Short Title

1 These Regulations may be cited as the Ford New Holland, Inc. Loan Regulations.

Interpretation

2 In these Regulations,

FNH

FNH means Ford New Holland, Inc., or any of its subsidiaries or affiliates; (FNH)

Minister

Minister means the Minister of Regional Industrial Expansion; (ministre)

Winnipeg Facility

Winnipeg Facility means the farm equipment business located at Winnipeg, Manitoba of Versatile Corporation, a company continued under the Canadian Business Corporations Act, with its principal place of business at Vancouver, British Columbia. (établissement de Winnipeg)

Loan

3 The loan made by the Minister to FNH to promote the growth and efficiency of FNH by allowing FNH to acquire the Winnipeg Facility and to install a paint system at that Facility shall be subject to the terms and conditions set out in sections 4 to 7.

Terms and Conditions

4 The loan referred to in section 3 shall be for an amount not exceeding $45,500,000.

5 The loan referred to in section 3 is payable as follows:

• (a) the principal of $31,850,000 is to be repaid in 120 equal monthly instalments of $265,000 each commencing on July 31, 2003, and

• (b) the balance of the principal outstanding, if any, is due and payable on July 31, 2013.

6 The loan referred to in section 3 is made on condition that FNH has entered into an Asset Purchase Agreement for the Winnipeg Facility.

7 [Repealed, SOR/2000-267, s. 3]