Application Fee: Minimum Monthly Fees Clause Samples

Application Fee: Minimum Monthly Fees. You agree to pay PRI any Application Fee that may be in effect at the time of this Agreement. The amount of this fee, if any, is specified in the Merchant Bank Card Application and Agreement and is nonrefundable. You agree to pay PRI the Minimum Monthly Fee specified in the Merchant Bank Card Application and Agreement. The amount of all Discounts determined by PRI in accordance with Sections 7 and 8 of these Additional Terms and Conditions shall be credited toward the Minimum Monthly Fee. If the Minimum Monthly Fee exceeds the total amount of Discounts, PRI or its designated Settling Bank shall debit your Settlement Account the balance due. Any increase in the monthly fee imposed from time to time by an Interchange System to maintain your membership therein shall automatically and contemporaneously increase the Minimum Monthly Fee by a like amount, without prior notice to you. You agree to pay PRI and/or Agent Bank, as applicable, all fees, expenses, and other charges provided for in this Agreement. You acknowledge that (i) the amounts of any such expenses and other charges shall automatically and contemporaneously reflect any increases in charges to PRI from an Interchange System or third-party vendor without prior notice to you, and (ii) the amounts of any such fees may be increased at any time and from time to time by PRI and/or Agent Bank, as applicable, in their respective sole discretion upon fifteen (15) days prior written notice to you.