Common use of Standard Variable Rate Clause in Contracts

Standard Variable Rate. 13.1. Subject to clauses 15 (Interest Free Period), the rate of interest applicable to the Loan is the Standard Variable Rate. We may vary the Standard Variable Rate at any time at our sole discretion for the reasons set out in Clause 15. 13.2. If we vary the Standard Variable Rate: (a) we will give you notice of the variation by a notice in accordance with clause 28 (Notices); (b) the variation will take effect from date specified in the notice; and (c) in consequence of the variation, we may in our absolute discretion vary the amount of the Instalment Payments over the remainder of the Term. 13.3. Interest at the Standard Variable Rate is calculated on the outstanding balance of the Loan on a day-to-day basis and is charged on each Instalment Payment Date starting on the first Instalment Payment Date after the Agreement Date (as well after as before judgment or demand).