Manulife One Base Rate Sample Clauses
Manulife One Base Rate. 2.5.1 The Manulife One Base Rate means the variable rate of interest that has all of the following characteristics. It is expressed as a percentage per year. It is determined by Manulife Bank of Canada from time to time. It is the reference rate for loans made in Canadian dollars in Canada under Manulife One Accounts. And it is called the Manulife One Base Rate.
2.5.2 Interest at or based on the Manulife One Base Rate is calculated monthly, not in advance. The interest is calculated for the actual number of days elapsed. The Manulife One Base Rate is the floating rate on unpaid payment obligations for the purpose of the mortgage.