Payments of fees, costs and taxes. The fee will be deducted from the amount payable by Paynovate to the Merchant, to the extent possible. The amount of fees due under this Agreement shall be communicated to the Merchant either by invoice or in the reports provided to the merchant under this Agreement, as agreed upon by the Parties in the Purchase Order or other document. If applicable, the merchant hereby acknowledges and agrees to receive electronic invoices from Paynovate. Any fees or costs not deducted by Paynovate from amounts due to the merchant shall be deducted from the Reserve Amount in the Merchant Settlement Account. Any amount not deducted as described above shall be paid immediately and no later than the end of the month following the date of the relevant report. At Paynovate's first request, the merchant shall enter into a direct debit agreement with Paynovate, whereby the merchant authorizes Paynovate to debit the merchant's bank account listed in the Purchase Order (or any bank account used by the merchant, in the course of its business, as notified by the Merchant). The merchant agrees to execute all documents that Paynovate may request the merchant to execute for this purpose. Each invoice shall become final to the extent that it has not been disputed in writing within ten (10) Business Days after receipt, it being understood that receipt shall be deemed to have occurred four (4) days following the sending of the paper invoice and one (1) day following the sending of the electronic electronic invoice. All payments of fees and other costs or taxes shall be made in Euros. Without prejudice to Paynovate's other rights and remedies, interest shall automatically apply to any overdue amount at the rate mentioned in the law of August 2, 2002 concerning the fight against late payment in commercial transactions, increased by 200 basis points (2.00%). In addition, a fee of ten percent (10.00%) of the amount due, with a minimum of fifty (50.00) EUR, shall be due within seven (7) Calendar Days of a breach notification given by Paynovate.
