Standard Variable Rate. 12.1. Subject to clauses 14 (Interest Free Period) and 15 (Special Interest Rate), the rate of interest applicable to the Facility is the Standard Variable Rate. We may vary the Standard Variable Rate at any time at our sole discretion.
Standard Variable Rate. 7.1 Prior to the transfer of legal title from the Seller to the Mortgages Trustee, the Seller covenants with the Mortgages Trustee, the Issuer and the Security Trustee that, where the Mortgages Trustee and the Issuer (or the Trust Property Cash Manager and the Issuer Cash Manager on their behalf) determine on any Payment Calculation Date that there will be a Revenue Shortfall during the next succeeding Interest Period and notify the Seller to such effect, the Seller or the Administrator on its behalf shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Loan Conditions, to set the Seller’s Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans at or above such level (or where Clydesdale has ceased to be the Basis Rate Swap Provider, at such level being at least the equivalent of Compounded Daily XXXXX plus 2.301 per cent.) as may be notified to the Seller by the Mortgages Trustee and the Issuer (or the Trust Property Cash Manager and the Issuer Cash Manager on their behalf) as being the minimum level required in order for no Revenue Shortfall to arise. For the purposes of this Clause 7.1, “Compounded Daily XXXXX” shall be calculated by the Trust Property Cash Manager using the XXXXX Reference Rate as at the relevant Payment Calculation Date as reference rate for the calculation of interest for the immediately following Interest Period (with the resulting percentage rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards).
Standard Variable Rate. 4.1 Each of the Issuer and the Originator Beneficiary hereby grants the Mortgage Administrator full right, liberty and authority from time to time, in accordance with the relevant Mortgage Terms, to determine and set the Standard Variable Rate chargeable to Borrowers from time to time. Subject to Clause 4.3, the Mortgage Administrator will not at any time, without the prior consent of the Issuer, set or maintain the Standard Variable Rate at a rate which is higher or lower than the Originator's then prevailing variable base rate which applies to loans beneficially owned by the Originator which are not included in the Mortgage Portfolio and the Issuer, the Originator and the Originator Beneficiary shall be bound by the Standard Variable Rate set in accordance with this Agreement.
