Common use of FLOATING INTEREST RATE LOAN Clause in Contracts

FLOATING INTEREST RATE LOAN. HBU may change the floating interest rate at any time. If HBU elects to do so, it shall notify the Borrower in writing of the change at least eleven days prior to the day on which it is to take effect. If the Borrower does not agree to the new interest rate, he shall inform HBU thereof in writing at least one week prior to the interest refixing date. If the Borrower fails to respond to the written notice from HBU by that date, the Borrower shall be deemed to have agreed to the new rate. If the Borrower so requests at least two weeks prior to the first day of the next calendar quarter or on a day the interest rate is changed, HBU shall, on the first day of the next calendar quarter, convert such floating rate loan into a fixed rate loan at HBU's then prevailing interest rate.

FLOATING INTEREST RATE LOAN. HBU may change the floating interest rate at any time. If HBU elects to do so, it shall notify the Borrower in writing of the change at least eleven days prior to the day on which it is to take effect. If the Borrower does not agree to the new interest rate, he shall inform HBU thereof in writing at least one week prior to the interest refixing date. If the Borrower fails to respond to the written notice from HBU by that date, the Borrower shall be deemed to have agreed to the new rate. If the Borrower so requests at least two weeks prior to the first day of the next calendar quarter or on a day the interest rate is changed, HBU shall, on the first day of the next calendar quarter, convert such floating rate loan into a fixed rate loan at HBU's ’s then prevailing interest rate.