D Supplement) for such Monthly Period.

     

    

    
      - 4 -

      
        

    

    “Stated Principal Amount” means $1,000,000,000.

     

    “Weighted Average Interest Rates” means, with respect to any Outstanding Notes of a class or tranche of the BAseries or the Class D Certificate (as such term is defined in the Series 2001‐D
      Supplement), or of all of the Outstanding Notes of the BAseries and the Class D Certificate, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date or, in the case of the Class D
      Certificate, based on the Class D Investor Interest (as such term is defined in the Series 2001‐D Supplement) on such date) of the following rates of interest:

     

    (a)          in the case of the Class D Certificate or a tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to that tranche or the
      Class D Certificate on that date;

     

    (b)          in the case of a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that tranche on that date;

     

    (c)         in the case of a tranche of Notes with a payment due under a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative
      Counterparty accrue on that date (prior to the netting of such payments, if applicable); and 

     

    (d)          in the case of a tranche of Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related terms document.

     

     Section 1.02.          Governing Law; Submission to Jurisdiction; Agent for Service of Process.  This Terms Document shall be governed by and construed in
      accordance with the laws of the State of Delaware, without regard to principles of conflict of laws.  The parties hereto declare that it is their intention that this Terms Document shall be regarded as made under the laws of the State of Delaware and
      that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required.  Each of the parties hereto agrees (a) that this Terms Document involves at least $100,000.00, and (b) that this
      Terms Document has been entered into by the parties hereto in express reliance upon 6 DEL. C. § 2708.  Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State
      of Delaware and of the federal courts sitting in the State of Delaware, and (b)(1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such
      party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States
      Postal Service constituting evidence of valid service, and that service made pursuant to (b)(1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within
      the State of Delaware.

     

    

    
      - 5 -

      
        

    

     Section 1.03.            Counterparts.  This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an
      original, but all such counterparts will together constitute but one and the same instrument.

     

     Section 1.04.            Ratification of Indenture and Indenture Supplement.  As supplemented by this Terms Document, each of the Indenture and the Indenture
      Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument.

     

    [END OF ARTICLE I]

     

    

    
      - 6 -

      
        

    

    ARTICLE II

     

    The Class A(2020-1) Notes

     

     Section 2.01.            Creation and Designation.  There is hereby created a tranche of BAseries Class A Notes to be issued pursuant to the Indenture and the
      Indenture Supplement to be known as the “BAseries Class A(2020-1) Notes.”

     

    Section 2.02.            Specification of Required Subordinated Amount and other Terms.

     

    (a)          For the Class A(2020-1) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal to 14.28571% of (i) the Adjusted
      Outstanding Dollar Principal Amount of the Class A(2020-1) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2020-1) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2020-1) Notes
      shall have occurred or if the Class A Usage of the Class B Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2020-1) Notes as of close of business on
      the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class B Required Subordinated Amount exceeded zero.

     

    (b)          For the Class A(2020-1) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 12.69841% of (i) the Adjusted
      Outstanding Dollar Principal Amount of the Class A(2020-1) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2020-1) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2020-1) Notes
      shall have occurred or if the Class A Usage of the Class C Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2020-1) Notes as of close of business on
      the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class C Required Subordinated Amount exceeded zero.

     

    (c)          The Issuer may change the percentages set forth in clause (a) or (b) above without the consent of any Noteholder so long as the Issuer has (i) received written confirmation from each
      Note Rating Agency that has rated any Outstanding Notes of the BAseries that the change in either of such percentages will not result in a Ratings Effect with respect to any Outstanding Notes of the BAseries and (ii) delivered to the Indenture
      Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 

     

     Section 2.03.            Interest Payment.

     

    (a)          For each Interest Payment Date (other than the first Interest Payment Date), the amount of interest due with respect to the Class A(2020-1) Notes shall be an amount equal to one-twelfth
      of the product of (i) the Note Interest Rate times (ii) the Outstanding Dollar Principal Amount of the Class A(2020-1) Notes determined as of the Record Date preceding the related Transfer Date; provided,
      however, that for the first Interest Payment Date the amount of interest due is $547,777,78.  Interest on the Class A(2020-1) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

     

    

    
      - 7 -

      
        

    

    (b)          Pursuant to Section 3.03 of the Indenture Supplement, on each Transfer Date, the Indenture Trustee shall deposit into the Class A(2020-1) Interest Funding sub-Account the portion
      of BAseries Available Funds allocable to the Class A(2020-1) Notes. 

     

     Section 2.04.           Payments of Interest and Principal.  Any installment of interest or principal, if any, payable on any Class
      A(2020-1) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2020-1)
      Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later
      than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record
      Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee.

     

    The right of the Class A(2020-1) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class A(2020-1) Termination Date.

     

    Section 2.05.            Form of Delivery of Class A(2020-1) Notes; Depository; Denominations.

     

    (a)          The Class A(2020-1) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the Indenture, respectively.

     

    (b)          The Depository for the Class A(2020-1) Notes shall be The Depository Trust Company, and the Class A(2020-1) Notes shall initially be registered in the name of Cede & Co., its
      nominee.

     

    (c)          The Class A(2020-1) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that amount.

     

     Section 2.06.          Delivery and Payment for the Class A(2020-1) Notes.  The Issuer shall execute and deliver the Class A(2020-1) Notes to the Indenture
      Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2020-1) Notes when authenticated, each in accordance with Section 303 of the Indenture.

     

     Section 2.07.           Targeted Deposits to the Accumulation Reserve Account.  The deposit targeted to be made to the Accumulation Reserve Account for any
      Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount.

     

    [END OF ARTICLE II]

     

    

    

    
      - 8 -

      
        

    

    ARTICLE III

     

    Representations and Warranties

     

     Section 3.01.          Issuer’s Representations and Warranties.  The Issuer makes the following representations and warranties as to the Collateral Certificate on
      which the Indenture Trustee is deemed to have relied in acquiring the Collateral Certificate.  Such representations and warranties speak as of the execution and delivery of this Terms Document, but shall survive until the termination of this Terms
      Document.  Such representations and warranties shall not be waived by any of the parties to this Terms Document unless the Issuer has obtained written confirmation from each Note Rating Agency that there will be no Ratings Effect with respect to such
      waiver.

     

    (a)          The Indenture creates a valid and continuing security interest (as defined in the Delaware UCC) in the Collateral Certificate in favor of the Indenture Trustee, which security interest
      is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer.

     

    (b)          The Collateral Certificate constitutes either an “account,” a “general intangible,” an “instrument,” or a “certificated security,” each within the meaning of the Delaware UCC.

     

    (c)          At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture, the Issuer owned and had good and marketable title to the
      Collateral Certificate free and clear of any lien, claim or encumbrance of any Person.

     

    (d)         The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions
      under applicable law in order to perfect the security interest in the Collateral Certificate granted to the Indenture Trustee pursuant to the Indenture.

     

    (e)          Other than the security interest granted to the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise
      conveyed the Collateral Certificate.  The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Collateral Certificate other than any financing
      statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or any financing statement that has been terminated.  The Issuer is not aware of any judgment or tax lien filings against the Issuer.

     

    (f)           All original executed copies of the Collateral Certificate have been delivered to the Indenture Trustee.

     

    (g)          At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture, the Collateral Certificate had no marks or notations
      indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

     

    [END OF ARTICLE III]

    

    

    
      - 9 -

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the day and year first above written.

     

    	 	
            BA CREDIT CARD TRUST,

          
	 	
            by BA CREDIT CARD FUNDING, LLC,

          
	 	
            as Beneficiary and not in its individual capacity

          
	 	 
	 	
            By: 

          	
            /s/Keith W. Landis

          
	 	 	
            Name:  Keith W. Landis

          
	 	 	
            Title:  CEO & President

          

     

    

    
      [Signature Page to the Class A(2020-1) Terms Document]

       

      

    

    
      
        

    

    	 	
            THE BANK OF NEW YORK MELLON, as Indenture Trustee

            and not in its individual capacity

          
	 	 
	 	
            By:

          	
            /s/ Ester Antoine

            

          
	 	 	
            Name: Ester Antoine

            

          
	 	 	
            Title: Vice President

            

          

     

    

    
      [Signature Page to the Class A(2020-1) Terms Document]Exhibit 10.1

 

WESTERN UNION NORTH AMERICA
AGENCY AGREEMENT (ABMT Services)

 

This Agency Agreement (this “Agreement”)
is entered into by Western Union Financial Services, Inc., a Colorado corporation (“Western Union” or “WUNA”)
and the undersigned Agent.

 

Agent and WUNA agree as follows:

 

1 Definitions. Capitalized
terms used herein shall have the meanings given to such terms as set forth in this Section 1 or as defined elsewhere in this Agreement
or any Attachment hereto.

 

1.1 “Account” means
a valid checking or savings account held with Agent.

 

1.2 “Account Holder”
means an individual who holds an Account in their own name and is at least eighteen (18) years of age.

 

1.3 “Agent Website(s)”
means one or more Agent-operated, secure Internet websites with appropriate internet banking functionality approved in advance
by WUNA in writing, from which Account Holders may conduct Money Transfer Services.

 

1.4 Intentionally Left Blank.

 

1.5 “Channel” means
Agent Website(s).

 

1.6 “Consumer” means
any individual that is authorized to use the Money Transfer Services through any Channel.

 

1.7 “Designated Account”
means an Account designated by an Account Holder for use with On-line Money Transfer transactions.

 

1.8 “Money Transfer”
means a money transfer transmitted through the WUNA system.

 

1.9 “Money Transfer Services”
means the receipt of funds by Agent for transmission and disbursement for a fee, as further described in Part A.

 

1.10 “Online Account Based
Money Transfer Service” or “On-line Money Transfer” means a Money Transfer transaction initiated and/or paid
through an Agent Website.

 

1.11 “On-line Receiver”
means an Account Holder who (i) is authorized to use an Agent Website to receive Money Transfer transactions, and (ii) elects to
receive funds as a result of a Money Transfer transaction into his or her Designated Account.

 

1.12 “On-line Sender”
means an Account Holder who (i) is authorized to conduct On-line Money Transfer, and (ii) initiates an On-line Money Transfer using
funds from their Designated Account.

 

1.13 “Qualifying
Transaction” means a Money Transfer transaction where a Consumer has accessed the Money Transfer Services through an
Agent Website and completed such transaction via the Agent Website. A Qualifying Transaction does not include partial or full
chargebacks, cancellations, refunds, or otherwise incomplete transactions.

 

1.14 “Service Requirements”
means the documents detailing the methods by which Agent will provide Money Transfer Services (through any Channel), including
the Agency Reference Guide, Bank Secrecy Act Compliance Manual, the GBS Business Requirements, the GBS Developer Guide, the GBS
Agent Integration Guide, the GBS User Test Cases operations manuals, user guides, customer forms, receipts, record retention schedules,
rate schedules and applicable tariffs, policies, rules and regulations, all as may be amended from time to time by WUNA.

 

1.15 “Services” means
the Money Transfer Services.

 

1.16 “Trust Account”
means a bank account maintained by Agent for the purpose of depositing MT Trust Funds (as defined in Part A),. The Trust Account
shall be maintained at a federally insured financial institution designated by Agent and shall meet the requirements specified
by WUNA from time to time. Agent shall provide to WUNA all Trust Account activity and balance records and information as may be
requested by WUNA from time to time. Agent shall provide WUNA with 14 days’ advance written notice prior to changing the
Trust Account in any manner.

 

2 Services. WUNA appoints
Agent as its delegate, authorized to offer the Services indicated on the signature page hereof in accordance with the terms and
conditions of this Agreement and Agent shall comply with the terms, conditions and procedures set forth in the applicable Description
of Service (attached as Part A) and with the Service Requirements. Current copies of the Service Requirements have been provided
to Agent by WUNA and are available upon request from WUNA.

 

    Main, Page 1 of 12

     

    

 

3 Money Transfer Service Channel.
 Agent shall provide the following Services through the following Channel:

 

Agent Website(s). (a) Agent
shall offer the Money Transfer Service through the Agent Website(s) using web pages, scripts and instructions specified by WUNA
or in conformance with WUNA requirements. Each Agent Website shall be identified on Attachment IB. Except as necessary for regularly
scheduled maintenance, or as otherwise required or approved by WUNA, Agent shall offer the Services through the Agent Website(s)
on a twenty-four hours per day basis for each day during the Term.

  

(b) Change of Agent
Website(s). Agent shall not close an Agent Website through which the Money Transfer Service is offered without giving
WUNA 90 days prior notice. Agent shall not offer the Money Transfer Services through an Agent Website that is not listed on
Attachment IB without giving WUNA 90 days prior notice and without WUNA’s prior approval.

 

4 Advertising; Trademarks.

 

4.1 Advertising. Agent agrees to
advertise and promote the Services so as to develop consumer interest and confidence in the Services and to enhance the goodwill
associated therewith and with WUNA’s Trademarks. Agent shall (a) participate in WUNA’s promotional programs, (b) make
prominent use of signs, brochures, displays, decals and other promotional materials provided by WUNA, and (c) comply with WUNA’s
merchandising standards, as set forth in Part A, and/or the Service Requirements, as applicable.

 

4.2 Approval. Agent may
promote any of the Services in its own advertising or promotional materials in any form of media, including radio,
television, print or the Internet, subject to the prior written approval of WUNA. Requests for such approval shall be
forwarded to: WUNA, Attention: Trademark Administrator, 7001 E. Belleview Avenue, Denver, Colorado 80237. WUNA may
periodically inspect Agent’s advertising and promotional materials relating to the Services for compliance with this
Agreement. If WUNA reasonably considers Agent’s promotion of the Services to be improper, misleading or otherwise
contrary to Agent’s obligations under this Agreement, Agent shall promptly modify or replace the same, subject to
WUNA’s prior written approval, or discontinue such promotion.

 

4.3 Trademarks. Agent is
granted a nonexclusive, royalty-free right to use the trade names, trademarks, trade dress, symbols, logos and copyrighted
material (collectively “Trademarks”) of WUNA specified by WUNA from time to time, and WUNA is granted the
nonexclusive, royalty-free right to use Agent’s Trademarks, each for the limited purpose of advertising and promoting
the Services, and subject in each case to the prior written approval of the party whose Trademarks are being used. Each party
agrees that use of any other party’s Trademarks shall not confer any proprietary right thereto. Each party shall cease
all use of the other party’s Trademarks immediately upon termination or suspension of this Agreement.

 

4.4 Press Releases. No party may
issue any press release or other public notice relating to the subject matter of this Agreement without the prior written approval
of the other party.

 

5. Confidentiality.

 

5.1 Agent acknowledges that all records
and information regarding consumers that Agent may collect specifically relating to the Services (including but not limited to,
information provided by consumers on input forms, Agent Website(s) or otherwise to initiate or receive a Services transaction)
(“Consumer Information”) is the exclusive property of WUNA. For avoidance of doubt, any information collected by the
Agent in its ordinary course of business and independent of the Services shall not be exclusive property of WUNA. Agent agrees
that it shall only use the Consumer Information in its performance of the Services, and that Agent shall not use, sell, rent, exchange
or otherwise disclose the Consumer Information to any party other than WUNA for any purpose whatsoever without the prior written
consent of WUNA, except as may be required by Applicable Law. All Consumer Information shall be provided to WUNA upon its request.
If WUNA shall consent to any collection, use or transfer of Consumer Information, then Agent warrants to WUNA that such collection,
use and transfer shall be accomplished in full compliance with all applicable laws and regulations governing data protection and
consumer privacy, and with the Service Requirements. In the event that Agent receives a request or demand to disclose any Consumer
Information outside of the ordinary course of reporting Agent shall immediately notify WUNA and, if requested by WUNA, will fully
cooperate with any effort to obtain a protective order or any other protective measures. Agent acknowledges that the Service Requirements
set forth retention and destruction schedules and requirements for certain forms and/or documents (including electronic forms and
documents) that contain Consumer Information and other confidential information. Agent shall comply with such obligations and shall
promptly inform WUNA in the event of any non-compliance with such requirements.

 

5.2 Agent agrees that neither Agent
nor its officers, principals, employees, contractors or agents shall use, sell, rent, exchange or otherwise disclose to any
person or entity, other than WUNA, and other than for purposes of Agent’s performance under this Agreement, or as may
be required by Applicable Law: (a) the Service Requirements; (b) security identifications, account numbers, agent numbers,
and WUNA’s other security measures and/or procedures; (c) sales or transaction volumes, revenues, earnings, commission
rates, terms, conditions or payments hereunder; (d) Consumer Information; or (e) any other confidential information with
respect to WUNA, the Services, this Agreement, or the relationship between the parties.

 

    Main, Page 2 of 12

     

    

 

5.3 Agent shall cooperate with
WUNA in implementing all procedures mandated by law in order to protect consumer privacy and/or consumer data, and any such reasonable
policies and/or procedures implemented by WUNA.

 

5.4 WUNA agrees that it shall not
sell, rent, exchange or otherwise disclose any financial information of Agent to any party other than as may be required by law
or as may be voluntarily reported to a governmental or regulatory agency by WUNA, pursuant to its internal compliance policies
or in connection with money transmission, sales of checks or anti-money laundering laws or regulations.

 

5.5 Agent shall install and use
a reasonable change control process to ensure that access to Western Union’s confidential information and Consumer Information
is controlled and recorded. Agent shall notify WUNA of any planned system configuration changes or other changes affecting the
how such change will impact the security and protection of WUNA’s confidential information or Consumer Information.

 

5.6 Agent agrees that upon the
request of WUNA all Confidential Information (electronic and paper) in Agent’s possession shall be promptly returned (including
any copies, extracts, descriptions and summaries thereof) to WUNA or Agent shall certify in writing to WUNA that all Confidential
Information has been destroyed.

 

6 Compliance with Laws.

 

6.1 Compliance with
Laws. Agent shall comply (and shall cause its officers, principals and employees to comply) with all federal, state and
local laws and regulations applicable to Agent’s business and to Agent’s provision of the Services, as may be
amended from time to time (collectively “Applicable Law”), including but not limited to: (a) state and federal
licensing laws and regulations; (b) the Bank Secrecy Act (31 U.S.C. § 5311 et. seq., and its implementing regulations,
31 C.F.R. Part 103); (c) the IRS’s cash reporting requirements (26 U.S.C. § 6050I) and related regulations; (d)
state currency reporting requirements; (e) federal and state anti- money laundering laws, including all rules and regulations
promulgated thereunder (e.g., 18 U.S.C. §§ 1956 and 1957); (f) all applicable state money transfer or sale of
checks laws and regulations (including those laws and regulations referred to or set out in Schedule A, if any); (g) all
applicable federal and state privacy laws and regulations; (h) the USA PATRIOT Act; (i) the National Automated Clearing House
rules, regulations and guidelines, including but not limited to the International ACH Transaction Rule; (j) the Electronic
Funds Transfer Act and Regulation E; (k) the Electronic Signatures in Global and National Commerce Act; (k) the Dodd-Frank
Wall Street Reform and Consumer Protection Act (Section 1073 and related regulations); (l) the Consumer Financial Protection
Bureau Remittance Rules (77 FR §§ 6194, 40459 and 50243) and related regulations; and (m) all applicable federal
and state laws regulating access for the disabled, including but not limited to the Americans with Disabilities Act.

 

6.2 Nondiscrimination/Affirmative
Action. Agent hereby agrees that Agent will not discriminate against any employee or applicant for employment because of
race, color, religion, sex, national origin, age disability, or veteran status. As a government contractor we are
incorporating the following regulations into this Agreement, as applicable: 41 C.F.R. §§ 60-1.4, 60-300.5, 60-741.5
and 48 C.F.R. §§ 52.222-26, 52.222-35–52.222-37, 52.222-40, 52.222-54. The following language is also
incorporated, as applicable: This contractor and subcontractor shall abide by the requirements of 41 CFR 60-300.5(a) and
41 CFR 60- 741.5(a). These regulations prohibit discrimination against qualified individuals on the basis of protected
veteran status or disability, and require affirmative action by covered prime contractors and subcontractors to employ and
advance in employment qualified protected veterans and individuals with disabilities.

 

7 Representations and Warranties.

 

7.1 Agent and its
Employees. With regard to itself, and on behalf of its officers, principals and all other Agent employees and/or
representatives with managerial oversight and/or responsibility for Agent locations offering the Services, Agent represents
and warrants that: (a) all information disclosed to WUNA in connection with the application process to become a WUNA Agent
(the “Agency Agreement Application”) is true, accurate, and complete; (b) none of them has been convicted of any
felony that has not been disclosed to WUNA, in writing, prior to the Effective Date; (c) none of them has been charged with
or convicted of (or pleaded guilty or no contest to) any criminal act constituting, involving or relating to: fraud;
embezzlement; theft; money laundering; the financing of terrorism or terrorist organizations; the importation of undocumented
aliens; receipt of stolen property; or the possession, use, manufacture or distribution of any narcotic or other controlled
substance. This representation and warranty shall be deemed an ongoing representation and warranty from Agent. Agent shall
provide notice to WUNA within forty-eight hours after becoming aware of the fact that any of the foregoing representations or
warranties shall cease to be true at any time during the term of this Agreement.

 

    Main, Page 3 of 12

     

    

 

7.2 On-line Money
Transfer. Agent represents and warrants, that it will ensure that (i) only Account Holders are permitted to conduct
On-line Money Transfer transactions, (ii) all Account Holders are properly authenticated and verified to be a customer of
Agent for whom Agent has on file a valid signature and identification information, (iii) it will obtain all necessary and
proper authorizations to debit and/or credit Designated Accounts of On-line Senders and On-line Receivers, and (iv)
Agent’s agreements and documents with Account Holders permit and contemplate the type(s) of services and electronic
funds transfers as contemplated by this Agreement and as agreed to by the parties.

 

7.3 Customer Identification Program.
Agent certifies, as of the Effective Date and on no less than an annual basis thereafter, that it (a) has implemented an AML/BSA
program acceptable to WUNA, and (b) will perform Account Holder identification and authentication requirements on behalf of WUNA
for On-line Money Transfer transactions.

 

7.4 Subagents. Agent represents
and warrants that it shall not appoint any subagents hereunder and shall not offer the Services at or through any entity not a
party to this Agreement or at or through any Agent Website not expressly included under this Agreement.

 

7.5 Ownership. Agent represents
and warrants that it has disclosed to WUNA all ownership or other interests that Agent, its affiliates, and their respective officers,
directors, and principals, as applicable, may have in any other WUNA delegate.

 

7.6 Authority. Agent and WUNA represent
and warrant to each other that: (a) each has full power and authority to enter into this Agreement; (b) the execution, delivery
and performance by each party of this Agreement will not constitute a default (or an event which, with notice or lapse of time
or both, would cause a default) under any contract or agreement to which Agent or any of its affiliates are a party, or require
consent or approval from any other party to any such contract; and (c) this Agreement constitutes a legal, valid and binding obligation
of each party, enforceable against each party in accordance with the terms and conditions of this Agreement.

 

7.7 No Warranty. WUNA MAKES NO
REPRESENTATIONS OR WARRANTIES WITH RESPECT TO ANY EQUIPMENT, SOFTWARE AND OTHER ITEMS PROVIDED UNDER THIS AGREEMENT, EXPRESS
OR IMPLIED, AND SPECIFICALLY DISCLAIMS THE IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE AND MERCHANTABILITY, AND
ANY WARRANTY AGAINST INFRINGEMENT. ANY EQUIPMENT, SOFTWARE OR OTHER ITEMS PROVIDED UNDER THIS AGREEMENT BY WUNA ARE PROVIDED
TO AGENT “AS IS” WITH ALL FAULTS.

 

8. Term and Termination.

 

8.1 Term. This Agreement shall
be effective on the Effective Date and continue in force for a period of five years (the “Initial Term”), unless
otherwise terminated as provided herein. This Agreement shall automatically renew for an additional term of five years (the
“Renewal Term”), unless either party provides the other party with at least 12, but not more than 24, months
prior written notice of termination. Upon expiration of the Initial Term and the Renewal Term, this Agreement shall continue
in effect, subject to the right of either party to terminate this Agreement at any time thereafter by giving the other party
at least 12 months prior written notice of termination.

 

8.2 Suspension and
Termination. WUNA may take, or request that Agent take (as applicable) any one or more of the Remedial Actions (as
defined below) if WUNA, reasonably determines: (i) that a material adverse change in the financial condition or business
prospects of Agent, a principal of Agent or any guarantor of this Agreement, has occurred, or may occur, in the following
twelve (12) months; (ii) that Agent’s continued performance under this Agreement is, or may become, impaired; (iii)
there is excessive fraud occurring at Agent’s locations or with respect to On-line Money Transfer transactions; or
(iii) Agent breaches any of the terms, conditions, representations or warranties set forth in this Agreement (including the
provision of false or misleading information) or any other agreement between WUNA, or an affiliate of WUNA, and Agent or a
principal of Agent.

 

8.3 Remedial Action. As used
in this Agreement a “Remedial Action” is defined as: (a) Agent’s immediate wire transfer of the MT Trust
Funds, MO Trust Funds and/or other amounts due and owing to WUNA; (b) the immediate suspension, or termination, of
Agent’s ability to provide one or more of the Services at one or more Agent Location or Agent Website; (c) immediate
termination of Part A or this Agreement; (d) exercise any legal and/or equitable remedies available to WUNA, for which WUNA
shall be entitled to reimbursement of reasonable attorneys’ fees and expenses; (e) satisfaction of any amount owed by
Agent to WUNA by offset against any funds that may be due or owing by WUNA (including its affiliates) to Agent; (f) securing,
for the benefit of WUNA, a bond, irrevocable letter of credit or other similar instrument acceptable to WUNA; (g)assessing a
late charge on the amounts due to WUNA by Agent, in the amount of the greater of: (i) $25.00 per day, or (ii) interest on the
entire amount owed to WUNA at the rate of two percentage points (2%) above the prime rate of interest published in the Wall
Street Journal (or any other financial publication designated by WUNA) in effect at that time, or the maximum interest rate
allowed under applicable law, or (h) assessing a charge of $50.00 for each failure by Agent to make payment due to
insufficient funds.

 

    Main, Page 4 of 12

     

    

 

8.4 Violation of Law.
Notwithstanding any other provision of this Agreement to the contrary, WUNA may immediately terminate this Agreement with
regard to any or all Agent Website(s), if WUNAreasonably determines that compliance with this Agreement would cause WUNA or
any of its affiliates to violate or potentially violate any local, state or federal law or regulation or any court order.

 

9 Indemnification; Limitation
of Liability.

 

9.1 Indemnification by
Agent. Agent shall indemnify and hold WUNA, its affiliates, and their respective officers, directors, agents and
employees, harmless from and against any claims, losses, causes of action, damages, liabilities or expenses (including
reasonable attorneys’ fees and expenses) arising out of or resulting from:

 

(a) any violation of this Agreement;
(b) Agent’s failure to comply with Applicable Law; (c) any failure to adhere to the Service Requirements (including any payments
of Money Transfers to other than the intended recipients, in excess of the authorized amount, or resulting from any failure to
mark the transaction as paid-out in the will call file); (d) any claim or dispute regarding Agent’s debit or credit of funds
from a consumer’s Designated Account; (e) any negligence, recklessness or willful misconduct of Agent, its officers, directors,
agents or employees, as applicable; (f) the loss, misuse, theft, burglary, forgery, robbery or other crime, destruction, disappearance
and all other causes of loss with respect to the MT Trust Funds, including the receipt of counterfeit currency or checks; or (g)
any claim or dispute related to fraud on an Account Holder’s Designated Account. The indemnification obligations set forth
herein shall survive the termination of this Agreement.

 

9.2 Indemnification by WUNA.
WUNA shall indemnify and hold Agent, its affiliates, and their respective officers, directors, agents, and employees, harmless
from and against any third party claims, losses, causes of action, damages, liabilities or expenses (including reasonable attorneys’
fees and expenses) arising out of or resulting from any mishandling, delay, non-delivery or other errors or omissions concerning
the Money Transfer Services caused by WUNA prior to transmission to Agent or after acceptance from Agent and not attributable to
the acts or omissions of Agent, its officers, principals, or employees. The indemnification obligations set forth herein shall
survive the termination of this Agreement.

 

9.3 Limitation of Liability.
NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL THE CUMULATIVE AGGREGATE LIABILITY OF WUNA UNDER
THIS AGREEMENT EXCEED $500,000.00 IN DIRECT ACTUAL DAMAGES SUFFERED BY AGENT. IN NO EVENT SHALL WUNA, OR ITS AFFILIATES, DIRECTORS,
OFFICERS, EMPLOYEES OR AGENTS BE LIABLE UNDER ANY LEGAL OR EQUITABLE THEORY (INCLUDING, BUT NOT LIMITED TO TORT, CONTRACT, STRICT
LIABILITY, AND WARRANTY) FOR PUNITIVE, EXEMPLARY, SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL OR SIMILAR DAMAGES, INCLUDING LOST
PROFITS, EACH OF WHICH IS HEREBY EXCLUDED BY AGREEMENT OF THE PARTIES AND REGARDLESS OF WHETHER OR NOT WUNA HAS BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES.

 

10 Financial Statements; Audit
and Inspection; Agent Security Program.

 

10.1 Financial Statements.
Upon prior request by WUNA from time to time, Agent shall provide to WUNA within fifteen (15) business days its current annual
or interim financial statements, certified by Agent’s independent auditors, if available. Agent grants to WUNA, as well as
to, Dun and Bradstreet, and consumer credit services, consumer reporting agencies and to state and federal government representatives
permission and authorization to verify, receive, exchange and obtain business and/or personal credit and other information, including
without limitation, criminal background checks, as part of WUNA’s ongoing evaluation of Agent.

 

10.2 Records. Agent shall
maintain records with respect to the Services for such period as may be required by law or WUNA. Such records shall include copies
of all transaction forms, receipts and all other records Agent may compile in connection with its performance of the Services,
including any information related to Agent’s Account Holder identification and authentication processes and procedures,
and/or any Customer Identification Program described in 31 C.F.R. 103.121. Agent shall provide copies of any such records to WUNA
fifteen (15) days after WUNA’s reasonable request.

 

10.3 Audit. During the term
of this Agreement, and for a period of one year thereafter, WUNA shall have the right upon reasonable request of at least 5 business
days, to audit and inspect Agent’s books and records related to Agent’s performance of the Services and Agent’s
compliance with this Agreement, the Service Requirements, and Applicable Law. Consumer Information is the property of WUNA and
is subject to audit, review and collection by WUNA. Upon notice from WUNA of any deficiency, Agent shall correct such deficiency
within a reasonable period of time, but no more than thirty (30) business days and shall pay WUNA the reasonable costs related
to such audit.

 

10.4 Agent Security Program.
(a) Agent shall establish, implement and maintain administrative, technical and physical safeguards designed for the purpose of:
(i) ensuring the security of Western Union’s confidential information and Consumer Information; (ii) protecting against any
anticipated threats or hazards to the security or integrity Western Union’s confidential information and Consumer Information;
and (iii) protecting against unauthorized access to, or use, destruction or alteration of Western Union’s confidential information
or Consumer Information (including, but not limited to, during the disposal of the such information).

 

    Main, Page 5 of 12

     

    

 

(b) Upon reasonable prior notice, Agent
shall provide information about the measures it employs to safeguard WUNA’s confidential information and Consumer Information,
and shall permit a security assessment. The parties will agree on enhancements to be implemented by Agent in order to address any
insufficient security measures identified in such assessment or otherwise. Agent shall cooperate with WUNA to conduct security
vulnerability (penetration) testing on Agent’s system, which may include testing by electronic methods.

 

(c) If WUNA’s confidential
information or Consumer Information includes payment card data (credit and debit cards), then Agent will provide attestation
of compliance to PCI Data Security Standards to WUNA upon request.

 

(d) Agent shall transmit WUNA’s
confidential information or Consumer Information only by using a secure connection, and then only if the information is
encrypted.

 

(e) Agent will implement measures to
monitor and detect security incidents. Agent shall immediately notify WUNA of any actual or suspected unauthorized access to,
use of, or unintended or malicious loss, destruction or alteration of WUNA Consumer information or other confidential
information, through WUNA- specified reporting channels. Agent agrees to assist WUNA with all incident handling and forensic
investigation in case of such an incident.

 

11 Insurance. Agent represents
and warrants that Agent has sufficient assets or insurance to cover losses or liabilities arising from claims for workers’
compensation, bodily injury, property damage, theft, employee dishonesty, forgery, robbery, burglary, misplacement and similar
occurrences, including loss, theft, or damage. Agent’s obligation to maintain insurance hereunder shall not relieve Agent
of any of its other obligations hereunder, including its indemnity obligations in Section 9.1.

 

12 Assignment.

 

12.1 Any transfer or assignment of
this Agreement or any rights hereunder by Agent, in whole or in part, by operation of law or otherwise, without WUNA’s
prior written consent, is prohibited, constitutes a material breach of the Agreement and in WUNA’s sole discretion
shall be voidable. In the event of such transfer or assignment, the party to whom the Agreement was transferred or assigned
shall be bound to the terms and conditions of this Agreement to the same extent as if WUNA and such assignee or transferee,
as the case may be, entered into an agreement identical to this Agreement. Furthermore, Agent shall indemnify and hold WUNA
harmless from all liabilities, expenses, costs, fees and fines arising from, or in connection with, such transferee’s
or assignee’s offering of the Services. For purposes of this Agreement, an assignment or transfer shall include, among
other things: (a) a Change of Control of Agent or any person or entity that directly controls the Agent, or (b) the transfer
or sale of any substantial part (25% or more in value) of the total assets of Agent. “Change of Control” means
that: (i) the persons directly or indirectly owning the voting stock or interests shall cease to own, directly or indirectly,
more than 25% of all such voting stock or interests (on a fully-diluted basis); and/or (ii) the persons directly or
indirectly owning the voting stock or interests shall otherwise cease to have such ability, directly or indirectly, to elect
the majority of the board of directors or other governing members. Under no circumstances shall any assignment or transfer of
this Agreement by Agent release Agent from its obligations hereunder unless WUNA consents to such a release in writing.

 

12.2 Agent shall provide WUNA with written
notice of Agent’s intent to liquidate, substantially change the basic nature of its business, or transfer or sell any substantial
part (25% or more in value) of its total assets. Agent shall also notify WUNA of any judgment, writ, warrant of attachment, execution
or levy against any substantial part (25% or more in value) of Agent’s total assets not later than three days after Agent
obtains knowledge of any such judgment, writ, warrant of attachment, execution or levy.

 

12.3 In no event shall Agent sell, assign
or otherwise transfer greater than 50% of the assets used in connection with Agent’s business operated through all, or substantially
all, of the Agent Websites covered by this Agreement, unless: (a) WUNA gives its prior written consent to such sale, assignment
or transfer and (b) the purchaser, assignee or transferee thereof assumes this Agreement and all of the provisions and obligations
of the Agent hereunder. If Agent effects any such sale, assignment or transfer, Agent shall be responsible for all of the termination
responsibilities set forth in Section 8A of Part A; Agent shall be responsible for the liquidated damages set forth in such Section,
unless: (a) the transferee thereof assumes this Agreement and all of the provisions and obligations of the Agent hereunder, and
(b) WUNA consents to the same in writing. In no event shall Agent be relieved of its liability to WUNA or any of its other obligations
arising hereunder without WUNA’s prior written consent..

 

12.4 WUNA may assign or transfer this
Agreement and its rights hereunder and may delegate its duties hereunder, in whole or in part, to any third party, whether in
connection with a change in ownership or otherwise, without the consent of Agent.

 

12.5 Except as provided in the
following sentence, this Agreement will inure to the benefit of WUNA, its successors and assigns. No assignee for the benefit
of creditors, custodian, receiver, trustee in bankruptcy, debtor in possessions, sheriff, constable or any other officer of
the court, or other person charged with taking custody of Agent’s assets or business, shall have any right to continue
or to assume or to assign this Agreement.

 

    Main, Page 6 of 12

     

    

 

13 Notices.

 

13.1 Delivery. All notices
hereunder shall be in writing and shall be deemed given when personally delivered, or when sent by facsimile transmission with
receipt confirmed, one day after being sent by a reputable overnight courier, or three business days after being mailed by certified
mail, return receipt requested, in each case directed: (a) if to Agent, to its address as shown on the face of its Application,
to the attention of the representative or party signing this Agreement; (b) if to WUNA, to Western Union, One Belleview Station,
7001 E. Belleview Avenue, Denver, Colorado 80237, Attention: President, with a copy to the same address, Attention: General Counsel;
or (c) to such other address for each party as is specified by such party in a notice given to the other party.

 

13.2 Additional Notice
Events. In addition to the events requiring notice under Section 7.1 of this Agreement, Agent shall provide notice to
WUNA within forty- eight hours in accordance with Section 13.1 of this Agreement upon the discovery of any of the following
events involving or relating to itself, its officers, principals and all other Agent employees and/or representatives,
whether or not a criminal offense: (a) fraud; (b) dishonest activities; (c) embezzlement; (d) acting without a license,
registration, or authorization required under applicable law; (e) making of false statements or omissions in any
communications with WUNA or a governmental agency; (f) larceny; (g) forgery; (h) holdups, thefts, including loss or theft of
payment instruments, burglaries, or check kiting schemes; (i) destroying or altering information requested by WUNA or a
governmental agency; or (j) operating in an unsafe or unsound manner or any other misconduct.

 

14 Other Provisions.

 

14.1 Waiver of Trial by Jury.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING A
CLAIM ARISING OUT OF, OR RELATING TO, THIS AGREEMENT.

 

14.2 Waiver of Service of Process.
EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS THAT SERVICE OF PROCESS UPON IT MAY BE MADE
BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, AT THE ADDRESS PROVIDED PURSUANT TO SECTION 13 AND TO ITS REGISTERED
AGENT: Corporate Creations Network, Inc., 801 US Highway 1, North Palm Beach, FL 33408

 

14.3 Independent Contractors.
The parties agree that they are acting hereunder as independent contractors and that nothing in this Agreement shall be construed
to constitute either party as a partner, employee or agent of the other (except for the limited purpose of offering the Services
as defined herein), and no employee or agent of either party shall be deemed to be the employee or agent of the other. Neither
party shall have the authority to make any agreement or commitment, nor incur any liability on behalf of the other, nor be liable
for any acts or omissions of the other, except as specifically provided herein.

 

14.4 This Agreement,
including, all Parts, Schedules, Exhibits and Attachments hereto, the Agency Agreement Application, the Service Requirements,
and all documents incorporated by reference herein, constitutes the entire and sole agreement between the parties with
respect to the subject matter herein. This Agreement supersedes all prior understandings, arrangements or agreements, whether
verbal or written, between the parties hereto with respect to the subject matter of this Agreement. Provisions of this
Agreement that concern or relate to obligations and duties to be performed after the termination of this Agreement shall
survive termination of this Agreement to the extent reasonably necessary to effectuate the intent and purpose of such
provisions. Except as provided hereinabove, no modification, renewal, extension or waiver of any of the provisions of this
Agreement shall be binding upon the parties unless made in writing and signed by the parties. Emails, including emails that
bear an electronic “signature block” identifying the sender, shall not constitute signed writings for purposes of
this Agreement. No failure of either party to require performance by the other of any provision hereof shall be construed to
be a modification of this Agreement or a waiver of any succeeding breach. If any provision of this Agreement is determined to
be invalid by a court of competent jurisdiction, such provision shall be deemed void and the remainder of this Agreement
shall continue in full force and effect. Except as expressly set forth herein, nothing contained in this Agreement is
intended to confer upon any person not a party hereto any rights, benefits or remedies of any kind or character whatsoever,
and no such person shall be deemed a third-party beneficiary under this Agreement. In the event this Agreement references
more than one person, corporation, partnership or entity as Agent, then it is expressly agreed that the liability of such
persons or entities hereunder shall be both joint and several. This Agreement shall be construed and enforced in accordance
with, and shall be governed by, the laws of the State of New York (without regard to any provisions concerning choice of law
or conflict of laws which might result in the application of the law of another jurisdiction). In the event this Agreement is
translated into a language other than English, it is done solely for convenience purposes, with only the signed English
language version of this Agreement being valid and binding upon the parties.

 

    Main, Page 7 of 12

     

    

 

15. State Specific Requirements.  This Section 15 applies
to Agent with respect to its locations, if any, in the states listed below:

 

ARKANSAS, CALIFORNIA, HAWAII, IDAHO,
INDIANA, KENTUCKY, MAINE, MARYLAND, MICHIGAN, MINNESOTA, NEBRASKA, NEW MEXICO, NEW YORK, NORTH CAROLINA, NORTH DAKOTA, OREGON,
PENNSYLVANIA, SOUTH CAROLINA, TENNESSEE, TEXAS, VIRGINIA, WYOMING

 

Agent is under a duty to act only as authorized
under this Agreement. Agent and WUNA are subject to supervision, regulation and disciplinary action, including but not limited
to termination of the Agreement, by or at the direction of the Director or Commissioner (as defined below). Agent hereby consents
to the Director’s inspection of the books and records of Agent, with or without prior written notice to WUNA or Agent. As
used in this Section 15, “Director” or “Commissioner” means the following for each of the states listed
below:

 

Arkansas – Arkansas Securities Commissioner

 

California
– Commissioner of Business Oversight

 

Idaho – Director of the Idaho Department of Finance

 

Hawaii – Hawaii Commissioner
of Financial Institutions

 

Indiana – Director of Indiana
Department of Financial Institutions

 

Kentucky – Executive Director of the Kentucky Office
of Financial Institutions

 

Maine – Director of Office of Consumer Credit Regulation within the Department of Professional
and Financial Regulation

 

Maryland – Bank Commissioner of the Department
of Licensing and Regulation

 

Michigan – Commissioner of the Office of Financial and Insurance Services

 

Minnesota
– Commissioner of Commerce

 

Nebraska – Director of Banking
and Finance

 

New Mexico – Director of the Financial Institutions
Division of the Regulation and Licensing Department

 

New York – Superintendent
of Banking of the State of New York

 

North Carolina – Commissioner
of Banks of the State of North Carolina

 

North Dakota – Commissioner
of the Department of Financial Institutions

 

Oregon – Director of the Department of Consumer and Business Services

 

Pennsylvania – Secretary of Banking

 

South Carolina – South Carolina
Attorney General

 

Tennessee – Tennessee Commissioner
of Financial Institutions

 

Texas – Texas Commissioner
of Banking

 

Virginia -- Virginia Commissioner
of Financial Institutions

 

Wyoming – State Banking Commissioner

 

ALASKA, ARKANSAS, CALIFORNIA, DISTRICT
OF COLUMBIA, IDAHO, ILLINOIS, INDIANA, IOWA, KENTUCKY, MARYLAND, MICHIGAN, MINNESOTA, NEW JERSEY, NEW MEXICO, NORTH CAROLINA, PENNSYLVANIA,
SOUTH CAROLINA, VERMONT, VIRGINIA, WASHINGTON, TEXAS

 

Agent will perform all Services in compliance
with the Act (as defined below) and any rules, regulations or orders issued thereunder, as amended from time to time. As used in
this Section 15, “the Act” means the following for each of the states listed below:

 

Alaska – Alaska Uniform Money
Services Act, Chapter 55 of Title 6 of the Alaska Statutes

 

Arkansas – Arkansas Uniform Money Services Act,
Arkansas Code, Title 23, Chapter 55

 

    Main, Page 8 of 12

     

    

 

California – Money Transmission
Act of the California Financial Code and of any regulations or orders issued thereunder

 

District of Columbia – Money
Transmissions Law, Chapter 10 of Title 26 of the District of Columbia Code

 

Idaho – Chapter 29 of Title
26 of the Idaho Code

 

Illinois – the laws of the
State of Illinois and the United States, including without limitation, Illinois Transmitters of Money Act, 205 Illinois Compiled
Statutes Section 657

 

Indiana – Indiana Code Section
28-8-4-1 through Section 28-8-4-53

 

Iowa – Iowa Uniform Money
Services Act, Chapter 533C of the Iowa Code

 

Kentucky – Kentucky
Revised Statutes Chapter 286

 

Maryland – Maryland Money Transmission Act, Md.
Code Ann., Fin. Inst. Sections 12-401 to 12-431

 

Michigan – Michigan Money
Transmission Services Act, Act 250 of 2006, Michigan Compiled Laws Section 487, specifically subsections 1033 and 1034, and any
rules, regulations or orders issued thereunder

 

Minnesota – Minnesota Statutes
Annotated Chapter 53B.21

 

New Jersey – New Jersey Money Transmitters Act,
New Jersey Statutes, Title 17, Chapter 15C

 

New Mexico – Uniform Money
Services Act

 

North Carolina – North Carolina Money Transmitters
Act, N.C.G.S. §53-208.41 et seq

 

Pennsylvania – Money Transmitter
Act

 

South Carolina – South
Carolina Anti-Money Laundering Act, Title 35, Chapter 11

 

Vermont – Chapter
79, Title 8 of the Vermont Statutes

 

Virginia -- Chapter
19 of Title 6.2 of the Code of Virginia

 

Washington – Washington
Uniform Money Services Act, Revised Code of Washington, Title 19, Chapter 19.230

 

Texas – All applicable
state and federal laws rules and regulations pertaining to money transmission, including Chapter 151 of the Texas Finance Code,
relevant provisions of the Bank Secrecy Act and USA PATRIOT Act, and Chapter 271 of the Texas Finance Code, and regulations of
the State of Texas, including, but not limited to, the posting of the following notice to consumers as required under Title 7,
Section 33.51(d)(1) of the Texas Administrative Code:

 

    Main, Page 9 of 12

     

    

 

“Complaints concerning money transmission activities
of Company should be directed to:

 

For Western Union Branded
Money Transfer Complaints:

Western Union Financial Services, Inc.

P.O. Box 6036

Englewood, CO 80112

For Customer Service, please call:
1-800-325-6000

 

For Orlandi Valuta Branded
Money Transfer Complaints:

Western Union Financial Services, Inc.

P.O. Box 6036

Englewood, CO 80112

For Customer Service, please call:
1-800-515-5505

 

For Vigo Branded Money Transfer
Complaints:

Western Union Financial Services, Inc.

P.O. Box 6036

Englewood, CO 80112

For Customer Service, please call:
800-777-8784

 

For Money Order Complaints:

Western Union
Financial Services, Inc.

P.O. Box 7030

Englewood, Colorado 80155-7030

For Customer Services, please call:
1-800-999-9660

 

If, after contacting Company, you still have an unresolved
complaint regarding the company’s money transmission activity, then please direct your complaint to:

Texas Department of
Banking

2601 North Lamar Boulevard

Austin, Texas 78705

1-877-276-5554 (toll free)

www.dob.texas.gov”

 

CALIFORNIA

 

Agent shall make and keep accounts,
correspondence, memoranda, papers, books and other records which the California Commissioner of Business Oversight by regulation
or order requires, and Agent shall preserve such records for the time specified by such regulation or order.

 

HAWAII

 

Agent hereby certifies that it
is in compliance, and shall comply, with the recordkeeping and reporting requirements under Title 31 United States Code Section
5311 et seq., 31 Code of Federal Regulations Part 1022, Section 210, and other federal and state laws pertaining to money laundering.

 

KENTUCKY

 

Pursuant to the laws of the State
of Kentucky, WUNA hereby provides Agent with the following information: WUNA is required to comply with applicable federal and
state law.

 

MAINE

 

Agent is prohibited from providing
the Services to anyone under the age of 18 years.

 

    Main, Page 10 of 12

     

    

 

MICHIGAN

 

In the event WUNA’s license
is suspended or revoked, the Commissioner shall notify WUNA and order WUNA to send a notice to its Agents directing them to cease
providing money transmission services on behalf of WUNA, and the Agents shall immediately cease providing money transmission services
as an Agent of WUNA. Agent shall not make any fraudulent or false statement or misrepresentation to a consumer or WUNA or to the
Commissioner.

  

NEW YORK

 

Agent is prohibited from acting on behalf
of the consumer as a courier for the transmission of money, and no Money Order sold may be retained by Agent or any subagent of
WUNA. All Money Orders sold must be given by the Agent and any subagent of WUNA to the purchasers of the instruments for their
own delivery to the beneficiary. Agent shall not sell any Money Order or money transmission instruments in New York State pursuant
to this Agreement unless the name “Western Union Financial Services, Inc.” clearly appears on the face of the instrument.

 

NORTH CAROLINA

 

Company appoints Agent as its authorized
delegate with authority to engage in money transmission on behalf of WUNA. Neither Company nor Agent may authorize subdelegates
without the written consent of the Commissioner of Banks of the State of North Carolina (the “Commissioner”). Company
and Agent are subject to supervision and regulation by the Commissioner. Company shall issue a certificate of authority for each
Company Service offered at each location at which it conducts licensed activities in North Carolina through authorized delegates
such as Agent. The certificate(s) shall be posted in public view at each location of Agent in North Carolina and shall state as
follows: “Money transmission on behalf of Western Union Financial Services, Inc. is conducted at this location pursuant
to the North Carolina Money Transmitters Act, N.C.G.S. §53-208.41 et seq.”

 

PENNSYLVANIA

 

Pursuant to Subsection 12(c) of the
Pennsylvania Money Transmitter Act (Act 129), this Agreement shall contain the following provisions: (1) There is consent by
the Agent and the person on whose behalf the Agent is acting; (2) The Agent is acting on behalf of the person employing the
Agent’s service for the transmission of money; (3) The Agent is subject to the control of the person on whose behalf
the Agent is acting, meaning that the licensee or exempted person takes complete financial responsibility for the money being
transmitted from the moment an individual initiates the transmission of money until the intended recipient receives the
transmitted money; (4) There is no risk of loss to the individual initiating the transaction if the Agent fails to remit the
funds to the person on whose behalf the Agent is acting; (5) Receipt of funds by the agent is deemed receipt of funds by the
person on whose behalf the agent is acting; (6) The Agent may not provide money transmission outside the scope of activity
permissible under the written agreement between the Agent and the person on whose behalf the Agent is acting except to the
extent that the Agent is licensed itself or operating as an Agent for another person; (7) Individuals doing business with the
Agent are aware that the Agent is working on behalf of the person on whose behalf the Agent is acting.

 

TEXAS

 

Agent hereby certifies that it is familiar
with and agrees to fully comply with all applicable state and federal laws, rules, and regulations pertaining to money transmission,
including Chapter 151 of the Texas Finance Code and rules adopted thereunder, relevant provisions of the Bank Secrecy Act and
the USA PATRIOT Act, and Chapter 271 of the Texas Finance Code. Agent agrees to prepare and maintain all records as required by
Chapter 151 of the Texas Finance Code or any rule adopted thereunder or as reasonably requested by the Texas Commissioner of Banking.
Agent acknowledges that Company, as a license holder under Chapter 151 of the Texas Finance Code, is subject to regulation by
the Texas Commissioner of Banking and that, as part of that regulation, the Commissioner may suspend or revoke an authorized delegate
designation or require Company to terminate an authorized delegate designation. Agent acknowledges receipt of the WUNA
written policies and procedures applicable to Agent’s compliance with applicable state and federal laws. Agent acknowledges
that it has been provided the website address through which Agent can access Chapter 151 of the Texas Finance Code and rules adopted
pursuant to said chapter (www.dob.texas.gov) and the Bank Secrecy Act and the USA PATRIOT Act (www.msb.gov and www.fincen.gov),
and Chapter 271 of the Texas Finance Code (www.dob.texas.gov).

 

The remainder of this column
is intentionally left blank.

 

    Main, Page 11 of 12

     

    

 

The undersigned have executed the
foregoing Agreement to be effective as of the date WUNA signs this Agreement (the “Effective Date”). BY SIGNING
THIS AGREEMENT, AGENT AGREES TO THE PROVISIONS HEREIN AND ALL ATTACHMENTS HERETO FOR THE SERVICE TO BE PROVIDED BY AGENT.

 

AGENT: CUENTAS, INC.

 

	Signature: 	/s/ Arik Maimon	 
	 	(Authorized Representative)	 
	 	 	 
	Name: 	Arik Maimon	(Print)
	 	 
	Title: 	CEO	 
	 	 
	Date: 	10/21/2020	 

 

SIGNER MUST INITIAL APPLICABLE LINES BELOW:

 

	AM	Western
    Union Money Transfer® Services (Part A)	 
	 	 	 
	 	AM Agent
    Locations	 
	 	 	 
	 	AM On-line
    Money Transfer	 
	 	 	 
	____	Western Union
    Money Orders® (Part B)	 
	 	 	 
	____	Western Union
    Convenience Pay® Services (Part C)	 

 

 

FOR
INTERNAL USE ONLY

 

WESTERN UNION FINANCIAL SERVICES, INC.

 

	Signature:	/
    Carlos A Calvo Chacon	 
	 	(Authorized Representative)	 
	 	 
	Name: 	Carlos A Calvo Chacon	(Print)
	 	 
	Title: 	Agent Database Administrator	 

 

Western Union Services to be Offered by Agent:

 

	CCC	Western Union Money Transfer Service  (Part A)

 

	 	CCC	On-line Money
Transfer

 

Effective Date: 12/08/2020                              

 

 

    Main, Page 12 of 12

     

    

 

PART
A Description of

Services MONEY

TRANSFER

(ABMT MONEY TRANSFER
SERVICES)

 

1A. Services.

 

1A.1 During the term of this Agreement,
Agent shall offer the On-line Money Transfer Services, which will include WUNA’s Domestic Money Transfer services, International
Money Transfer services, Mexico Money Transfer services, and such other funds transfer or funds disbursement services that WUNA
may introduce, from time to time.

 

1A.2 Agent agrees that, during the term
of this Agreement and for a period of 90 days thereafter, Agent shall not act as agent for, represent, offer or allow to be offered,
through any Channel or otherwise, any other money transfer service or other service similar to any of the Money Transfer Services,
including, without limitation, card or ATM based money transfer services except for Agent USA GPR Card to Agent USA GPR Card and
Agent USA account to Agent USA account transfers already integrated into the Agent App and system. Agent represents and warrants
that Agent is not obligated to offer any money transfer services, through any Channel or otherwise, that compete with the Money
Transfer Services. Notwithstanding the preceding, Western Union hereby acknowledges that Agent may offer certain proprietary banking
services to its bank customers that may be similar to the Services; however, Agent acknowledges and agrees that it will not act
as agent for, represent or offer any other third-party provided service similar to any of the Services.

 

1A.3 Agent agrees that, if Agent
breaches Section 1A.2 WUNA’s remedies at law will not be adequate, and in addition to the other remedies set forth herein,
WUNA shall be entitled to specific performance, including appropriate injunctive relief.

 

2A. Procedures.

 

2A.1 WUNA shall provide Agent and
Agent’s designated employees with reasonable training in the provision of the Money Transfer Services as WUNA deems necessary.
WUNA shall furnish Agent with the materials necessary for Agent’s provision of the Money Transfer Services including any
information necessary to create the screens, flows, receipts, processes and procedures for use with On-line Money Transfer. Agent
shall not use any other forms or other such items in its provision of the Money Transfer Services, without the prior written approval
of WUNA. Creation, establishment and integration of On-line Money Transfer Services into Agent’s Website(s) shall be determined
upon mutual agreement of WUNA and Agent.

 

2A.2 For each Money Transfer sent through
Agent (through any Channel), Agent shall collect the principal amount of the Money Transfer, the applicable Transaction Fee (as
defined below) and any other WUNA service fees that may be applicable. Agent shall not impose any other fee, charge, requirement,
or restriction of any kind upon the Money Transfer sender that is not required by WUNA or Applicable Law. With respect to On-line
Money Transfer, Agent shall be solely responsible for properly debiting and crediting funds from and to Designated Accounts and
resolving any disputes relating thereto, including but not limited to receiving all necessary authorizations, in form and manner,
to debit and/or credit a Designated Account and any disputes related thereto, issues regarding the availability of funds in the
Designated Account, issues regarding the timing of debits from or credits to a Designated Account, any debits from a Designated
Account that are charged back, rejected, returned or withdrawn, any debits or credits to an account other than a Designated Account,
and/or any claims of fraud concerning Designated Accounts and/or Account Holders. Agent shall be liable to WUNA for the principal
amount of the Money Transfer, the applicable Transaction Fee and any other WUNA service fees that may be applicable, regardless
of whether Agent ultimately receives payment therefor. As used herein, “Transaction Fee” means the fee paid by a person
or entity for Western Union or its affiliates to complete the sending, processing or pay out of a money transfer or payment transaction,
subject to the exclusions listed below. For purposes of calculating the Agent’s commission in Section 5A.1, the items listed
below are not considered part of the Transaction Fee, whether (i) separately charged or included in the amount paid or (ii) incurred
by WUNA, its affiliate, or another agent or partner, and will be deducted by WUNA prior to it determining the base compensation
owed to Agent. The deductible items include: any costs associated with the form or method of funding or payout of a money transfer
or payment; debit or credit card processing fees; any processing fees related to transfers to and from bank accounts and other
accounts, including any form of wallet or prepaid/stored value cards; third-party processing costs applicable to the processing
of a money transfer or payment transaction; additional services offered by WUNA (e.g., home delivery of funds, telephone notification,
etc.); any taxes or governmental charges; or foreign exchange gains. WUNA will be entitled to the balance of all compensation
and other revenues received for the Money Transfer Service. All fee calculations will be made by WUNA in accordance with the Service
Requirements and will be settled in accordance with Section 5A.2.

 

2A.3 (a) With respect to On-line Receivers, Agent shall credit
the Designated Account with good and available funds within one business day of the On-line Receiver’s election to receive
pay out of a Money Transfer transaction into a Designated Account.

 

    Part A, Page 1 of 4

     

    

 

(c) Agent shall not impose
any fee, charge, requirement, or restriction of any kind upon a Money Transfer recipient that is not required by WUNA or Applicable
Law.

 

2A.4 Agent shall not use the Money Transfer Services to send or receive a Money Transfer on behalf of Agent, or of any principal,
officer, director or employee of Agent, or of any member of Agent’s family, as applicable. However, this paragraph shall
not be construed to prohibit employees of Agent from sending or receiving Money Transfers in the ordinary course and in customary
arm’s-length transactions.

 

2A.5 Agent agrees that WUNA may establish, from time to time and in WUNA’s sole discretion,
both daily and single transaction limits relating to the number and principal amount of transactions that may be transacted through
a Channel. WUNA reserves the right to temporarily suspend the Money Transfer Services through any Channel if Agent exceeds a daily
Money Transfer limit established by WUNA.

 

2A.6 Agent shall not advertise, solicit, or negotiate any of the Services in any language
other than English or Spanish, without the prior written approval of WUNA.

 

2A.7 Agent and WUNA shall each perform the obligations
related to the development and implementation of the Global Banking Services Gateway, as set forth in Schedule 1 hereto.

 

3A. Trust Relationship;
Liability for Loss.

 

3A.1 As of the Effective Date,
WUNA appoints Agent as its delegate and trustee for the limited purposes of offering the Money Transfer Services for sale to Consumers
through the applicable Channels, collecting MT Trust Funds in accordance with the provisions of this Agreement. Agent shall act
in a fiduciary capacity and hold the MT Trust Funds in trust for the benefit of WUNA and shall maintain and account for the MT
Trust Funds separate and apart from all other funds and monies of Agent. Agent agrees that, in the event Agent commingles MT Trust
Funds with any other funds, such funds shall be impressed with a trust to the extent of the MT Trust Funds. Agent shall not acquire
by operation of this Agreement, or otherwise, any right, title or interest of any kind in the MT Trust Funds. All MT Trust Funds
remain the sole and exclusive property of WUNA. Agent’s financial records shall identify the MT Trust Funds as funds and
other property held in trust for the benefit of WUNA.

 

3A.2 Anything to the contrary notwithstanding, Agent shall safeguard and
protect all MT Trust Funds and MT Equipment, if applicable, in its capacity as a fiduciary or trustee entrusted with such cash,
similar instruments or equipment for safekeeping. Agent shall be absolutely liable for any loss, theft, seizure, forfeiture or
misappropriation of the same until such MT Trust Funds or MT Equipment are received by or are in the possession of WUNA. Agent
shall be absolutely liable to WUNA for: (a) all MT Trust Funds and (b) the replacement value of all MT Equipment lost, stolen,
destroyed, damaged, misappropriated, seized or forfeited while in Agent’s possession. Within 24 hours after unused MT Equipment
provided hereunder have been lost, stolen, destroyed, damaged, misappropriated, seized or forfeited, Agent shall notify WUNA of
the serial numbers of such or MT Equipment. However, such notice does not relieve Agent of its liability as provided herein. Agent
agrees to pay all MT Trust Funds to WUNA upon demand, regardless of the presence or absence of negligence of Agent, WUNA or any
other person or entity.

 

4A. Remittance of MT Trust
Funds. Agent shall deposit all monies (including, without limitation, Money Transfer principal and fees) received by Agent
in connection with the provision of the Money Transfer Services and/or the Stored Value Services (the “MT Trust Funds”)
into the Trust Account no later than 10:00 a.m., local time at the place of deposit, on the business day following receipt thereof.
WUNA will then initiate a draft (via Automated Clearing House or other electronic means) against the Trust Account for the total
amount of all funds due WUNA hereunder. If Agent fails to comply with this Section 4A, WUNA may exercise any of the rights and/or
remedies set forth in Section 8.3 of the Agreement. WUNA may amend or modify the provisions of this Section 4A, in the following
instances: (a) immediately upon notice to Agent, if Agent (i) fails to remit amounts due to WUNA in accordance with this Section
4A, or (ii) breaches any material provision of the Agreement, or (b) upon 10 days prior notice to Agent; however, prior to the
conclusion of this 10-day period, Agent may elect to terminate this Agreement by providing WUNA with 30 days’ notice during
which time such changes shall not be in effect.

 

    Part A, Page 2 of 4

     

    

5A. Payments.

 

5A.1
Compensation. For each Qualifying Transaction, WUNA will pay Agent the percentage outlined below of the Transaction Fee and
the percentage outlined below of the foreign exchange gains. WUNA (and not Agent) will establish the rates by which the currency
in which any Qualifying Transaction is sent is converted into the currency that the Qualifying Transaction is paid, and Western
Union will calculate any applicable foreign exchange gain or loss. Foreign exchange losses, if any, will be shared in the same
percentage as foreign exchange gains. WUNA will pay Agent for Qualifying Transactions as follows: Agent’s commission for
each On-line Money Transfer sent or paid through an Agent Website will be REDACTED of the Transaction Fee (“Transaction
Fee Commission”) and REDACTED of FX (“FX Share”). For all transactions originating outside the
United States, Agent’s compensation will be paid in United States dollars in accordance with WUNA’s settlement and
currency conversion arrangements with the originating international agent. If Agent has not achieved more than REDACTED
Qualifying Transactions within 24 months of the Effective Date, the Transaction Fee Commission will be REDACTED
and FX Share will be REDACTED. If Agent then achieves more than REDACTED Qualifying Transactions
in any 12- month period, the Transaction Fee Commission will be REDACTED and the FX Share will be REDACTED.

 

5A.2 Calculation; Payment; Reports.
Agent’s compensation shall be paid as follows: (a) Transaction Fee Commission will be paid monthly in the month following
the calendar month in which it was earned, and (b) FX Share will be paid at the end of each calendar quarter in the month following
the end of the calendar quarter in which it was earned. Money Transfer principal is not included in the calculation of Agent commissions.
Except for the compensation to be paid to Agent as described in Section 5A.1 above, WUNA shall be entitled to the balance of all
compensation and other revenues received for or in connection with the Services. WUNA shall pay such compensation to Agent by
paper check or by credit (via Automated Clearing House or other electronic means), as determined by WUNA in its sole discretion.
WUNA will supply supporting reports to indicate the basis for each Channel’s calculation and to summarize monthly or quarterly,
as applicable, performance results

 

6A. Technology Rights.

 

6A.1 Title to all computer programs, computer
software, microcode, firmware, application programming interfaces, other interfaces, Gateway, source code, including all updates,
replacements and copies thereof, provided by WUNA to Agent (“MT Software”) shall remain in WUNA, and no title thereto
is transferred to Agent hereby. During the term of this Agreement, Agent is hereby granted a royalty-free, terminable, non-transferable
and non-exclusive license to use the MT Software for the sole purpose of providing the Money Transfer Services and for such other
purposes as WUNA or its affiliates may specify in writing from time to time. Such license shall terminate upon termination of
this Agreement. In order to protect WUNA’s trade secrets in the MT Software Agent shall install MT Software updates within
ninety (90) days of distribution by WUNA. At Agent’s expense. Agent shall not reverse engineer, decompile, copy, modify,
create derivative works of, transfer, sell, publish or disclose all or part of the MT Software. Agent agrees that the MT Software
is proprietary and confidential information of WUNA. 6A.2 Any improvement(s) to the MT Software made or discovered during the
Term shall belong exclusively to WUNA. To the extent that Agent contributes, in whole or in part, to any improvement(s) to the
MT Software, Agent hereby assigns to WUNA all right, title and interest in and to such improvements. Further, Agent agrees that
(a) it will not seek, and that it will require its employees, agents and representatives (including third party contractors) not
to seek patent, copyright, trademark, registered design, or other protection for any rights in and to the improvement(s), and
(b) it will do and will require its employees, agents and representatives (including third party contractors) to do, at WUNA’s
expense, all things and execute all documents as WUNA may reasonably require to vest in WUNA or its nominees any protection for
the improvement(s) that the other party deems appropriate.

 

    Part A, Page 3 of 4

     

    

 

7A. Merchandising Standards; Marketing Requirements.

 

On-line Money Transfer. During
the Term and subject to WUNA’s prior approval in each case, Agent shall (a) prominently and continuously advertise and promote
the Money Transfer Services and WUNA’s marks on Agent’s consumer home page and no less than three (3) additional uniform
resource locators (URLs) on Agent’s Internet web site; (b) communicate and advertise the Money Transfer Services to all
Account Holders upon commencement of the offering of the Money Transfer Services and no less than two (2) times per calendar year
thereafter.

 

8A. Termination Responsibilities;
Liquidated Damages.

 

8A.1 Immediately upon expiration
or termination of Part A or this Agreement, or upon the closure of Agent Website(s), with respect to that Agent Website(s), Agent
shall: (a) stop presenting itself to the public as providing the Services; (b) make no use of WUNA’s intellectual property,
Consumer Information or confidential information and return the same to WUNA; (c) refer all calls and consumers regarding the Services
to the telephone numbers, locations and/or Internet web sites specified by WUNA and Agent shall not divert any such calls or consumers
to a competitor of WUNA or disparage either WUNA or the Services; (d) at Agent’s sole cost and expense, return to WUNA all
of the following: state licensing materials (if any), Consumer Information, information and materials of any type relating to WUNA’s
security measures and procedures, and any other items that WUNA has provided to Agent; (e) at Agent’s sole cost and expense,
remove and (at WUNA’s election) deliver to WUNA or dispose of all signs, displays and other materials containing WUNA’s
name or logo (or will permit WUNA to do so at Agent’s sole cost and expense); (f) render a full accounting to WUNA for all
Services transacted through Agent and all MT Trust Funds; and (g) pay to WUNA all MT Trust Funds and any other amounts due to WUNA
in accordance with the terms of this Agreement. In addition, Agent will post a mutually agreeable notice of alternative locations
where Money Transfer Services are available on Agent Website(s), for a period of 90 days following the termination of this Agreement.
Upon any termination hereof, WUNA may notify its respective consumers of the termination and direct them to other service locations.

 

8A.2 If this Agreement is improperly
terminated by Agent, or otherwise terminated due to a breach of this Agreement by Agent then, in addition to any other remedies
provided herein or otherwise available to WUNA, Agent shall pay WUNA, as liquidated damages, upon demand, an amount equal to: the
average monthly consumer fees collected by Agent for the Money Transfer Services provided by WUNA during the 90 days preceding
either the date of first breach by Agent or the effective date of such termination (as may be elected by WUNA in its sole discretion),
less the actual commissions and bonuses paid to Agent by WUNA during such 90 day period, multiplied by 12 months or the number
of months (including any pro rata portion of a month) then-remaining in the Initial Term or the Renewal Term, whichever is less.
Agent acknowledges and agrees that the amount calculated and the method of calculation specified above are reasonable, provide
a reasonable estimate of WUNA’s probable damages in the event of such termination, and does not constitute a penalty.

 

9A.
Discontinuation and Modification of Service Methods.  If WUNA discontinues offering any Service through any particular Service
Method (as defined below) or modifies any Service through any particular Service Method, which WUNA may do in its sole discretion,
or any other optional service offered by WUNA, WUNA may terminate or amend this Agreement as it concerns such discontinued or
modified Service Method. The effective date of such termination or amendment under this Section 9A shall be the date on which
WUNA discontinues or modifies such Service Method; provided, however, that WUNA shall use commercially reasonable efforts to notify
Agent at least 30 days prior to such termination or amendment. As used herein, “Service Method” means the following
Money Transfer Services offered through any Channel: Quick Collect, Quick Cash, optional services of WUNA (including messaging,
delivery, telephoning the receiver, etc.) and such other methods of providing the Money Transfer Services that WUNA may introduce
from time to time.

 

	/s/ Arik Maimon	 
	Arik Maimon – CEO	 
	Cuentas, Inc. 10/21/2020	 

 

 

 

Part A, Page 4
of 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]