Standard Variable Rate. 12.1. Subject to clauses 14 (Interest Free Period) and 15 (Special Interest Rate), the rate of interest applicable to the Facility is the Standard Variable Rate. We may vary the Standard Variable Rate at any time at our sole discretion.
12.2. If we vary the Standard Variable Rate:
(a) we will give you notice of the variation by a notice in accordance with clause 30 (Notices) by advertising in one or more newspapers circulating in Ireland, through the Customer Portal or on our website;
(b) the variation will take effect from date specified in the notice; and
(c) in consequence of the variation, we may in our absolute discretion vary the amount of the Instalment Payments over the remainder of the Term.
12.3. Interest at the Standard Variable Rate is calculated on the outstanding balance of the Facility on a day-to-day basis and is charged on each Instalment Payment Date starting on the first Instalment Payment Date after the Agreement Date (as well after as before judgment or demand).
Standard Variable Rate. 7.1 Prior to the transfer of legal title from the Seller to the Mortgages Trustee, the Seller covenants with the Mortgages Trustee, the Issuer and the Security Trustee that, where the Mortgages Trustee and the Issuer (or the Trust Property Cash Manager and the Issuer Cash Manager on their behalf) determine on any Payment Calculation Date that there will be a Revenue Shortfall during the next succeeding Interest Period and notify the Seller to such effect, the Seller or the Administrator on its behalf shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Loan Conditions, to set the Seller’s Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans at or above such level (or where Clydesdale has ceased to be the Basis Rate Swap Provider, at such level being at least the equivalent of Compounded Daily XXXXX plus 2.301 per cent.) as may be notified to the Seller by the Mortgages Trustee and the Issuer (or the Trust Property Cash Manager and the Issuer Cash Manager on their behalf) as being the minimum level required in order for no Revenue Shortfall to arise. For the purposes of this Clause 7.1, “Compounded Daily XXXXX” shall be calculated by the Trust Property Cash Manager using the XXXXX Reference Rate as at the relevant Payment Calculation Date as reference rate for the calculation of interest for the immediately following Interest Period (with the resulting percentage rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards).
7.2 The Seller shall grant security powers of attorney to the Mortgages Trustee in the form set out in Schedule 4 (Form of Seller Power of Attorney) allowing the Mortgages Trustee and its delegates from time to time, inter alia, to set the Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans should the Seller fail to do so in accordance with its obligations under Clause 7.1. Nothing in this Clause 7.2 shall prevent the Seller (or any of its attorneys from time to time other than the Mortgages Trustee) from setting the Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans higher than any rate to be set or required to be set by the Mortgages Trustee.
7.3 The Mortgages Trustee (or the Issuer Cash Manager, as assisted by the Trust Property Cash Manager on its behalf) shall only set the Standard Variable Rate and ...
Standard Variable Rate. 13.1. Subject to clauses 15 (Interest Free Period), the rate of interest applicable to the Loan is the Standard Variable Rate. We may vary the Standard Variable Rate at any time at our sole discretion for the reasons set out in Clause 15.
13.2. If we vary the Standard Variable Rate:
(a) we will give you notice of the variation by a notice in accordance with clause 28 (Notices);
(b) the variation will take effect from date specified in the notice; and
(c) in consequence of the variation, we may in our absolute discretion vary the amount of the Instalment Payments over the remainder of the Term.
13.3. Interest at the Standard Variable Rate is calculated on the outstanding balance of the Loan on a day-to-day basis and is charged on each Instalment Payment Date starting on the first Instalment Payment Date after the Agreement Date (as well after as before judgment or demand).
