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Her Excellency the Governor General in Council, on the recommendation of the Minister of Regional Industrial Expansion and the Treasury Board, pursuant to Industry, Trade and Commerce Vote L35 of Appropriation Act No. 2, 1983-84, is pleased hereby to make the annexed Regulations prescribing the terms and conditions of the loan to Ford New Holland, Inc.note
Short Title
1#
These Regulations may be cited as the Ford New Holland, Inc. Loan Regulations.
Interpretation
2#
In these Regulations,
Winnipeg Facility means the farm equipment business located at Winnipeg, Manitoba of Versatile Corporation, a company continued under the Canadian Business Corporations Act, with its principal place of business at Vancouver, British Columbia. (établissement de Winnipeg)
note
Loan
Terms and Conditions
5#
The loan referred to in section 3 is repayable as follows:
(a)a repayment of $9,300,000, less any and all monthly amounts in the amount of $265,000 paid on or after October 30, 2007, shall be made no later than July 31, 2008;
(b)Buhler Industries Inc. shall provide the Minister of Industry, by no later than July 31, 2008, with valid and enforceable security in a supplemental amount of $5,000,000, which security shall be in effect until October 21, 2017;
(c)an immediate repayment of $5,000,000 is due in the event that the tractor factory of Buhler Industries Inc. moves or ceases its operations in Canada prior to October 22, 2017 and, if not paid, the security held by the Minister of Industry will be realized on to obtain that payment; and
(d)the loan agreement is extended to October 22, 2017.
note
6#
The loan referred to in section 3 is made on condition that FNH has entered into an Asset Purchase Agreement for the Winnipeg Facility.
Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.