Versatile Pacific Shipyards Inc. Regulations (SOR/87-95)

6 Where a private lender has demanded repayment of a loan insured under these Regulations, the amount payable by the Minister shall not exceed an amount equal to the lesser of

• (a) the amount of insurance in force on the date of demand, and

• (b) 100 per cent of the loss incurred by the private lender.