(a) where the aggregate of the principal amount of the loan and the amounts outstanding in respect of all direct loans to the borrower does not exceed $75,000, at a rate of interest equal to one per cent greater than the simple average prime commercial lending rate, to the nearest one-quarter of one per cent, of the seven major Canadian chartered banks, established at the close of business on the last banking day of December, March, June or September, whichever such day is the nearest preceding day to the day the loan agreement is signed by or on behalf of the Minister; or
