Appearance
Canadian Interest Act Waiver
Definition
An express waiver by the borrower of any provisions of the Interest Act (Canada).
Example
(b) Each Borrower confirms that it fully understands and is able to calculate the rate of interest applicable to Borrowings based on the methodology for calculating per annum rates provided for in this Agreement and the other Loan Documents. Each Borrower hereby irrevocably agrees not to plead or assert, whether by way of defence or otherwise, in any proceeding relating to this Agreement or any other Loan Document, that the interest payable under this Agreement or any other Loan Document and the calculation thereof has not been adequately disclosed to such Borrower as required pursuant to Section 4 of the Interest Act (Canada).