FEES AND OTHER AMOUNTS OWED BANK. A. Fees and Taxes. Merchant will pay Bank fees for services, forms and equipment in accordance with the fees and rates set forth on the Application. Such fees will be calculated and debited from the Designated Account once each business day or month for the previous business day or month’s activity, or will be deducted from funds due Merchant attributable to Sales Drafts presented to Bank. Bank reserves the right to adjust the fees set forth on the Application, including adding fees for additional services utilized by Merchant, provided that Bank must approve, and notify Merchant in advance of, any fee to or obligation of Merchant arising from or related to performance of this Agreement. Merchant is obligated to pay all taxes, and other charges imposed by any governmental authority on the services provided under this Agreement. Bank may not assign or otherwise transfer an obligation to pay or reimburse Merchant arising from, or related to, performance of this Agreement.
B. Other Amounts Owed. Merchant will immediately pay NMS and/or Bank any amount incurred by Bank and/or NMS, as applicable, attributable to this Agreement including but not limited to chargebacks, fines imposed by Card Associations non-sufficient funds fees, and ACH debits that overdraw the Designated Account, Reserve Account or are otherwise dishonored. Merchant authorizes Bank to debit via ACH the Designated Account, Reserve Account, or any other account Merchant has at Bank or at any other affiliate or subsidiary of Bank or other financial institution for any amount Merchant owes Bank or NMS under this Agreement or under any other contract, note, guaranty, instrument or dealing of any kind now existing or later entered into between Merchant, on the one hand, and Bank or NMS, on the other, whether Merchant obligation is direct, indirect, primary, secondary, fixed, contingent, joint or several. In the event Bank demand funds due or such ACH does not fully reimburse NMS and Bank for the amount owed, Merchant will immediately pay Bank and/or NMS, as applicable, such amount. Merchant acknowledges and agrees that Bank and NMS will impose an 18% per annum interest rate charged to Merchant on the balance of any overdue funds due to Bank, or the greatest amount allowed by law, whichever is greater.
FEES AND OTHER AMOUNTS OWED BANK
