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The following definitions apply to these Terms and Conditions: 

• “Eligible” refers to any individual qualified to participate in the Customer Assistance Program (CAP). You may not be Eligible if your Loan is 90 or more days in arrears, in which case you should contact Scotiabank for further information.
• “You”, “Your”, “Business”, “borrower”, “co-borrower”, “guarantor(s)”, mean the individual person(s) or entity that agree to borrow or to guarantee the obligations of the Borrower from the Lending Bank under the terms and conditions set out in the Commitment Letter. This includes, but is not limited to, the owner or sole proprietor of the Business or the partners in the partnership.
• “Applicable Period” means from July 15th to August 31st, 2024, inclusive. where a request can be made to participate in the Customer Assistance Program (CAP)
• “Loan” means any Non-Revolving Term Loans, Mortgages and Credit Cards
• “Loan Payment” means the payment obligation under the Loan, as described in the Small Business Financial Services Agreement, Small Business Commitment Letter, the Rates and Fees Schedule, and any other document(s) or schedule(s) that form part of your Agreement with us or any other agreement you have with us, including any promissory note(s) that you execute and also the interest on those obligations when due and payable.
• “Deferred Amount” means the accrued interest, principal and insurance (as applicable) associated with your Loan that has been deferred and not paid during the Deferral Period. 
• “We” “The Bank” or “Scotiabank” mean, as applicable The Bank of Nova Scotia and its branches and subsidiaries and affiliates operating outside of Canada including, but not limited to, its agencies and branches in  Guyana, Scotiabank (Bahamas) Limited, Scotiabank (Barbados) Limited, Scotiabank & Trust (Cayman) Ltd, Scotiabank (Turks and Caicos) Ltd., and Scotiabank Trinidad and Tobago Limited and The Bank of Nova Scotia Jamaica Limited. 

1. You represent and warrant that all information provided to Scotiabank in connection with your Loan deferral request is correct and true.
2. You have asked Scotiabank to defer your regular Loan payment(s) (consisting of principal and interest and insurance premium (as applicable) due and payable under your Loan(s).  Requests for participation in this program shall only be accepted by the Bank during the Applicable Period.
3. Your request must first be approved by the Bank before you can participate in the CAP program.  Once it is approved, your payments will be deferred for a period of three (3) months, or until your loan maturity date, whichever comes first (“the Deferral Period”).
4. The Deferral Period commences with effect from the date you confirm your participation in this CAP program or earlier if one of your products qualified for automatic deferral under this program.
5. Your automatic Loan payments will recommence at the end of the Deferral Period. During the Deferral Period, if you have asked Scotiabank to defer your automatic loan payments but wish to restart your automatic payments, you may contact us to re-start your automatic payments at a later point during the Deferral Period.  Where you notify us and you continue to make such payments as you can towards your Loan during the Deferral Period, these will be applied to your account in accordance with the Small Business Financial Services Agreement and Commitment Letter.
6. During the Deferral Period, the following will apply:
   
   For Credit Cards
   i.    Interest will be charged and added to the account balance for each cycle. There will be no interest on accrued interest                  accumulated in a billing cycle during the Deferred Period. However if the interest accrued during the Deferral Period i               not cleared at the end of that period, interest will accrue from that point on the accumulated balance.

ii.   You will not be required to make any minimum payments during the Deferral Period, but you can continue making          payments against your balance at any time including during the deferred period.

iii.    You will not be charged late, no-payment or overlimit fees during the Deferral Period as a result of non-payment of the         minimum monthly payment amount.

iv.    When the Deferral Period is over, regular requirements for monthly payments and normal interest calculations on the         accumulated balance will resume.

v.     If during the Deferral Period you opt to create a SelectPay Plan, and convert an Eligible Transaction posted on your Card         Account to fixed installment payments (including interest) you must pay the minimum payment of the SelectPay Plan         which included installment principal amount plus interest on all Eligible Transactions

vi.    If there is an automatic payment or standing order for your credit card it will continue to be made as normal unless you         choose and take action to cancel/suspend the automatic payment or standing order.

vii.    Your insurance premium for your credit card protection will not be deferred but will be added to r balance

For Non Revolving Term Loans for Small Business -Secured, Unsecured and Automobile, Real Estate Secured and Mortgages.

i.    The loan must be in current status, if the loan is not in current status, you first have to pay your balance in arrears in full (i.e.,       bring the account to current), and when the account is back to current, the payment deferral can be applied.

ii.    During the Deferral Period, interest will continue to accrue on the current outstanding balance of the Loan.

iii.    A payment extension for accounts in current status is available for three (3) months at the discretion of the Bank, or until        your loan maturity date, whichever comes first. 

iv.    For Real Estate secured loans, we may require proof of valid property insurance.

v.    The term of the Loan will be extended by the number of months the Loan is deferred.  

vi.    At the end of the Deferral Period the sum of accrued interest from the deferral period is due immediately. If immediate           payment is not possible, restructuring options can be discussed with the Bank.