Common use of Floating Rate Clause in Contracts

Floating Rate. The rate is raised every_____ month(s) from the standard interest rate from the date of value. The default interest rate adjustment day shall be the corresponding day of the date of value in the adjustment month. Where there’s no corresponding day of the date of value in the month, the last day of the month shall be the default interest rate adjustment day.

Floating Rate. The rate is raised every____ (raised/reduced) by every ____ month(s) from the standard interest rate from the date of value. The default interest rate adjustment day shall be the corresponding day of the date of value in the adjustment month. Where there’s no corresponding day of the date of value in the month, the last day of the month shall be the default interest rate adjustment day.