JScript getting undefined value from option set

I know I am missing something simple , but I cant see it ... help please

When I get to my 3rd alert , my "selectedRate" is coming back undefined , no error

function UpdateRateLogo() {

alert("WML");

try {

var selectedRate = null;

var showSelectedRateLogo = null;

var lookupItem = null;

var rLogo = false;

var webResourceName = null;

//get value option set value

alert("WML2");

if (Xrm.Page.getAttribute('leadqualitycode').getOptions() != null) {

//Get the Business Unit value

lookupItem = Xrm.Page.getAttribute('leadqualitycode').getOptions();

//Check if lookup is not null

if (lookupItem != null) {

selectedRate = lookupItem[0].name;

alert("WML: " + selectedRate);

if (selectedRate == "Cold") {

webResourceName = 'im_Cold';

rLogo = true;

}

elseif (selectedRate == "Warm") {

webResourceName = 'im_Warm';

rLogo = true;

}

elseif (selectedRate == "Hot") {

webResourceName = 'im_Hot';

rLogo = true;

}

elseif (selectedRate == "Qualified") {

webResourceName = 'im_Qualified';

rLogo = true;

}

elseif (selectedRate == "New Lead") {

webResourceName = 'im_NewLead';

rLogo = true;

}

//Check if logo exists as a web resource

if (rLogo) {

//get Logo based on selectedRate

showSelectedRateLogo = Xrm.Page.context.getClientUrl() + '/WebResources/' + webResourceName;

//alert("WML: " + showSelectedRateLogo);

}

else {

//alert("WML: blank");

//get Logo based on selectedRate

showSelectedRateLogo = "about:blank";

}

}

// alert(showSelectedBULogo);

//var IFrame = Xrm.Page.getControl("IFRAME_Rate");

//IFrame.setSrc(showSelectedRateLogo);

//IFrame.setVisible(true);

var IFrame = Xrm.Page.getControl("IFRAME_Rate");

IFrame.setVisible(true);

window.setTimeout(

function () {

return IFrame.setSrc(showSelectedRateLogo);

}, 1000);

//Xrm.Page.ui.controls.get);

// IFrame.setVisible(true);

}

}

catch (e) {

alert('showRateLogo' + e.description);

}

}

// JavaScript source code