Common use of Statements, Payments and Interest Clause in Contracts

Statements, Payments and Interest. Section 3.1. The Bank shall prepare monthly, as of the Monthly Billing Date, a Card Account statement (the “Card Account Statement”) for each Card Account in which there is an outstanding balance as of the Monthly Billing Date or in which a Charge has been posted during the period commencing the day after the immediately preceding Monthly Billing Date and ending on the current Monthly Billing Date (the “Billing Period”). The Bank may upon request by the Member send to each Cardholder the Card Account Statement for such Cardholder’s Card Account. The Card Account Statement will include the Transactions and the outstanding balance. Section 3.2. The Bank will prepare monthly, as of the same date in each month (the “Monthly Billing Date”), and will send to the Member an invoice (the “Member Account Statement”) showing the aggregate outstanding balance of the Member Account as of such Monthly Billing Date; if more than one invoice is sent, such aggregate outstanding balance will be the sum of all the invoices. Section 3.3. Each month, the Member shall pay in full the aggregate outstanding balance of the Member Account shown on the Member Account Statement on or before the Payment Due Date