Deficiency Guarantee

The Issuer's obligation to make payment in respect of any credit balance, which you may have on a card account, is secured by way of a guarantee from a bank which is subject to banking legislation. An extract of the detailed wording of the deficiency guarantee currently in force (particularly the conditions and scope of the guarantee) and relevant to the cardholder is set out below in italics. The Issuer reserves the right to change this deficiency guarantee at any time. The deficiency guarantee as amended at the time of the deficiency shall apply. The wording of the latest deficiency guarantee which is relevant to the cardholder will be published in extract on this website and the cardholder will be notified of changes in due form.

Guarantor:
Credit Suisse (Switzerland) Ltd

Beneficiary:
Any cardholder who has a card account with Swisscard pursuant to the following conditions

Principal:
Swisscard AECS GmbH

Maximum amount:
CHF 70,000,000

Guarantee obligation:

The Guarantor hereby undertakes under Article 111 of the Swiss Code of Obligations, in the event of bankruptcy proceedings against Swisscard AECS GmbH (hereinafter "Swisscard") or in the event of composition proceedings relating to Swisscard, to pay the amount of the loss (resulting from a credit balance on the card including interest) to every cardholder who has a card account with Swisscard.

A loss within the meaning of the foregoing paragraph exists where it is proven, in a bankruptcy loss certificate or deficiency certificate from the competent liquidator or composition court, that the cardholder has an authorized claim against Swisscard which remains outstanding. Such a claim does not constitute a loss within the meaning of the foregoing, and is therefore not covered by this guarantee, if the claim relates to a credit balance which by its nature is not a deposit (in particular pursuant to Para. 18bis of Circular 2008/3 "Public deposits with non-banks" of the Swiss Financial Market Supervisory Authority FINMA or the respective regulation applicable at the time in question).

The Guarantor's obligation under this Guarantee is limited to CHF 70,000,000 for all beneficiaries collectively (i.e. the respective claims of all beneficiaries will be added together for the purposes of calculating the upper limit).

The amount of the loss will be paid by the Guarantor under this Guarantee on the first written request for payment provided a certified copy of the aforementioned bankruptcy loss certificate or deficiency certificate is attached thereto and proof has been provided that the respective claim relates to a card account with Swisscard.
 
This Guarantee shall come into force as of July 1, 2015, remain valid until June 30, 2025 and expire insofar as no claim has been made by that date or the Guarantee has not been extended. The claim under Guarantee shall be deemed to have taken place once the request for payment has been received by the Guarantor in accordance with the foregoing paragraph.

All questions relating to this Guarantee shall be decided in accordance with substantive Swiss law (i.e. without consideration for the rules on the conflict of laws). The exclusive place of jurisdiction for all court proceedings shall be Zurich, Switzerland, with the possibility of appeal to the Swiss Federal Supreme Court.