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TERMS AND CONDITIONS
1. DEFINITIONS
In this Payment Alteration Application and Agreement:
Capitalized terms and expressions have the same meanings as set out in the Loan
Agreement, except as otherwise defined herein, provided that words set out in this
Payment Alteration Application and Agreement on the previous pages have the
meanings set out therein;
"Agreement" means this Payment Alteration Application and Agreement.
2. ALTERATION OF LOAN TERMS
2.1 PREPAYMENT CHARGE – Each of the Borrower and Guarantor hereby acknowledge
that changes to any of the terms under the Loan, as set out under the Request and the
Amended Loan Details, may result in a Full Prepayment Charge, Prepayment Charge,
and/or repayment of an Incentive(s).
2.2 FEE – Each of the Borrower and Guarantor hereby agree that if a fee is specified on
page 1, the fee will be deducted from the Account No. specified on page 1.
2.3 EFFECT OF CHANGES – Each of the Borrower and Guarantor hereby agree to the
terms that are described under the Amended Loan Details above, either permanently
or for the temporary period specified under the Request.
3. INTEREST RATE CHANGES
3.1. TEMPORARY INTEREST RATE REDUCTION – If the Request is a temporary reduction
of the Interest Rate under the Loan, the Lender reserves the right at any time in its
sole discretion to increase the Interest Rate under the Amended Loan Details from
time to time to a rate of interest not exceeding the Interest Rate under the Loan and
to increase the Periodic Payment Amount under the Amended Loan Details from time
to time accordingly.
4. PAYMENT CHANGES
4.1 CHANGES TO PERIODIC PAYMENT AMOUNT OR DATE – If the Request is a
change to the Periodic Payment Amount or Periodic Payment Date under the Loan,
the Lender reserves the right at any time in its sole discretion to change the Periodic
Payment Amount or Periodic Payment Date under the Amended Loan Details back to
the Periodic Payment Amount or Periodic Payment Date under the Loan.
5. SALE OF MORTGAGED PROPERTY
5.1 SALE OF MORTGAGED PROPERTY – If the mortgaged Property that secures the
Loan is sold, then, in addition to any requirements for payments set out in the security
documents, all amounts, payment of which has been deferred through temporary
reduction or suspension of payments, shall be immediately due and payable in full,
together with interest thereon at the Interest Rate under the Amended Loan Details.
6. CONFIRMATION OF OBLIGATIONS AND SECURITY
6.1 CONFIRMATION OF OBLIGATIONS AND SECURITY – Each of the Borrower and
Guarantor hereby agree and consent to this Agreement, and further acknowledge,
agree, and confirm that, except as expressly amended hereby, all of their respective
rights, covenants, obligations, and liabilities under the Loan, the Loan Agreement,
and the Loan Indebtedness and each of the other Loan Documents shall continue in
full force and effect without novation and shall not be altered, impaired, prejudiced, or
otherwise affected by this Agreement hereto. Without limiting the foregoing, each of
the Borrower and Guarantor confirm that the Mortgage shall continue to secure the
Loan and the Loan Indebtedness, as amended, modified, renewed, and/or extended
by this Agreement.
7. JOINT AND SEVERAL OBLIGATIONS
7.1 JOINT AND SEVERAL OBLIGATIONS – If more than 1 person constitutes the
Signers, the agreements of and all obligations and covenants to be performed and
observed by the Signers will be joint and several obligations of each of the persons
comprising the Signers.
CREDITMASTER® PAYMENT ALTERATION TERMS & CONDITIONS
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Credit0aster 3D\PHQW$OWHUDWLRQ7HUPV&RQGLWLRQV
SCHEDULE A — DETERMINATION OF PRINCIPAL AND INTEREST COMPONENTS OF BLENDED MONTHLY PAYMENTS
In this Schedule:
“Interest Rate” means that rate of interest per annum, payable at any particular time under and pursuant to the applicable CreditMaster®
Residential Term Loan Agreement;
“Outstanding Balance” means the outstanding balance of principal and interest on the immediately previous Payment Date (as hereinafter
defined) after deduction of the amount of the payment made on that Payment Date;
“Payment Date” means the date upon which a payment is received by the Lender;
To determine how much of each blended payment constitutes interest and how much constitutes principal it is necessary to determine the amount
of interest accrued since the previous Payment Date. The amount of interest accrued since the previous Payment Date will constitute the interest
portion of the payment and the balance of the payment, if any, will constitute principal being repaid.
Set forth below is a method for determining the amount of interest accrued during any particular period on the Interest Rate has not changed
during the period only one calculation will be required. If the Interest Rate has changed during the period separate calculations will be required
with respect to the number of days that a different Interest Rate applied during the period.
Method
Multiply (a) the Outstanding Balance by (b) the Interest Rate expressed as a fraction with 100 as the denominator and multiply that product by (c)
the quotient derived by dividing (i) the number of days since the previous Payment Date (include the present Payment Date but not the previous
Payment Date) by (ii) the number of days in the year.
(a)
Outstanding Balance
after previous payment
X
(b)
Interest Rate as a Fraction
X
(c)
No. of days in Period (i)
No. of days in Year (ii)
=
total
Example
If the Outstanding Balance after the previous payment was $75,000, the Interest Rate during the period is 14% per annum compounded monthly
and the number of days since the previous Payment Date is 31, the interest component of the blended payment may be determined as follows:
(a)
$75,000
(b)
X
14
100
(c)
X
31
365
=
$891.78
If the Interest Rate has changed since the previous Payment Date the interest accrued may be determined by:
1.
calculating interest for the number of days of the period at the Interest Rate prevailing on the previous Payment Date,
2.
calculating interest for the number of days of the period at the new Interest Rate,
3.
adding the amounts of 1 and 2.
If the Interest Rate is changed more than once during the period, step 2 above must be repeated for the number of days at each new Interest Rate.
CREDITMASTER® PAYMENT ALTERATION TERMS & CONDITIONS
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SCHEDULE B — TABLE OF EQUIVALENT RATES
INTEREST RATES
COMPOUNDED
MONTHLY
EQUIVALENT
INTEREST RATES
COMPOUNDED
SEMI-ANNUALLY
INTEREST RATES
COMPOUNDED
MONTHLY
EQUIVALENT
INTEREST RATES
COMPOUNDED
SEMI-ANNUALLY
INTEREST RATES
COMPOUNDED
MONTHLY
EQUIVALENT
INTEREST RATES
COMPOUNDED
SEMI-ANNUALLY
0.000
0.125
0.250
0.375
0.500
0.625
0.750
0.875
1.000
1.125
1.250
1.375
1.500
0.000000
0.125033
0.250130
0.375293
0.500521
0.625814
0.751173
0.876597
1.002086
1.127640
1.253260
1.378945
1.504695
6.250
6.375
6.500
6.625
6.750
6.875
7.000
7.125
7.250
7.375
7.500
7.625
7.750
6.331948
6.460270
6.588659
6.717115
6.845637
6.974225
7.102881
7.231603
7.360391
7.489247
7.618169
7.747157
7.876213
12.500
12.625
12.750
12.875
13.000
13.125
13.250
13.375
13.500
13.625
13.750
13.875
14.000
12.830077
12.961759
13.093508
13.225325
13.357210
13.489164
13.621185
13.753274
13.885431
14.017656
14.149950
14.282311
14.414741
1.625
1.750
1.875
2.000
2.125
2.250
2.375
2.500
2.625
2.750
2.875
3.000
3.125
3.250
3.375
3.500
3.625
3.750
3.875
4.000
4.125
4.250
4.375
4.500
4.625
4.750
4.875
5.000
5.125
5.250
5.375
5.500
5.625
5.750
5.875
6.000
6.125
1.630511
1.756393
1.882339
2.008352
2.134430
2.260573
2.386782
2.513057
2.639397
2.765803
2.892275
3.018813
3.145416
3.272085
3.398820
3.525620
3.652487
3.779419
3.906418
4.033182
4.160612
4.287808
4.415071
4.542399
4.669793
4.797254
4.924781
5.052374
5.180033
5.307758
5.435549
5.563407
5.691331
5.819322
5.947379
6.075502
6.203691
7.875
8.000
8.125
8.250
8.375
8.500
8.625
8.750
8.875
9.000
9.125
9.250
9.375
9.500
9.625
9.750
9.875
10.000
10.125
10.250
10.375
10.500
10.625
10.750
10.875
11.000
11.125
11.250
11.375
11.500
11.625
11.750
11.875
12.000
12.125
12.250
12.375
8.005335
8.134524
8.263780
8.393103
8.522493
8.651950
8.781474
8.911064
9.040722
9.170447
9.300239
9.430098
9.560024
9.690017
9.820078
9.950205
10.080400
10.210663
10.340992
10.471389
10.601853
10.732385
10.862984
10.993650
11.124384
11.255186
11.386055
11.516991
11.647995
11.779067
11.910206
12.041413
12.172688
12.304030
12.435440
12.566918
12.698464
14.125
14.250
14.375
14.500
14.625
14.750
14.875
15.000
15.125
15.250
15.375
15.500
15.625
15.750
15.875
16.000
16.125
16.250
16.375
16.500
16.625
16.750
16.875
17.000
17.125
17.250
17.375
17.500
17.625
17.750
17.875
18.000
18.125
18.250
18.375
18.500
18.625
14.547239
14.679805
14.812439
14.945142
15.077913
15.210752
15.343660
15.476636
15.609681
15.742794
15.875975
16.009225
16.142543
16.275930
16.409386
16.542910
16.676503
16.810165
16.943895
17.077694
17.211561
17.345498
17.479503
17.613578
17.747721
17.881933
18.016213
18.150563
18.284982
18.419470
18.554027
18.688653
18.823348
18.958112
19.092945
19.227848
19.362820
INTEREST RATES
COMPOUNDED
MONTHLY
EQUIVALENT
INTEREST RATES
COMPOUNDED
SEMI-ANNUALLY
18.750
18.875
19.000
19.125
19.250
19.375
19.500
19.625
19.750
19.875
20.000
20.125
19.497861
19.632971
19.768150
19.903399
20.038717
20.174105
20.309562
20.445089
20.580685
20.716350
20.852085
20.987889
20.250
20.375
20.500
20.625
20.750
20.875
21.000
21.125
21.250
21.375
21.500
21.625
21.750
21.875
22.000
22.125
22.250
22.375
22.500
22.625
22.750
22.875
23.000
23.125
23.250
23.375
23.500
23.625
23.750
23.875
24.000
24.125
24.250
24.375
24.500
24.625
24.750
24.875
21.123763
21.259707
21.395721
21.531804
21.667956
21.804179
21.940471
22.076833
22.213265
22.349766
22.486338
22.622979
22.759690
22.896472
23.033323
23.170244
23.307235
23.444297
23.581428
23.718630
23.855902
23.993244
24.130656
24.268138
24.405691
24.543314
24.681007
24.818771
24.956605
25.094509
25.232484
25.370529
25.508645
25.646831
25.785088
25.923416
26.061814
26.200283
CREDITMASTER® PAYMENT ALTERATION TERMS & CONDITIONS
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