Common use of Interest Rates and Charges Clause in Contracts

Interest Rates and Charges. The current Interest Rates are set out on each Billing Statement. They are expressed as annual percentage rates. The standard Interest Rates are shown in the chart outlined in the “Standard Annual Fees, Grace Periods and Interest Rates” section of these Commercial Card Program Service Materials. The Interest Rates may change from time to time. If Corporate Billing has been selected for a Customer Account, whether combined with Finance Office Billing or not, the Customer can avoid interest on both Purchases and Fees on a Customer Account or a Finance Office Account by always paying the Customer Account’s and/or Finance Office Account’s New Balance in full on or before the Payment Due Date, every month. The New Balance is shown on each Billing Statement and is made up of the sum of all Purchases, Cash Advances, interest and Fees incurred on all Cardholder Accounts under a Customer Account or Finance Office Account, up to the Statement Date. If Individual Billing has been selected for a Customer Account, whether combined with Finance Office Billing or not, the Customer can avoid interest on both Purchases and Fees on a Cardholder Account or a Finance Office Account by always paying the New Balance in full on or before the Payment Due Date, every month. The New Balance is shown on each Billing Statement and is made up of all Purchases, Cash Advances, interest and Fees incurred on a Cardholder Account, or the sum of all Purchases, Cash Advances, interest and Fees incurred on all Cardholder Accounts under a Finance Office Account, up to the Statement Date. If the Customer does not pay an Account’s New Balance in full on or before the Payment Due Date, the Customer will lose the interest-free status for Purchases and Fees. If this happens, the Customer must pay interest on all Purchases and Fees shown on that month’s Billing Statement as well as interest on all new Purchases and new Fees. Interest is calculated from the transaction date, until the day Royal Bank posts a payment for the total amount owing. To regain the interest-free status on Purchases and Fees, the Customer must pay the Account’s New Balance by the Payment Due Date. Interest on previously billed Purchases and Fees that has accrued since the end of the last Account Statement period to the date the payment in full of the New Balance is received will appear on the next month’s Billing Statement. Cash Advances never benefit from an interest-free Grace Period. This means that interest is charged from the transaction date. Fees are treated in the same manner as Purchases for the purpose of charging interest. The transaction date for a Fee is the date that the Fee is posted to the Account. Royal Bank does not charge interest on interest. Royal Bank calculates interest daily, however it only adds it to the Account monthly. The amount of interest Royal Bank charges on an Account is calculated as follows:

Interest Rates and Charges. The current Interest Rates are set out on each Billing Statement. They are expressed as annual percentage rates. The standard Interest Rates are shown indicated in the chart outlined in the “Standard Annual Fees, Grace Periods and Interest Rates” section of these Commercial Card Program Service Materials. The Interest Rates may change from time to time, and if they do, Royal Bank will inform the Customer in advance. If Corporate Billing has been selected for a Customer Account, whether combined with Finance Office Billing or not, the Customer can avoid interest on both Purchases and Fees on a Customer Account or a Finance Office Account by always paying the Customer Account’s and/or the Finance Office Account’s New Balance in full on or before the Payment Due Date, every month. The New Balance is shown indicated on each Billing Statement and is made up of the sum of all Purchases, Cash Advances, interest and Fees incurred on all Cardholder Accounts and VPA Accounts under a Customer Account or Finance Office Account, up to the Statement Date. If Individual Billing has been selected for a Customer Account, whether combined with Finance Office Billing or not, the Customer can avoid interest on both Purchases and Fees on a Cardholder Account, VPA Account or a Finance Office Account by always paying the New Balance in full on or before the Payment Due Date, every month. The New Balance is shown indicated on each Billing Statement and is made up of all Purchases, Cash Advances, interest and Fees incurred on a Cardholder Account or a VPA Account, or the sum of all Purchases, Cash Advances, interest and Fees incurred on all Cardholder Accounts and all VPA Accounts under a Finance Office Account, up to the Statement Date. If the Customer does not pay an Account’s New Balance in full on or before the Payment Due Date, the Customer will lose the interest-free status for Purchases and Fees. If this happens, the Customer must pay interest on all Purchases and Fees shown indicated on that month’s Billing Statement Statement, as well as interest on all new Purchases and new Fees. Interest is calculated from the transaction date, date until the day Royal Bank posts a payment for the total amount owing. To regain the interest-free status on Purchases and Fees, the Customer must pay the Account’s New Balance by the Payment Due Date. Interest on previously billed Purchases and Fees that has accrued since the end of the last Account Statement period to the date the payment in full of the New Balance is received will appear on the next month’s Billing Statement. Cash Advances never benefit from an interest-free Grace Period. This means that interest is charged from the transaction date. Fees are treated in the same manner as Purchases for the purpose of charging interest. The transaction date for a Fee is the date that the Fee is posted to the Account. Royal Bank does not charge interest on interest. Royal Bank calculates interest daily, ; however it only adds it to the Account monthly. The amount of interest Royal Bank charges on an Account is calculated as follows:

Interest Rates and Charges. The current Interest Rates are set out on each Billing Statement. They are expressed as annual percentage rates. The standard Interest Rates are shown in the chart outlined in the “Standard Annual Fees, Grace Periods and Interest Rates” section of these Commercial Card Program Service Materials. The Interest Rates may change from time to time. If Corporate Billing has been selected for a Customer Account, whether combined with Finance Office Billing or not, the Customer can avoid interest on both Purchases and Fees on a Customer Account or a Finance Office Account by always paying the Customer Account’s and/or Finance Office Account’s New Balance in full on or before the Payment Due Date, every month. The New Balance is shown on each Billing Statement and is made up of the sum of all Purchases, Cash Advances, interest and Fees incurred on all Cardholder Accounts under a Customer Account or Finance Office Account, up to the Statement Date. If Individual Billing has been selected for a Customer Account, whether combined with Finance Office Billing or not, the Customer can avoid interest on both Purchases and Fees on a Cardholder Account or a Finance Office Account by always paying the New Balance in full on or before the Payment Due Date, every month. The New Balance is shown on each Billing Statement and is made up of all Purchases, Cash Advances, interest and Fees incurred on a Cardholder Account, or the sum of all Purchases, Cash Advances, interest and Fees incurred on all Cardholder Accounts under a Finance Office Account, up to the Statement Date. If the Customer does not pay an Account’s New Balance in full on or before the Payment Due Date, the Customer will lose the interest-free status for Purchases and Fees. If this happens, the Customer must pay interest on all Purchases and Fees shown on that month’s Billing Statement as well as interest on all new Purchases and new Fees. Interest is calculated from the transaction date, until the day Royal Bank posts a payment for the total amount owing. To regain the interest-free status on Purchases and Fees, the Customer must pay the Account’s New Balance by the Payment Due Date. Interest on previously billed Purchases and Fees that has accrued since the end of the last Account Statement period to the date the payment in full of the New Balance is received received, will appear on the next month’s Billing Statement. Cash Advances never benefit from an interest-free Grace Period. This means that interest is charged from the transaction date. Fees are treated in the same manner as Purchases for the purpose of charging interest. The transaction date for a Fee is the date that the Fee is posted to the Account. Royal Bank does not charge interest on interest. Royal Bank calculates interest daily, however it only adds it to the Account monthly. The amount of interest Royal Bank charges on an Account is calculated as follows:

Interest Rates and Charges. The current Interest Rates are set out on each Billing Statement. They are expressed as annual percentage rates. The standard Interest Rates are shown in the chart outlined in the “Standard Annual Fees, Grace Periods and Interest Rates” section of these Commercial Card Program Service Materials. The Interest Rates may change from time to time. If Corporate Billing has been selected for a Customer Account, whether combined with Finance Office Billing or not, the Customer can avoid interest on both Purchases and Fees on a Customer Account or a Finance Office Account by always paying the Customer Account’s and/or Finance Office Account’s New Balance in full on or before the Payment Due Date, every month. The New Balance is shown on each Billing Statement and is made up of the sum of all Purchases, Cash Advances, interest and Fees incurred on all Cardholder Accounts and VPA Accounts under a Customer Account or Finance Office Account, up to the Statement Date. If Individual Billing has been selected for a Customer Account, whether combined with Finance Office Billing or not, the Customer can avoid interest on both Purchases and Fees on a Cardholder Account, VPA Account or a Finance Office Account by always paying the New Balance in full on or before the Payment Due Date, every month. The New Balance is shown on each Billing Statement and is made up of all Purchases, Cash Advances, interest and Fees incurred on a Cardholder Account or VPA Account, or the sum of all Purchases, Cash Advances, interest and Fees incurred on all Cardholder Accounts and VPA Accounts under a Finance Office Account, up to the Statement Date. If the Customer does not pay an Account’s New Balance in full on or before the Payment Due Date, the Customer will lose the interest-free status for Purchases and Fees. If this happens, the Customer must pay interest on all Purchases and Fees shown on that month’s Billing Statement as well as interest on all new Purchases and new Fees. Interest is calculated from the transaction date, until the day Royal Bank posts a payment for the total amount owing. To regain the interest-free status on Purchases and Fees, the Customer must pay the Account’s New Balance by the Payment Due Date. Interest on previously billed Purchases and Fees that has accrued since the end of the last Account Statement period to the date the payment in full of the New Balance is received will appear on the next month’s Billing Statement. Cash Advances never benefit from an interest-free Grace Period. This means that interest is charged from the transaction date. Fees are treated in the same manner as Purchases for the purpose of charging interest. The transaction date for a Fee is the date that the Fee is posted to the Account. Royal Bank does not charge interest on interest. Royal Bank calculates interest daily, ; however it only adds it to the Account monthly. The amount of interest Royal Bank charges on an Account is calculated as follows:

Interest Rates and Charges. The current Interest Rates are set out on each Billing Statement. They are expressed as annual percentage rates. The standard Interest Rates are shown in the chart outlined in the “"Standard Annual Fees, Grace Periods and Interest Rates” " section of these Commercial Card Program Service Materials. The Interest Rates may change from time to time. If Corporate Billing has been selected for a Customer Account, whether combined with Finance Office Billing or not, the Customer can avoid interest on both Purchases and Fees on a Customer Account or a Finance Office Account by always paying the Customer Account’s ' s and/or Finance Office Account’s ' s New Balance in full on or before the Payment Due Date, every month. The New Balance is shown on each Billing Statement and is made up of the sum of all Purchases, Cash Advances, interest and Fees incurred on all Cardholder Accounts under a Customer Account or Finance Office Account, up to the Statement Date. If Individual Billing has been selected for a Customer Account, whether combined with Finance Office Billing or not, the Customer can avoid interest on both Purchases and Fees on a Cardholder Account or a Finance Office Account by always paying the New Balance in full on or before the Payment Due Date, every month. The New Balance is shown on each Billing Statement and is made up of all Purchases, Cash Advances, interest and Fees incurred on a Cardholder Account, or the sum of all Purchases, Cash Advances, interest and Fees incurred on all Cardholder Accounts under a Finance Office Account, up to the Statement Date. If the Customer does not pay an Account’s ' s New Balance in full on or before the Payment Due Date, the Customer will lose the interest-free status for Purchases and Fees. If this happens, the Customer must pay interest on all Purchases and Fees shown on that month’s ' s Billing Statement as well as interest on all new Purchases and new Fees. Interest is calculated from the transaction date, until the day Royal Bank posts a payment for the total amount owing. To regain the interest-free status on Purchases and Fees, the Customer must pay the Account’s ' s New Balance by the Payment Due Date. Interest on previously billed Purchases and Fees that has accrued since the end of the last Account Statement period to the date the payment in full of the New Balance is received received, will appear on the next month’s ' s Billing Statement. Cash Advances never benefit from an interest-free Grace Period. This means that interest is charged from the transaction date. Fees are treated in the same manner as Purchases for the purpose of charging interest. The transaction date for a Fee is the date that the Fee is posted to the Account. Royal Bank does not charge interest on interest. Royal Bank calculates interest daily, however it only adds it to the Account monthly. The amount of interest Royal Bank charges on an Account is calculated as follows:

Interest Rates and Charges. The current Interest Rates are set out on each Billing Statement. They are expressed as annual percentage rates. The standard Interest Rates are shown indicated in the chart outlined in the “Standard Annual Fees, Grace Periods and Interest Rates” section of these Commercial Card Program Service Materials. The Interest Rates may change from time to time, and if they do, Royal Bank will inform the Customer in advance. If Corporate Billing has been selected for a Customer Account, whether combined with Finance Office Billing or not, the Customer can avoid interest on both Purchases and Fees on a Customer Account or a Finance Office Account by always paying the Customer Account’s and/or the Finance Office Account’s New Balance in full on or before the Payment Due Date, every month. The New Balance is shown indicated on each Billing Statement and is made up of the sum of all Purchases, Cash Advances, interest and Fees incurred on all Cardholder Accounts under a Customer Account or Finance Office Account, up to the Statement Date. If Individual Billing has been selected for a Customer Account, whether combined with Finance Office Billing or not, the Customer can avoid interest on both Purchases and Fees on a Cardholder Account or a Finance Office Account by always paying the New Balance in full on or before the Payment Due Date, every month. The New Balance is shown on each Billing Statement and is made up of all Purchases, Cash Advances, interest and Fees incurred on a Cardholder Account, or the sum of all Purchases, Cash Advances, interest and Fees incurred on all Cardholder Accounts under a Finance Office Account, up to the Statement Date. If the Customer does not pay an Account’s New Balance in full on or before the Payment Due Date, the Customer will lose the interest-free status for Purchases and Fees. If this happens, the Customer must pay interest on all Purchases and Fees shown indicated on that month’s Billing Statement Statement, as well as interest on all new Purchases and new Fees. Interest is calculated from the transaction date, date until the day Royal Bank posts a payment for the total amount owing. To regain the interest-free status on Purchases and Fees, the Customer must pay the Account’s New Balance by the Payment Due Date. Interest on previously billed Purchases and Fees that has accrued since the end of the last Account Statement period to the date the payment in full of the New Balance is received will appear on the next month’s Billing Statement. Cash Advances never benefit from an interest-free Grace Period. This means that interest is charged from the transaction date. Fees are treated in the same manner as Purchases for the purpose of charging interest. The transaction date for a Fee is the date that the Fee is posted to the Account. Royal Bank does not charge interest on interest. Royal Bank calculates interest daily, ; however it only adds it to the Account monthly. The amount of interest Royal Bank charges on an Account is calculated as follows: