Marine Industries Limited Regulations (SOR/86-1127)

6 Where a private lender has demanded repayment of a loan insured pursuant to the terms and conditions set out in 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 the demand, and

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