Strategic Aerospace and Defence Initiative (SADI) Contribution Agreement Template
Schedule 3 - Repayments to the Minister (Unconditional)
For the purposes of Schedule 3 of this Agreement, unless the context or the Agreement indicates otherwise:
(If repayments are unconditional)
- "Annual Repayment Due"
- means the annual repayment payable by the Recipient to the Minister as set out in section 2 of this Schedule.
- "Maximum Amount to be Repaid"
- means [xx] time the actual amount paid by the Minister to the Recipient under this Agreement.
- "Repayment Period"
- means the period of time determined in accordance with paragraph 2.2 of this Schedule.
- "Years to Repay"
- means [xxxx] ([XX]) years.
The Recipient shall pay the Annual Repayment Due during each year of the Repayment Period in accordance with the following:
|Year||Annual Repayment Due
(expressed as a
percentage of the
to be Repaid)
|Annual Repayment Due
(expressed in [$M]
and based on the
|Repayment Due Date|
2.2 Repayment Period
The Repayment Period will begin one (1) year following the fiscal year end in which the Project is completed and will continue for the Years to Repay. The Recipient shall be entitled to prepay any Annual Repayment Due under this Agreement, or portion thereof, at any time.
2.3 Repayment Payments
The Recipient will pay to the Minister the Maximum Amount to be Repaid, by way of Annual Repayment Due of [negotiated terms] during the Repayment Period, as set out in Table 2.1. (Note: Table 2.1 presumes that the total amount disbursed by the Minister under this Agreement is equal to $[contribution amount]).
The first Annual Repayment Due shall be payable within four (4) months following the end of the Recipient's Fiscal Year in which the Repayment Period starts. Subsequent Annual Repayment Due shall be paid within four (4) months following the end of the Recipient's Fiscal Year for the Years to Repay or until such time as the Maximum Amount to be Repaid is reached, whichever occurs earlier.
The Annual Repayment Due shall be paid by cheque issued to the order of the Receiver General of Canada, and shall be sent to:
Innovation, Science and Economic Development Canada
235 Queen Street
Attn: Director, Repayments & Recoveries Directorate.
2.4 Late Payments
Interest shall be payable on any portion of the Annual Repayment Due remaining unpaid, calculated and payable at the Interest Rate, from the date upon which the Annual Repayment Due is due, until payment in full has been received by the Minister. Interest shall be payable in accordance with the foregoing notwithstanding any other remedies available to the Minister in the event of Default by the Recipient under this Agreement.
Whenever any payment date under this section falls on a Saturday, Sunday or statutory holiday, payment will be due on the next day following which is not a Saturday, Sunday or statutory holiday.
- Date modified: