Closed End Credit Sample Clauses

Closed End Credit. You and I agree that I may borrow up to the maximum only one time (and subject to all other conditions).

Closed End Credit. You and I agree that I may borrow (subject to all other conditions) up to the maximum principal sum only one time. INTEREST: I agree to pay interest on the outstanding principal balance from 03-18-2002______________________________________ at the rate of 5.250 % per year until 03-19-2002. |X| Variable Rate: This rate may then change as stated below. |X| Index Rate: The future rate will be 0.500 PERCENT ABOVE the following index rate: THE HIGHEST RATE ON CORPORATE LOANS POSTED BY AT LEAST 75% OF THE USAS THIRTY LARGEST BANKS KNOWN AS THE WALL STREET JOURNAL PRIME RATE. THE RESULT OF THIS CALCULATION WILL BE ROUNDED TO THE NEAREST 0.125 |_| No Index: The future rate will not be subject to any internal or external index. It will be entirely in your control. |X| Frequency and Timing: The rate on this note may change as often as EVERY DAY BEGINNING 03-19-2002 . A change in the interest rate will take effect ON THE SAME DAY . |_| Limitations: During the term of this loan, the applicable annual interest rate will not be more than % or less than___%. The rate may not change more than _____________________________________________________________% each . Effect of Variable Rate: A change in the interest rate will have the following effect on the payments: |X| The amount of each scheduled payment will change. |X| The amount of the final payment will change. |_| . ACCRUAL METHOD: Interest will be calculated on a ACTUAL/360 basis. POST MATURITY RATE: I agree to pay interest on the unpaid balance of this note owing after maturity, and until paid in full, as stated below: |X| on the same fixed or variable rate basis in effect before maturity (as indicated above). |_| at a rate equal to . |X| LATE CHARGE: If a payment is made more than 10 days after it is due, I agree to pay a late charge of 5.000% OF THAT LATE AMOUNT .

Closed End Credit. In an oral re- sponse to a consumer’s inquiry about the cost of closed-end credit, only the annual percentage rate shall be stated, except that a simple annual rate or periodic rate also may be stated if it is applied to an unpaid balance. If the an- nual percentage rate cannot be deter- mined in advance, the annual percent- age rate for a sample transaction shall be stated, and other cost information for the consumer’s specific transaction may be given.

Closed End Credit. You and I agree that I may borrow (subject to all other conditions) up to the maximum principal sum only one time. INTEREST: I agree to pay interest on the outstanding principal balance from OCTOBER 05, 2001 at the rate of 5.5000 % per year ------------------- --------- until the first schedule rate change - 10/05/02 ---------------------------------- [X] VARIABLE RATE: This rate may then change as stated below. [X] INDEX RATE: The future rate will be Equal To the following index rate: ------------- ------------------------------------------------ NEW YORK PRIME AS PUBLISHED IN THE WALL STREET JOURNAL -------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------- [ ] NO INDEX: The future rate will not be subject to any internal or external index. It will be entirely in your control. [X] FREQUENCY AND TIMING: The rate on this note may change as often as Every Year . -------------------------------------------------------- A change in the interest rate will take effect On Your Scheduled Rate Change Date If The Index Changes . ------------------------------------------------------------------------- [X] LIMITATIONS: During the term of this loan, the applicable annual interest rate will not be more than N/A % or less than ------ N/A %. The rate may not change more than N/A % each N/A . ------------ -------------- ----------------------------------------------- EFFECT OF VARIABLE RATE: A change in the interest rate will have the following effect on the payments: [X] The amount of each scheduled payment will change. [X] The amount of the final payment will change. [ ] ___________________________________________________________________________________________________________________________. ACCRUAL METHOD: Interest will be calculated on a 365/360 basis. ------------------------------- POST MATURITY RATE: I agree to pay interest on the unpaid balance of this note owing after maturity, and until paid in full, as stated below: [X] on the same fixed or variable rate basis in effect before maturity (as indicated above). [ ] at a rate equal to ________________________________________________________________________________________________________. [X] LATE CHARGE: If a payment is made more than 10 days after it is due, I agree to pay a late charge of _________________. -------...

Closed End Credit. You and I agree that I may borrow up to the maximum only one time (and subject to all other conditions). INTEREST: I agree to pay interest on the outstanding principal balance from OCTOBER 12, 1996 at the rate of 8.750% per year until FIRST CHANGE DATE. XX VARIABLE RATE: This rate may then change as stated below. X INDEX RATE: The future rate will be .500% Over the following index rate: WALL STREET JOURNAL BASE RATE AS ESTABLISHED BY THE MINIMUM PRIME LENDING RATE FOR LARGE U.S. MONEY CENTER COMM. BANKS AS PUBLISHED IN MONEY RATES SEC. OF W.S.J. X CEILING RATE: The interest rate ceiling for this note is the QUARTERLY ceiling rate announced by the Credit Commissioner from time to time. X FREQUENCY AND TIMING: The rate on this note may change as often as DAILY. A change in the interest rate will take effect ON THE SAME DAY LIMITATIONS: During the term of this loan, the applicable annual interest rate will not be more than ________________% or less than ___%.

Closed End Credit. You and I agree that I may borrow (subject to all other conditional up to the maximum principal sum only one time. INTEREST: I agree to pay interest on the outstanding principal balance from 12-03-2001 at the rate of 7.500% per year until 06-01-2002. [X] VARIABLE RATE: This rate may change as stated below. [ ] INDEX RATE: The future rate will be ------ the following index rate: [ ] CEILING RATE: The interest rate ceiling for this note is the ___________ ceiling rate announced by the Credit Commissioner from time to time.

Closed End Credit. For closed-end loans, if, after consummation, a security interest is taken in any real property, or in personal property used or expected to be used as the consumer’s principal dwelling, an exempt loan remains exempt under § 226.3(b). However, the addition of a security interest in the consumer’s principal dwelling is a transaction for purposes of § 226.23, and the creditor must give the consumer the right to rescind the security interest consistent with that section. See § 226.23 (a) (1) and the accompanying commentary. In contrast, if a closed-end loan that is exempt under § 226.3(b) is satisfied and replaced by a loan that is secured by any real property, or by personal property used or expected to be used as the consumer’s principal dwelling, the new loan is not exempt under § 226.3(b) and the creditor must comply with all of the applicable requirements of this part. See comment 3(b)–5.

Closed End Credit. For closed-end loans, if after consummation a security interest is taken in real property, or in personal property used or expected to be used as the consumer’s principal dwelling, an exempt loan remains exempt under § 1026.3(b). (a) (1) and its commentary. In contrast, if a closed-end loan that is exempt under § 1026.3(b) is satisfied and replaced by a loan that is secured by real property, or by personal property used or expected to be used as the consumer’s principal dwelling, the new loan is not exempt under § 1026.3(b), and the creditor must comply with all of the applicable requirements of this part. See comment 3(b)– 5. 7. Application to extensions secured by mobile homes. Because a mobile home can be a dwelling under § 1026.2(a)(19), the exemption in § 1026.3(b) does not apply to a credit extension secured by a mobile home that is used or expected to be used as the principal dwelling of the consumer. See comment 3(b)–6. 8. Transition rule for open-end accounts exempt prior to July 21, 2011. Section 1026.3(b)(2) applies only to open-end accounts opened prior to July 21, 2011. Section 1026.3(b)(2) does not apply if a security interest is taken by the creditor in real property, or in personal property used or expected to be used as the consumer’s principal dwelling. If, on July 20, 2011, an open-end account is exempt under § 1026.3(b) based on a firm commitment to extend credit in excess of $25,000, the account remains exempt under § 1026.3(b)(2) until December 31, 2011 (unless the firm commitment is reduced to $25,000 or less). If the firm commitment is increased on or before December 31, 2011 to an amount in excess of $50,000, the account remains exempt under § 1026.3(b)(1) regardless of subsequent increases in the threshold amount as a result of increases in the CPI–

Closed End Credit. You and I agree that I may borrow up to the maximum only one time (and subject to all other conditions). INTEREST: Interest accrues on a Actual/360 Day basis. o Fixed Rate: I agree to pay interest at the fixed, simple rate of % per year, from until paid in full. x Variable Rate: I agree to pay interest from 08/30/2006 at the initial simple rate of 7.600% per year. This rate may change as stated below. Post-Maturity Interest Interest will accrue after maturity on the unpaid balance of this note on the same basis as interest accrues prior to maturity, unless a specific post-maturity interest rate is agreed to in the next sentence. o If checked, interest will accrue at the rate of % per year on the balance of this note not paid at maturity, including maturity by acceleration. o If checked, I agree to pay a minimum FINANCE CHARGE of $ if I pay this loan before you have earned that much in FINANCE CHARGES.

Closed End Credit. You and I agree that I may borrow (subject to all other conditions) up to the maximum principal sum only one time. INTEREST: I agree to pay interest on the outstanding principal balance from 11/15/2001 at the rate of 5.000% per year until the interest rate as provided for in this note. __X__Variable Rate: This rate may then change as stated below. __X__Index Rate: The future rate will be EQUAL TO the following index rate: _____No Index: The future rate will not be subject to any internal or external index. It will be entirely in your control. __X__Frequency and Timing: The rate on this note may change as often as MONTHLY. A change in the interest rate will take effect 1ST DAY OF THE MONTH FOLLOWING CHANGE.