Define: Balance Subject to Interest Rate

How is Balance Subject to Interest Rate defined in a legal contract?

• Balance Subject to Interest Rate means the average daily balance of the account, which includes current transactions. This balance is calculated starting with the account's daily initial balance, adding any new transactions and charges, then subtracting any payments, unpaid fees, and interest charges. This calculation is repeated daily, and the results for all days in the billing cycle are added up and divided by the total number of days in the cycle. Interest charges begin on the date when transactions are posted to the account unless the previous balance was fully paid before the end of the billing cycle. Seen in 22 SEC filings.
• Balance Subject to Interest Rate means the average daily balance of the account, inclusive of all current and processed transactions. Seen in 3 SEC filings.
• Balance Subject to Interest Rate means the average of the daily balances during the billing cycle. Seen in 1 SEC filing.

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of balance subject to interest rate' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

• Balance Subject to Interest Rate means the average of all daily account balances, including all current transactions, over a billing cycle.

Relevant Contract Types

• Credit Card Agreement
• Loan Document
• Mortgage Agreements
• Bank Account Agreement

Relevant Circumstances

• When a credit card is issued to a customer.
• When a person obtains a loan.
• When a customer opens a new bank account.
• When an individual or corporation enters an agreement for a loan from a bank.

Relevant Sectors

• Banking
• Financial Services

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Genie Definition 2

• Balance Subject to Interest Rate means the mean of daily balances calculated throughout given billing period.

Relevant Contract Types

• Credit Agreement
• Debt Agreement
• Financing Agreement

Relevant Circumstances

• When providing short-term to mid-term financing for companies.
• When an individual or corporation agrees to borrow money and repay later with interest.
• When establishing the terms of a credit extended by a bank to a customer.

Relevant Sectors

• Financial Services
• Corporate Finance

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