(1) A contractual provision applicable to specific loans, investments, or deposits that changes the interest rate paid or received. For example, a loan may have an interest rate tied to the prime rate that changes every time the prime rate changes, or an investment may have a rate tied to the one-month LIBOR. It is immaterial which index, if any, the rate is linked to or when the rate adjusts.

(2) As used in asset liability management (ALM), refers to the timing of cash flow from the principal of an asset that is received by the bank or the timing of payment of the principal of a liability by the bank. For example, in the case of a 5-year, fixed-rate investment, the principal is received at the end of 5 years, therefore, the asset reprices at the end of the fifth year. Note that the end of the fifth year could be tomorrow if the investment was issued 4 years and 364 days ago. In the case of a car loan, an amount equal to the monthly principal payments made to the bank reprices each month. In the case of a certificate of deposit, repricing occurs at maturity.