1 These Regulations may be cited as the Atlantic Enterprise Loan Insurance Regulations.
2 (1) In these Regulations,
applicant means an individual, partnership, cooperative or body corporate or any trustee or legal representative thereof, but does not include a government, a municipality or an agency thereof or a legal entity owned or controlled by that government, municipality or agency or any subsidiary thereof, who makes an application for loan insurance under these Regulations; (requérant)
loan insurance agreement means an agreement entered into by the Minister and a lender whereby the Minister provides loan insurance to the lender under these Regulations on a loan made by the lender to an applicant; (convention d’assurance-prêt)
(2) For the purposes of the definitions project and Atlantic project in subsection (1), the establishment of a commercial operation includes the purchase of the assets of an existing facility if, at the time of the application,
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(c) the purchase of the assets of the existing facility is a bona fide arm’s length transaction by an applicant unrelated to the present owner or his immediate predecessor, and has not been contrived solely for the purpose of making an application under these Regulations.
17 No application for loan insurance under these Regulations received after December 31, 1990 shall be accepted for consideration by the Minister.
15 The Minister may, as a condition of providing loan insurance under these Regulations, require a royalty on sales or production from the applicant.
9 (1) An applicant requiring insurance under these Regulations in order to obtain a loan from a lender shall apply in writing to the Minister and shall provide a detailed description of the project or Atlantic project and any other information relating to the application that is necessary in order for the Minister to effectively evaluate the application.
