M-DAQ Terms of Services: Schedule 2

Schedule 2 – Fee, Invoicing and Payment-related Terms

1.    Further invoicing and payment terms

a     For fees that are payable monthly in advance, M-DAQ will issue invoices for the Fees        within the first 10 business days of the previous month.

b     For fees that are payable in arrears, M-DAQ will issue an invoice within the first 10                 business days of the following calendar month from when the fee was incurred.  

c     All fees are payable by Client to M-DAQ within 7 business days of the date of the invoice.

d    Client is responsible for all taxes and similar or related amounts which are payable in       connection with the use of the M-DAQ Multi-Currency Account (including taxes on any              fees imposed by M-DAQ on Client) and Client will reimburse M-DAQ or its affiliates to the       extent such taxes are borne by M-DAQ or its affiliates to the extent such amounts are not       deducted or withheld. Client shall always keep M-DAQ and its affiliates indemnified       against all claims in relation to taxes. Neither M-DAQ nor its affiliates are obliged to       contest any demand made by any governmental or regulatory authority for such taxes.       M-DAQ shall not be responsible for deductions or withholdings made by third parties from       payments received by M-DAQ on Client’s behalf.

2.   Fee increases

a    M-DAQ may increase the fees at any time by giving at least 5 business days’ notice.

b    If the Client does not wish to pay the increased fees, it may choose to suspend its usage of M-DAQ’s services until mutual agreement of the revised fees, or the client may promptly inform M-DAQ in writing to terminate the Agreement for such termination to occur before the first day where the fees increase referenced in clause 2a above takes effect. If the Client does not suspend its usage of M-DAQ’s service or terminate the Agreement in accordance with this clause, it is deemed to have accepted the increased fees. For the avoidance of doubt, all fees paid under this Agreement are non-refundable and in no event will termination relieve Client of its obligation to pay any fees payable to M-DAQ for the period prior to the effective date of termination.