Daily Balance. For each day a DPR is in effect, we figure the daily balance by: ● taking the beginning balance for the day, ● adding any new charges, ● subtracting any payments or credits; and ● making any appropriate adjustments. We add a new charge to a daily balance as of its transaction date. Beginning balance For the first day of a billing period, the beginning balance is the ending balance for the prior billing period, including unpaid interest. For the rest of the billing period, the beginning balance is the previous day's daily balance plus an amount of interest equal to the previous day's daily balance multiplied by the DPR for that balance. This method of figuring the beginning balance results in daily compounding of interest.
Daily Balance. For each day a DPR is in effect, we calculate the Daily Balance by: ● taking the beginning balance for the day, ● adding any new charges, ● subtracting any payments or credits; ● making any appropriate adjustments. We add a new charge to a Daily Balance as of its transaction date.
Daily Balance. For each day a DPR is in effect, we calculate the daily balance by: taking the beginning balance for the day, adding any new charges, subtracting any payments or credits; and making any appropriate adjustments. We add a new charge to a daily balance as of its transaction date. Beginning balance For the first day of a billing period, the beginning balance is the ending balance for the prior billing period, including unpaid interest. For the rest of the billing period, the beginning balance is the previous day´s daily balance plus an amount of interest equal to the previous day´s daily balance multiplied by the DPR for that balance. This method of calculating the beginning balance results in daily compounding of interest. When an interest rate changes, the new DPR may come into effect during–not just at the beginning of–the billing period. When this happens, we will create a new balance and apply the new DPR to it. To get the beginning balance on the first day for this new balance, we multiply the previous day´s daily balance by the old DPR and add the result to that day´s daily balance. Other methods To calculate the ADB and interest charges, we may use other formulas or methods that produce equivalent results. Also, we may choose not to charge interest on certain types of charges. Determining the Prime Rate We use the Prime Rate from the Money Rates section (or successor section) of The Wall Street Journal. The Prime Rate for each billing period is the Prime Rate published in The Wall Street Journal 2 days before the Closing Date of the billing period. The Wall Street Journal may not publish the Prime Rate on that day. If it does not, we will use the Prime Rate from the previous day it was published. If The Wall Street Journal is no longer published, we may use the Prime Rate from any other newspaper of general circulation in New York, New York. Or we may choose to use a similar published rate. If the Prime Rate increases, variable APRs (and corresponding DPRs) will increase. In that case, you may pay more interest and may have a higher Minimum Payment Due. When the Prime Rate changes, the resulting changes to variable APRs take effect as of the first day of the billing period. Other important information Closing your Account You may instruct us to close the Account by calling us or writing to us. The Basic Cardmember agrees to inform the Company prior to instructing us to do so. The Basic Cardmember and the Company remain jointly and severally lia...
Daily Balance. The term "Daily Balance" shall mean the amount determined by taking the amount of the Credit owed at the beginning of a given day, adding any new Credit advanced to or incurred by Borrower on such date, and subtracting any payments or collections which are deemed to be paid and are applied by Bank in reduction of the Credit on that date under the provisions of this Agreement.
Daily Balance as of any date of determination and with respect to any Obligation, the amount of such Obligation owed at the end of such day. Debt: as applied to any Person, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances (other than customer deposits and advances in the ordinary course of business) of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, including, without limitation, the Second Lien Notes, (c) all obligations of such Person upon which interest charges are customarily paid (excluding trade accounts payable on customary trade terms and accrued obligations incurred in the ordinary course of business), (d) all obligations of such Person under conditional sale or other title retention agreements relating to property or assets purchased by such Person, (e) all obligations of such Person issued or assumed as the deferred purchase price of property or services (excluding trade accounts payable and accrued obligations incurred in the ordinary course of business), (f) all Debt of others secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien on property, valued at the fair market value of the assets subject to such Lien (in the case of non-recourse Debt) owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (g) all Contingent Obligations of such Person with respect to Debt of others, (h) all Capital Lease Obligations of such Person, (i) all net obligations of such Person in respect of Hedging Agreements, determined on a marked-to-market basis in accordance with GAAP, (j) all obligations of such Person as an account party in respect of letters of credit and (k) all obligations of such Person as an account party in respect of bankers’ acceptances. The Debt of any Person shall include the Debt of any partnership in which such Person is a general partner, except to the extent that the terms of such Debt provide otherwise.
Daily Balance. As of any date of determination and with respect to any Obligation, the amount of such Obligation (including without limitation the aggregate amount of Obligations consisting of contingent reimbursement obligations in respect of Letters of Credit) owed at the end of such day.
