Periodic Rate definition

Periodic Rate means a rate of finance charge that is or may be imposed by a creditor on a balance for a day, week, month, or other subdivision of a year.

Periodic Rate means the periodic rate or rates determined in the manner described in the Credit Card Agreement applicable to each Account.

Periodic Rate means the Applicable Rate in effect on the day of calculation divided by 365.

Examples of Periodic Rate in a sentence

• The Daily Periodic Rate (DPR) is 1/365th of the APR, rounded to the nearest one ten-thousandth of a percentage point.

• The interest charged for a balance in a billing period, except for variations caused by rounding, equals: ● Average Daily Balance (ADB) multiplied by ● Daily Periodic Rate (DPR) multiplied by ● number of days the DPR was in effect.

• The Mortgage Interest Rate as well as, in the case of an Adjustable Rate Mortgage Loan, the Lifetime Rate Cap and the Periodic Rate Cap and the Periodic Rate Floor are as set forth on the related Mortgage Loan Schedule.

• In connection with any such assumption, the outstanding principal amount, the Monthly Payment, the Mortgage Interest Rate, the Lifetime Rate Cap (if applicable), the Gross Margin (if applicable), the Initial Rate Cap (if applicable) or the Periodic Rate Cap (if applicable) of the related Mortgage Note shall not be changed, and the term of the Mortgage Loan will not be increased or decreased.

• Finance charges on your Account are calculated by applying the applicable Monthly Periodic Rate to the average daily balances for purchases and cash advances.

More Definitions of Periodic Rate

Periodic Rate means such rate(s) percent per annum and effective from such date as we publish, circulate or notify from time to time apply to Credit Card Agreements. “Annual Fee”, “Cash Advance Fee”, “Late Payment Fee”, “Over-Limit Fee”, “Outstanding Balance Fee” mean the amounts specified as such in respect of credit cards in our published Schedule of Charges as amended by us from time to time, and referred to collectively as “Service Fees.” Account features and your use of the Account.

Periodic Rate means the Annual Percentage Rate divided by 12.

Periodic Rate means a rate of fi- nance charge that is or may be imposed by a creditor on a balance for a day, week, month, or other subdivision of a year.(22) Person means a natural person or an organization, including a corpora- tion, partnership, proprietorship, asso- ciation, cooperative, estate, trust, or government unit.(23) Prepaid finance charge means any finance charge paid separately in cash or by check before or at consummation of a transaction, or withheld from the proceeds of the credit at any time.(24) Residential mortgage transaction means a transaction in which a mort- gage, deed of trust, purchase money se- curity interest arising under an install- ment sales contract, or equivalent con- sensual security interest is created or retained in the consumer’s principal dwelling to finance the acquisition or initial construction of that dwelling.(25) Security interest means an inter- est in property that secures perform- ance of a consumer credit obligation and that is recognized by State or Fed- eral law. It does not include incidental interests such as interests in proceeds, accessions, additions, fixtures, insur- ance proceeds (whether or not the cred- itor is a loss payee or beneficiary), pre- mium rebates, or interests in after-ac- quired property. For purposes of disclo- sure under §§ 226.6 and 226.18, the term does not include an interest that arises solely by operation of law. However, for purposes of the right of rescission under §§ 226.15 and 226.23, the term does include interests that arise solely by operation of law.(26) State means any state, the Dis- trict of Columbia, the Commonwealth of Puerto Rico, and any territory or possession of the United States.(b) Rules of construction. For purposes of this regulation, the following rules of construction apply:

Periodic Rate. The percentage rate of Interest Charge imposed against a balance for a period. In this Agreement, a “Monthly” Periodic Rate is used.

Periodic Rate means the periodic interest rate or rates determined in the manner described in the Lending Agreement applicable to each Account;

Periodic Rate means such rate(s) per centum per annum and effective from such date as we publish, circulate or notify from time to time to apply to Cardholder Agreements.

Periodic Rate the Revolver Financing Charge or Delinquency Fee Rate, as the case may be, multiplied by the quotient of the number of days elapsed in the applicable billing period divided by 360.