Common use of Periodic Billing Statements Clause in Contracts

Periodic Billing Statements. (i) Centrally-Billed Client. Bank may provide a periodic billing statement to Client with an active account for any billing cycle in which there is activity and to a Client with an inactive account for any billing cycle in which there is a balance of $5 or more, (unless not otherwise required by Applicable Law), which shall be a consolidated billing statement for all Cardholder Accounts. This consolidation of the Cardholder Accounts for purposes of billing and calculating interest, fees, and charges is referred to as the “Client Billing Account.” In addition, Bank will send a periodic memo statement to each Cardholder who had Card Transactions during the period. Client must pay the entire balance of the Client Billing Account at any time shown on the consolidated billing statement each billing cycle when there is a balance. The payment due date is shown on the consolidated billing statement and is based on the cycle date indicated within the set-up instructions. (ii) Individually-Billed Client. Bank may provide a periodic billing statement to an individual Cardholder with an active account for any billing cycle in which there is activity and to an individual Cardholder with an inactive account for any billing cycle in which there is a balance of $5 or more (unless not otherwise required by Applicable Law) for purposes of billing and calculating interest, fees, and charges. Individual Cardholders must pay the entire balance of an individual Cardholder Account at any time shown on the periodic billing statement each billing cycle when there is a balance. The payment due date is shown on the periodic billing statement and is based on the cycle date indicated within the set-up instructions. A memo statement may be sent to Client listing transactions of the individual Cardholders. (iii) In any event, unless Client notifies Bank in writing within sixty (60) days of receipt, the Client billing statement will be conclusively deemed to be correct.

Periodic Billing Statements. (i) Centrally-Billed Client. Bank may provide a periodic billing statement to Client with an active account for any billing cycle in which there is activity and to a Client with an inactive account for any billing cycle in which there is a balance of $5 or more, (unless not otherwise required by Applicable Law), which shall be a consolidated billing statement for all Cardholder Accounts. This consolidation of the Cardholder Accounts for purposes of billing and calculating interest, fees, and charges is referred to as the “Client Billing Account.” In addition, Bank ▇▇▇▇ will send a periodic memo statement to each Cardholder who had Card Transactions during the period. Client must pay the entire balance of the Client Billing Account at any time shown on the consolidated billing statement each billing cycle when there is a balance. The payment due date is shown on the consolidated billing statement and is based on the cycle date indicated within the set-up instructions. (ii) Individually-Billed Client. Bank may provide a periodic billing statement to an individual Cardholder with an active account for any billing cycle in which there is activity and to an individual Cardholder with an inactive account for any billing cycle in which there is a balance of $5 or more (unless not otherwise required by Applicable Law) for purposes of billing and calculating interest, fees, and charges. Individual Cardholders must pay the entire balance of an individual Cardholder Account at any time shown on the periodic billing statement each billing cycle when there is a balance. The payment due date is shown on the periodic billing statement and is based on the cycle date indicated within the set-up instructions. A memo statement may be sent to Client listing transactions of the individual Cardholders. (iii) In any event, unless Client notifies Bank in writing within sixty (60) days of receipt, the Client billing statement will be conclusively deemed to be correct.