Common use of VARIABLE INTEREST RATES Clause in Contracts

VARIABLE INTEREST RATES. Your Annual Percentage Rate (“APR”) will be adjusted according to the U.S. Prime Rate as published in the “Money Rates” section of The Wall Street Journal as of the last day of the month (“Index”). Index changes will then take effect on the first day of your next billing cycle after the 15th day of the month. An increase in the Index will result in an increase to the APRs. There is no maximum APR, but the APRs will never be increased above the maximum rate permitted by law. If The Wall Street Journal does not publish the U.S. Prime Rate, or if it changes the definition of U.S. Prime Rate, the Bank may, in its sole discretion, substitute another index. We will add a margin to the Index to get the APR that will apply to that category of transaction. The Pricing Addendum to this Agreement contains your margin. The margin is based on our evaluation of your credit history. Your APR may also change in the event that there is an increase or decrease in your Credit Line or a change to your Account.