Canadian Agricultural Loans Regulations (SOR/99-122)

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Regulations are current to 2024-11-26 and last amended on 2014-02-28. Previous Versions

Determination of Loss

21 The amount of loss sustained by a lender as a result of a loan that the Minister is liable to repay the lender is 95% of the total of

(a) the unpaid principal of the loan,
(b) the accrued interest that was not paid by the borrower before the due date of the first unpaid instalment,
(c) the uncollected interest accrued after the date referred to in paragraph (b) and outstanding at the time the claim is approved for payment by the Minister, at the rate of interest specified in the written promise to repay the loan, for a maximum period of 365 days after that date;
(d) the amount of the legal fees, costs and disbursements that have been assessed and allowed under section 13 of the Act and actually incurred by the lender, with or without litigation, in collecting or endeavouring to collect the loan or in protecting the interests of the Minister, less any costs recovered by the lender; and
(e) the amount of any other costs or disbursements actually incurred by the lender in collecting or endeavouring to collect the loan or in protecting the interests of the Minister.

22 [Repealed, SOR/2014-39, s. 16]

23 [Repealed, SOR/2014-39, s. 16]

24 [Repeal]

Footnote ^*25 These Regulations come into force on 60 days after the day that these Regulations are published in the Canada Gazette.