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Section 2.4. Upon receipt of a credit issued by a merchant or supplier for Purchases <br /> charged to the Member Account, the Bank shall post the credit to the Card Account. If die Bank <br /> does not receive the credit prior to the time the related charge is included in a monthly Card <br /> Account Statement (as defined below), the amount of the related charge shall be paid by the <br /> Payment Due Date. <br /> Section 2.5. The Bank and MasterCard International convert any Card Transaction made <br /> in a currency other than U.S. dollars to U.S. dollars. MasterCard International uses the <br /> MasterCard International conversion rate in effect on the day the Transaction is posted to the <br /> Card Account (currently either a wholesale market rate or a government - mandated rate) and <br /> adds a MasterCard International conversion charge. The Bank then adds the Bank's current <br /> foreign exchange markup. The MasterCard International conversion rate and charge may not be <br /> the same as existed on the day of the Transaction. The amount of the Transaction after <br /> conversion (including foreign exchange markup) is shown on the Card Account Statement as <br /> either a Purchase or Cash Advance. However, if a foreign currency Transaction is refunded to a <br /> Card Account, the MasterCard conversion rate used to convert the refund to the currency of the <br /> card is the rate that the Bank pays to MasterCard International Inc. minus the markup percentage <br /> that the Bank discloses to the Customer from time to time. This rate may not be the same as the <br /> rate that existed on the date the Transaction was refunded. For these reasons, the amount that is <br /> credited to a Card Account for a refund of a foreign currency Transaction will, in most cases, be <br /> less than the amount that was originally charged to the Card for that Transaction. <br /> SECTION 3. STATEMENTS, PAYMENTS AND INTEREST. <br /> Section 3.1. The Bank shall prepare monthly, as of the Monthly Billing Date, a Card <br /> Account statement (the "Card Account Statement") for each Card Account in which there is an <br /> outstanding balance as of the Monthly Billing Date or in which a Charge has been posted during <br /> the period commencing the day after the immediately preceding Monthly Billing Date and <br /> ending on the current Monthly Billing Date (the "Billing Period'). The Bank may upon request <br /> by the Member send to each Cardholder the Card Account Statement for such Cardholder's Card <br /> Account. The Card Account Statement will include the Transactions and the outstanding <br /> balance. <br /> Section 3.2. The Bank will prepare monthly, as of the same date in each month (the <br /> "Monthly Billing Date "), and will send to the Member an invoice (the "Member Account <br /> Statement") showing the aggregate outstanding balance of the Member Account as of such <br /> Monthly Billing Date; if more than one invoice is sent, such aggregate outstanding balance will <br /> be the sum of all the invoices. <br /> Section 3.3. Each month, the Member shall pay in full the aggregate outstanding balance <br /> of the Member Account shown on the Member Account Statement on or before the Payment Due <br /> Date in respect of such Member Account Statement, which Payment Due Date shall be the <br /> number of days after the Monthly Billing Date set out in Schedule 1. Payments must be made in <br /> U.S. Dollars. On the Payment Due Date, as agreed by the parties, the Bank shall either (i) debit <br /> the Member's specified U.S. dollar deposit account at Harris Trust and Savings Bank or one of <br /> -3- <br />