GM Loan Regulations (SOR/87-210)

4 A loan made under section 3 shall

• (a) be a term loan and be due and payable on April 1, 2017;

• (b) be interest-free unless it is in default, in which case the loan shall bear a rate of interest equal to the lowest rate of interest charged by the Federal Business Development Bank on its term loans; and

• (c) be subject to the condition that there be a partial early repayment of the loan in the amount of $37,500,000 on April 1, 1991 in the event that GM does not give assurances to the Minister by December 31, 1990 that the GM facility at Sainte-Thérèse will continue to operate.