Common use of Variable Rate for Purchases Clause in Contracts

Variable Rate for Purchases. The current Annual Percentage Rate and Daily Periodic Rate for Purchases are shown on the billing statement. The Daily Periodic Rate and the corresponding Annual Percentage Rate may change on the first day of your billing cycle that begins in March, June, September, and December. Each date on which the rate of interest could change is called a “Change Date.” Changes will be based on changes in the “Index.” The Index is the highest Prime Rate published in the “Money Rates” table of The Wall Street Journal. If the Index is no longer available, we will choose a new index which is based upon comparable information and will give you notice of our choice. The Index figure published on the second Tuesday (or on the next business day if the second Tuesday is a holiday) of the calendar month in which the Change Date occurs is called the “Current Index.” Your interest rate for Purchases is based on a variable rate equal to the sum of Bank’s Prime Rate plus the applicable “Rate Spread” (4.99 percentage points for an Account with Corporate Billing and 6.99 percentage points for an Account with Individual Billing). Immediately before each Change Date we will determine the new interest rate for Purchases by adding the Rate Spread to the Current Index. For example, if the Current Index was 7.00% and the Rate Spread 6.99 percentage points, the Annual Percentage Rate would be 13.99%, and by dividing this percentage figure by 365, we would compute a Daily Periodic Rate of .0383%. The new interest rate for Purchases will become effective at the start of your first billing cycle after the Change Date. Only one Annual Percentage Rate and Daily Periodic Rate for Purchases will be in effect for any one billing period. The Annual Percentage Rate will not exceed the maximum rate permitted by law. The effect of any increase in the Annual Percentage Rate and the Daily Periodic Rate for Purchases would be to increase the amount of Finance Charge or interest you must pay and thus increase your monthly payments.

Variable Rate for Purchases. The current Annual Percentage Rate and Daily Periodic Rate for Purchases are shown on the billing statement. The Daily Periodic Rate and the corresponding Annual Percentage Rate may change on the first day of your billing cycle that begins in March, June, September, and December. Each date on which the rate of interest could change is called a “Change Date.” Changes Interest rate changes will be based on changes in the “Index.” The Index is the highest Prime Rate published Ratepublished in the “Money Rates” table of The Wall Street Journal. If the Index is no longer available, we will choose a new index which is based upon comparable information and will give you notice of our choice. The Index figure published on the second Tuesday (or on the next business day if the second Tuesday is a holiday) of the calendar month in which the Change Date occurs is called the “Current Index.” Your interest rate for Purchases is based on a variable rate equal to the sum of Bank’s Prime Rate plus the applicable “Rate Spread” (4.99 percentage points for an Account with Corporate Billing and 6.99 percentage points for an Account with Individual Billing). Immediately before each Change Date we will determine the new interest rate for Purchases by adding the Rate Spread to the Current Index. For example, if the Current Index was 7.00% and the Rate Spread was 6.99 percentage points, the Annual Percentage Rate would be 13.99%, and by dividing this percentage figure by 365, we would compute a Daily Periodic Rate of .0383%. The new interest rate for Purchases will become effective at the start of your first billing cycle after the Change Date. Only one Annual Percentage Rate and Daily Periodic Rate for Purchases will be in effect for any one billing period. The Annual Percentage Rate will not exceed the maximum rate permitted by law. The effect of any increase in the Annual Percentage Rate and the Daily Periodic Rate for Purchases would be to increase the amount of Finance Charge or interest you must pay and thus increase your monthly payments.

Variable Rate for Purchases. The current Annual Percentage Rate and Daily Periodic Rate for Purchases are shown on the billing statement. The Daily Periodic Rate and the corresponding Annual Percentage Rate may change on the first day of your billing cycle that begins in March, June, September, and December. Each date on which the rate of interest could change is called a “Change Date.” Changes will be based on changes in the “Index.” The Index is the highest Prime Rate published by the Bank of Canada in the “Money Rates” table of The Wall Street Journal. Daily Digest Table at xxxxx://xxx.xxxxxxxxxxxx.xx/rates/daily-digest/. If the Index is no longer available, we will choose a new index which is based upon comparable information and will give you notice of our choice. The Index figure published on the second Tuesday (or on the next business day if the second Tuesday is a holiday) of the calendar month in which the Change Date occurs is called the “Current Index.” Your interest rate for Purchases is based on a variable rate equal to the sum of Bank’s the Prime Rate plus the applicable “Rate Spread” (4.99 percentage points for an Account with Corporate Billing and 6.99 percentage points for an Account with Individual Billing). Immediately before each Change Date we will determine the new interest rate for Purchases by adding the Rate Spread to the Current Index. For example, if the Current Index was 7.00% and the Rate Spread 6.99 percentage points, the Annual Percentage Rate would be 13.99%, and by dividing this percentage figure by 365, we would compute a Daily Periodic Rate of .0383%. The new interest rate for Purchases will become effective at the start of your first billing cycle after the Change Date. Only one Annual Percentage Rate and Daily Periodic Rate for Purchases will be in effect for any one billing period. The Annual Percentage Rate will not exceed the maximum rate permitted by law. The effect of any increase in the Annual Percentage Rate and the Daily Periodic Rate for Purchases would be to increase the amount of Finance Charge or interest you must pay and thus increase your monthly payments.