Prepaying Your Loan: You may prepay all or part of the unpaid Principal Amount at any time without charge or penalty. If you prepay all of the Principal Amount, we will refund you a portion of any lender administration fee in accordance with applicable law. We will not refund other portions of the Cost of Borrowing such as interest and any imputed rebate/discount had you paid cash. This refund of the lender administration fee is determined by multiplying the amount of the lender administration fee by a fraction which is the number of days remaining in the term of your Loan divided by the number of days in the entire term of your Loan. For example, if your Loan includes a lender administration fee of $500, the term of your Loan is 24 months, and you repay the Principal Amount after 12 months, your refund will be $250. Provided you are not in default under this Agreement, we will pay any refund either by cheque (payable to you and any co- buyer) or by direct deposit to the bank account you use to make your payments. If you are in default under this Agreement, we will apply any such refund to what you owe Us.
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