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its affiliates; (ii) debit the Members Account with it's designated bank account; (iii) debit the <br /> Member's specified U.S. dollar deposit account at a U.S. financial institution; or (iv) Member <br /> shall pay in immediately available funds with a check or draft drawn on a U.S. fmancial <br /> institution for the balance shown on each Member Account Statement. Any amount not so paid <br /> on or before the applicable Payment Due Date shall be considered past due and such <br /> non- payment shall constitute a default by the Member. <br /> Section 3.4. Interest shall be charged on the amount of all Purchases, fees and service <br /> charges from the date posted to the Member Account, and from the date of the advance for Cash <br /> Advances. Interest shall be charged at the annual rate(s) defined in Schedule 1 (the "Card <br /> Rate(s)). " Interest is calculated on a daily basis by multiplying each daily interest - bearing <br /> balance of Charges in each Card Account by a daily rate of interest. The daily rate of interest is <br /> equal to the applicable Card Rate divided by the actual number of days in the year (365 or 366, <br /> as the case may be). <br /> Section 3.5. The Bank will waive the interest charges on Purchases, fees and service <br /> charges if the Bank receives payment in full at its MasterCard Payment Center of the aggregate <br /> outstanding balance of the Member Account on or before the Payment Due Date each month. <br /> The Bank will not waive interest charges on Cash Advances. <br /> Section 3.6. If the Bank receives any payment in an amount less than the outstanding <br /> balance of the Member Account shown on a Member Account Statement, the Bank may apply <br /> such partial payment to the Card Accounts as the Bank elects. In respect of any Card Account, <br /> any payment will be applied towards Charges which have been included in a Member Account <br /> Statement in the following order: (a) interest, (b) fees and service charges, (c) Cash Advances <br /> (d) interest - bearing Purchases, (c) non - interest- bearing Purchases; the remainder, if any, will <br /> then be applied towards Charges which have not yet been included in a Card Account Statement <br /> in the same order as shown above. The Bank may accept payments that are marked with <br /> restrictive endorsements such as "payment in full" without losing any of its rights under this <br /> Agreement. Any payment tendered with a restrictive endorsement must be sent to the Bank's <br /> address for customer service to be effective in accordance with Section 3 -311 of the Uniform <br /> Commercial Code. <br /> Section 3.7. The Member shall pay all Charges included in a Member Account <br /> Statement notwithstanding that the Member or a Cardholder disputes with the Bank any Charge <br /> or other particular. In the event of any such dispute with the Bank, the Member will follow the <br /> Customer Service Procedures outlined in Schedule 1. <br /> Section 3.8. The Member shall examine each monthly Member Account Statement, and <br /> shall ensure each Cardholder examines each monthly Card Account Statement, upon receiving it. <br /> If the Member does not notify the Bank of an error or omission with regard to any Charge to the <br /> Member Account included in or itemized on such monthly statements within sixty (60) days after <br /> the Monthly Billing Date in respect of such statement, the Member agrees that such Member <br /> Account Statement and related Card Account Statements shall be deemed presumptively to be <br /> correct and Member must establish by clear and convincing evidence that such Card Account <br /> Statement is in error. <br /> -4- <br />