INTEREST CHARGES; VARIABLE RATE Clause Samples

INTEREST CHARGES; VARIABLE RATE. You agree to pay all interest which accrues on outstanding principal balances. Interest will accrue as follows: (a) The interest rate on the Account is variable. Your starting interest rate as of the date of this Agreement is % per annum. Your interest rate may change when and as a certain "INDEX" changes. The dates on which the interest rate may change are sometimes called "CHANGE DATES". (b) On each Change Date, your interest rate will be adjusted to equal the "INDEX" rate plus 2.25 % percentage point(s). The "INDEX" is defined as follows (applicable box is checked):