Ford New Holland, Inc. Loan Regulations (SOR/87-220)

Regulations are current to 2014-10-15 and last amended on 2008-02-28. Previous Versions

Ford New Holland, Inc. Loan Regulations

SOR/87-220

APPROPRIATION ACTS

APPROPRIATION ACT NO. 2, 1983-84

Registration 1987-04-02

Regulations Prescribing the Terms and Conditions of the Loan to Ford New Holland, Inc.

P.C. 1987-682  1987-04-02

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, 1983-84Footnote *, is pleased hereby to make the annexed Regulations prescribing the terms and conditions of the loan to Ford New Holland, Inc.

SHORT TITLE

 These Regulations may be cited as the Ford New Holland, Inc. Loan Regulations.

INTERPRETATION

 In these Regulations,

“FNH”

“FNH” means Ford New Holland, Inc., or any of its subsidiaries or affiliates; (FNH)

“Minister”

“Minister” means the Minister of Regional Industrial Expansion; (ministre)

“Winnipeg Facility”

“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)

LOAN

 The loan made by the Minister to FNH to promote the growth and efficiency of FNH by allowing FNH to acquire the Winnipeg Facility and to install a paint system at that Facility shall be subject to the terms and conditions set out in sections 4 to 7.

  • SOR/2000-267, s. 1(E).

TERMS AND CONDITIONS

 The loan referred to in section 3 shall be for an amount not exceeding $45,500,000.

 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.

  • SOR/2000-267, s. 2;
  • SOR/2008-53, s. 1.

 The loan referred to in section 3 is made on condition that FNH has entered into an Asset Purchase Agreement for the Winnipeg Facility.

 [Repealed, SOR/2000-267, s. 3]