Common use of Effective Date of Change Clause in Contracts

Effective Date of Change. Any variation to the rate of interest on the Facility (which may also be known as the Prescribed Rate), the commission, discount or banking charges or otherwise is payable from the date the variation takes effect, as stated in the Bank’s notice of variation given in accordance with the terms of the Agreement. Interest will be re-calculated, if necessary, in accordance with the provisions of the Agreement and/or the Letters of Offer. The Bank will provide the Borrower with the revised particulars of instalment amounts or number of instalments payable after each interest rate adjustment.