Common use of INDEX RATE Clause in Contracts

INDEX RATE. The “Index Rate” is the highest Prime Rate published in the “Money Rates” column of The Wall Street Journal (“WSJ”) (the “Prime Rate”) in the month preceding the billing cycle. (such date is an “Index Rate Adjustment Date”). The new Index Rate will take effect on the first day of your next Billing Cycle that follows an Index Rate Adjustment Date. If the APR increases, your Minimum Payment amount may increase and if you only pay the Minimum Payment, it will take you longer to pay what you owe in full. We use the Prime Rate solely as a pricing index and do not represent it to be the lowest or best interest rate available to any of our borrowers at any given time. If WSJ ceases to publish a Prime Rate, we may substitute another rate published in another publication or another index which we do not control as the Index Rate.

INDEX RATE. The “Index Rate” is the highest Prime Rate published in the “Money Rates” column of The Wall Street Journal (“WSJ”) (the “Prime Rate”) in the month preceding the billing cycle. cycle (such date is an “Index Rate Adjustment Date”). The new Index Rate will take effect on the first day of your next Billing Cycle that follows an Index Rate Adjustment Date. If the APR increases, your Minimum Payment amount may increase and if you only pay the Minimum Payment, it will take you longer to pay what you owe in full. We use the Prime Rate solely as a pricing index and do not represent it to be the lowest or best interest rate available to any of our borrowers at any given time. If WSJ ceases to publish a Prime Rate, we may substitute another rate published in another publication or another index which we do not control as the Index Rate.