Common use of Billing Statement Clause in Contracts

Billing Statement. CDF will transmit or otherwise send Borrower a monthly billing statement identifying all charges due on Borrower’s account with CDF. The charges specified on each billing statement will generally be due and payable in full on the due date specified therein, and shall be considered an account stated (i.e. an agreed upon amount no longer subject to dispute) unless Borrower disputes any such statement as follows. In the event that Borrower disputes any of the charges listed thereon, Borrower must send a written objection to any disputed amounts within fifteen (15) days after the billing statement was received by Borrower. If CDF does not receive payment of all charges accrued to Borrower’s account with CDF during the immediately preceding month by the 25th day of the next month, Borrower will (to the extent allowed by law) pay CDF a late fee equal to the greater of $5 or 5% of the amount of such charges (payment of such fee does not waive the default caused by the late payment), provided, however, no late fee or other penalty shall apply to any amounts in dispute. Borrower shall pay CDF its customary charge for any check or other item which is returned unpaid to CDF and for each ACH (as defined below) debit rejected by Borrower’s bank. CDF may, upon notice to Borrower, adjust the billing statement at any time to conform to applicable law and this Agreement. Borrower waives the right to direct the application of any payments hereafter received by CDF on account of the Obligations. CDF will have the continuing exclusive right to apply and reapply any and all such payments in such manner as CDF may deem advisable notwithstanding any entry by CDF upon its books and records.