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:
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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.
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Variable Rate Option has the meaning given to that term in Section 4.5(2) of this Agreement.
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Examples of Variable Rate Option in a sentence

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

  • At a rate per annum equal to the rate of interest established by CoBank on the first Business Day of each week (the "Variable Rate Option").

  • 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.

  • If the Debtor shall fail to deliver to Secured Party the required financial statements and other required reports, the Revolving Credit Facility shall bear interest at the Variable Rate Option until such statements and reports have been received, provided that no Event of Default has occurred and is continuing, in which case, the Default Rate shall apply.

  • 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 Variable Rate Option.

  • Each change in the rate shall be applicable to all balances subject to this Variable Rate Option and information about the then current rate shall be made available upon telephonic request.

  • 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 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.

  • Interest shall be calculated on the actual number of days the Loan, or any part thereof, is outstanding on the basis of a year consisting of 360 days or 365 days in the case of any Portion accruing interest at the Variable Rate Option.

  • 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.


More Definitions of Variable Rate Option

Variable Rate Option shall have the meaning set forth in Section 2.04(A)(1).
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Variable Rate Option shall have the meaning set forth in Section 2.04(A)(1). RULES OF INTERPRETATION
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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 1.68%, 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.