For Variable Interest Rate Sample Clauses

For Variable Interest Rate. The Borrower promises to pay to the Bank at the time and in the manner hereafter set out at its Terrace, BC branch located at , the Principal Sum and any additional principal amounts advanced by the Bank to the Borrower from time to time under this Loan with interest thereon at a variable rate equal to the Bank’s Prime Rate in effect from time to time per centum (%) per annum (the “Interest Rate”), calculated monthly not in advance, as well after as before maturity of this Loan and both before and after default and judgment, until paid. If you have selected non-monthly payments, interest is calculated not in advance, with the same frequency as the payment frequency shown in the section entitled: Non-Monthly Payment Option below or another payment frequency that you select and is payable at that frequency. Throughout the initial term of this Loan, the principal money advanced, with interest at the Interest Rate, is payable as follows: Interest at the Interest Rate on the amounts from time to time advanced, computed from the respective dates of such advances until (the “Interest Adjustment Date”) shall become due and paid on the Interest Adjustment Date; provided that, the Bank may require the interest at the Interest Rate on the amounts from time to time advanced prior to the Interest Adjustment Date, computed from the date of each such advance, to become due and payable in monthly installments commencing on the date of the month next following the date of the advance, and the balance, if any, of such interest on such advances shall become due and paid on the Interest Adjustment Date. The Bank may at its option deduct from any advance all interest accrued on previous advances. After the Interest Adjustment Date, the Principal Sum together with interest thereon at the Interest Rate computed from the Interest Adjustment Date shall become due and payable as follows: By consecutive equal monthly installments of $ each (the “Periodic Installments”) (which includes principal and interest) on the day of each and every month in each and every year, to and including the day of , 20 , and the balance, if any, of the said Principal Sum and interest thereon, along with all other amounts due and owing under the Loan as contemplated herein, shall be and become due and payable on (the “Maturity Date”).