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• 1 (1) The definitions in this subsection apply in these Regulations.

  aggregate outstanding balance

  aggregate outstanding balance means the aggregate, calculated on the day on which a capital lease is entered into or is amended as a result of improvements to the equipment, of

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  lessor

  lessor means

  • (a) a member of the Canadian Payments Association established by subsection 3(1) of the Canadian Payments Act

    • (i) as set out in paragraph 4(1)(b) or (c) or paragraph 4(2)(a) or (c) of that Act, or

    • (ii) as set out in any of paragraphs 4(2)(d) to (h) of that Act, if the member provides, with their application to be a lessor under these Regulations, their Canadian Payments Association transit number and a certificate issued by the member’s external auditor stating that the member has been a commercial lessor in Canada for the past five years;

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  • (d) any other organization designated by the Minister as a lessor for the purposes of these Regulations. (locateur)

  rate of interest on Government of Canada bonds

  rate of interest on Government of Canada bonds means

  • (a) for a capital lease with a term of less than three years, the one to three year Government of Canada marketable bonds average yield as published by the Bank of Canada on the last Wednesday of the month before the day on which the capital lease is entered into;

  • (b) for a capital lease with a term of three to five years, the three to five year Government of Canada marketable bonds average yield as published by the Bank of Canada on the last Wednesday of the month before the day on which the capital lease is entered into; and

  • (c) for a capital lease with a term exceeding five years but not exceeding ten years, the five to ten year Government of Canada marketable bonds average yield as published by the Bank of Canada on the last Wednesday of the month before the day on which the capital lease is entered into. (taux de rendement des obligations du gouvernement du Canada)

  small business

  small business means a business carried on or about to be carried on in Canada for gain or profit with an estimated gross annual revenue

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  It does not include the business of farming or a business having as its principal object the furtherance of a charitable or religious purpose. (petite entreprise)

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• 44 (1) A lessor shall take all of the measures described in subsection 43(3) that are applicable before submitting a claim to the Minister for loss sustained as a result of a lessee’s default on a capital lease.

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• (4) A claim for loss shall be certified by the lessor and shall be accompanied by

  • (a) a copy of the capital lease, any amendments to the capital lease as a result of improvements to the equipment and other documentation substantiating the total financing amount of the capital lease;

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• (7) An eligible loss sustained by a lessor shall be calculated as follows:

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• (10) The amount of interest referred to in subparagraph (7)(a)(ii) shall be calculated on the outstanding balance, taking into consideration any proceeds realized from the taking of any measures described in subsection 43(3), as follows:

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• 45 (1) A lessor may make an interim claim to the Minister for loss, calculated in accordance with subsection 44(7), sustained as a result of a lessee’s default on a capital lease, if the lessor has taken all of the measures described in subsection 43(3) that are applicable and either

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• (2) The Minister shall pay the interim claim as if the lessor had fully realized the guarantee or suretyship at the time the interim claim was made or fully implemented the compromise settlement.

• (3) Subsections 44(2) to (11) apply, with such modifications as the circumstances require, to an interim claim.

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• (2) On amalgamation, the Minister is liable to pay to the new lessor the amount of any eligible loss, calculated in accordance with subsection 44(7), sustained as a result of lessees’ defaults on all capital leases entered into by the lessor and

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  • (c) if, as a result of the amalgamation, the amount already paid by the Minister to the amalgamating lessors as a result of the Minister’s liability under section 7 is greater than the Minister’s liability in respect of the new lessor, the Minister’s liability is deemed to be equal to the amount already paid.

40 A lessor shall provide to the Minister, before June 1 in each year, a detailed report on all capital leases outstanding with that lessor as at March 31 in the year of the report, including the following information for each capital lease registered with the Minister in accordance with these Regulations:

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• (c) the outstanding balance of the capital lease as at March 31 in that year.