Variable Rate Option definition

Variable Rate Option contained in Section 1.1. of the Agreement is hereby amended to read in its entirety as follows:
Sample 1Sample 2
Variable Rate Option has the meaning given to that term in Section 4.5(2) of this Agreement.
Sample 1
Variable Rate Option. The Credit Union, in its sole discretion, may change the Daily Periodic Rate and ANNUAL PERCENTAGE RATE from time to time in compliance with any specifically applicable laws and/or regulations. Any change in the Finance Charge shall apply only to new Purchases and Cash Advances. If the current effective rates are different, they are disclosed on an enclosed/attached insert. 12. “Promotional Rate” Finance Charges. From time to time and in our sole discretion we may offer a special rate applicable to certain transactions such as particular purchases (as defined by us), balance transfers, cash advances, or purchases made by using Convenience Checks. Applicable terms and conditions will be disclosed at the time any such promotion is offered, and are incorporated into this Agreement by reference. The promotional rate will apply only to the transactions and for the period of time set forth in any such offer from us. Existing balances and new purchases or advances not expressly subject to any such promotion will remain governed by the terms and conditions of this Agreement. In addition, the terms and conditions of this Agreement will govern your obligations regarding any unpaid balance or transactions that are made subject to any such promotional offer, that are not fully paid within the time period set forth in such promotional offer. 13. Interest Rate Adjustment (Default Rate) The Credit Union will adjust the interest rate on your account whenever your account is 60 days past due. We will change your interest rate to a non-variable ANNUAL PERCENTAGE RATE of 18% on the first day of the billing cycle following the cycle that was 60 days past due. After six (6) consecutive billing cycles of your account being paid pursuant to the terms of your agreements with the Credit Union, we will change the interest rate to the rate prior to the default rate, which will become effective on the first day of the billing cycle following the Sixth (6) consecutive billing cycles paid as agreed. If you fail to pay your Account pursuant to the terms of your agreement at any time during the next six (6) billing cycles after your account has had an interest rate adjustment due to default your account will remain at the Default Rate of 18% until such time as six (6) consecutive payments have been paid as agreed and your account has been reviewed to determine if the rate should be reduced based on your payment history. � 14.
Sample 1

Examples of Variable Rate Option in a sentence

  • Advances under the Variable Rate Option may be in unequal amounts and will be disbursed in accordance with a schedule established in advance and set forth on the Certificate of Loan Terms.

  • The Construction Advance Loan Rate will be determined by the Permanent Mortgage Note Rate and will be equal (a) for the Fixed Rate option, to the Pass-Through Rate and (b) for the Variable Rate Option, to the weighted average of the Pass-Through Rates applicable to each outstanding Advance.

  • If the Variable Rate Option is selected, the Construction Lender and the DUS Lender, in consultation with the Borrower, may elect to convert any remaining undisbursed Advances to the Fixed Rate Option at any time up until 90 days prior to the Final Delivery Date.

  • In the absence of an election provided for herein, the Company shall be deemed to have elected the Variable Rate Option.

  • If the Variable Rate Option is selected, each Advance will bear interest at a separate Construction Advance Loan Rate at the Pass-Through Rate in effect on the date the DUS Lender makes an MCODES Submission to rate lock the Pass-Through Rate applicable to such Advance.

  • In addition, on the last day of each fixed rate period, the Company may, subject to the terms hereof, elect to fix the rate for an additional period or convert the balance to the Weekly Quoted Variable Rate Option.

  • In the absence of any such election, interest shall automatically accrue on such balance at (and the Company shall be deemed to have elected to convert such balance to) the Weekly Quoted Variable Rate Option.


More Definitions of Variable Rate Option

Variable Rate Option shall have the meaning set forth in Section 2.04(A)(1). RULES OF INTERPRETATION
Sample 1
Variable Rate Option shall have the meaning set forth in Section 2.04(A)(1).
Sample 1

Related to Variable Rate Option

  • Base Rate Option means the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in Section 4.1.1(a)(i) [Revolving Credit Base Rate Option].

  • Variable Rate means a per annum rate of interest, equal to LIBOR plus 1.48%, as determined on the LIBOR Determination Date preceding each Interest Payment Date, reset quarterly, commencing upon expiration of the Fixed Rate Period.

  • Floating Rate Option has the meaning given to it in the ISDA Definitions;

  • LIBOR Rate Option means the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in Section 4.1.1(a)(ii) [Revolving Credit LIBOR Rate Option].

  • Variable Rate Bonds means Current Interest Bonds, which may be either Serial Bonds or Term Bonds, issued with a variable, adjustable, convertible or other similar interest rate which is not fixed in percentage for the entire term thereof at the date of issue, which Bonds may also be Option Bonds. Section 102.Rules of Construction. Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders. Unless the context shall otherwise indicate, the words "Bond," "Escrow Agent," "Owner," "person," "Paying Agent," and "Bond Registrar" shall include the plural as well as the singular number and the word "person" shall mean any individual, corporation partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. All references to applicable provisions of Law shall be deemed to include any and all amendments thereto.

  • Interest Rate Option means any LIBOR Rate Option or Base Rate Option.

  • Variable Rate Transaction shall have the meaning ascribed to such term in Section 4.12(b).

  • Base Rate Term Loan means any portion of the Term Loan during any period in which it bears interest based on the Base Rate.

  • Fixed Rate Term means a period commencing on a Business Day and continuing for 1, 2 or 3 months, as designated by Borrower, during which all or a portion of the outstanding principal balance of this Note bears interest determined in relation to LIBOR; provided however, that no Fixed Rate Term may be selected for a principal amount less than $100,000.00; and provided further, that no Fixed Rate Term shall extend beyond the scheduled maturity date hereof. If any Fixed Rate Term would end on a day which is not a Business Day, then such Fixed Rate Term shall be extended to the next succeeding Business Day.

  • Fixed Rate Period shall have the meaning in the form of Security set forth in Section 2.1.

  • Rate Option means the Eurodollar Rate or the Floating Rate.

  • Subsequent Fixed Rate Period means for the initial Subsequent Fixed Rate Period, the period commencing on April 1, 2022 and ending on and including March 31, 2027 and for each succeeding Subsequent Fixed Rate Period, the period commencing on the day immediately following the end of the immediately preceding Subsequent Fixed Rate Period and ending on and including March 31 in the fifth year thereafter.

  • Fixed Rate of Interest means the rate of interest payable from time to time in respect of a Fixed Rate Tier 1 BCN or during the Fixed Interest Rate Period in respect of a Fixed/Floating Rate Tier 1 BCN and that is either specified in the relevant Pricing Schedule or calculated in accordance with the provisions in the relevant Pricing Schedule.

  • Maximum Applicable Rate with respect to APS, has the meaning set forth in Section 11.10(a)(vii) of these Bylaws.

  • Floating Rate Period shall have the meaning set forth in Section 2.05(b) hereof.

  • Reference Rate Advance means an Advance which bears interest as provided in Section 2.09(a).

  • Initial Fixed Rate Period means the period commencing on the Issue Date and ending on and including June 30, 2020.

  • Variable Rate Indebtedness means any portion of indebtedness or other payment obligations, the interest rate on which is not established at the time of incurrence and has not at some subsequent date been established at a single numerical rate for the entire term thereof, excluding Paired Obligations.

  • Weekly Rate Period means any period of time during which a Group of 2020 Series D Variable Rate Bonds bears interest at the Weekly Rate.

  • Base Rate Advance means an Advance that bears interest as provided in Section 2.07(a)(i).

  • Fixed Rate Advance means an Advance which bears interest at a Fixed Rate.

  • Daily Rate Period means a period commencing on one Business Day and extending to, but not including, the next succeeding Business Day, during which Multi-Modal Bonds bear interest at the Daily Rate.

  • Original Term Loans means the "Term Loans" under, and as defined in, the Original Credit Agreement.

  • Base Rate Committed Loan means a Committed Loan that is a Base Rate Loan.

  • Term Rate Period means any period of time during which a Group of 2021 Series J Variable Rate Bonds bears interest at the Term Rate.

  • Interest Rate Period means any Daily Interest Rate Period, Weekly Interest Rate Period, Short-Term Interest Rate Period, Long- Term Interest Rate Period or ARS Interest Rate Period.