Repayment of the Advance Clause Samples
The 'Repayment of the Advance' clause defines the borrower's obligation to pay back the funds that were initially provided as an advance under the agreement. Typically, this clause outlines the schedule, method, and conditions for repayment, such as specifying due dates, acceptable payment methods, and any applicable interest or penalties for late payment. Its core practical function is to ensure both parties have a clear understanding of how and when the advance must be repaid, thereby reducing the risk of disputes and providing financial certainty.
Repayment of the Advance. Grain
3.1 The Producer shall fully repay the amount of the Advance as specified on page 10 of the Application, including accumulated interest and any fees or costs charged to the Producer, to the Administrator by the end of the Production Period in accordance with the following:
3.1.a. where an Agricultural Product(s), in respect of which the Advance is made, is sold to a buyer named by the Administrator, by authorizing each buyer to withhold from such proceeds an amount in respect of each sold unit of Agricultural Product(s) and at the Advance Rate(s) in effect at the time the Advance was issued (page 9 of the Application), and to remit to the Administrator such amounts withheld until all the Advances made to the Producer and the interest payable by the Producer on those Advances are repaid; or
3.1.b. where the Producer otherwise sells or disposes of that portion of Agricultural Product(s) in respect of which the Advance is made, by paying directly to the Administrator for each unit of Agricultural Product(s) within thirty (30) calendar days of receipt of payment or within sixty (60) calendar days of delivery to the buyer, whichever is earlier, an amount at the Advance Rate(s) in effect at the time the Advance was issued (per Section 2.1 of the Application) until all the Advances made to the Producer and the interest payable by the Producer on those Advances are repaid. Each repayment should be supported by proof of sale;
i. Notwithstanding Paragraph 3.1.b of the Terms and Conditions above, where the Producer enters into a basis contract(s) on the Agricultural Product(s), the requirement to pay the Administrator within sixty (60) calendar days of delivery to the buyer shall be extended to ninety (90) calendar days where: the Producer will not receive payment at the time of delivery, the Producer provides a copy of the basis contract(s) to the Administrator, and the Producer provides proof of sale with the repayment; or
3.1.c. where the Producer has assigned or otherwise agreed to transfer, payments from an Eligible BRM Program listed on page 9 of the Application, as applicable, the Producer agrees that that these payments will be applied by the Administrator, within five
Repayment of the Advance. General
3.3.1 The total of advance funds issued, plus the administration fee and applicable interest, constitute the amount required to be repaid to CCGA. Repayments for all advance accounts are applied in this order:
a) interest-free principal portion of advance;
b) interest charges applied;
c) interest-bearing principal portion of advance.
3.3.2 This section applies to Field Crop and Honey Advances and Livestock Advances, as referenced respectively in 3.1 and 3.2 above. In addition to those mandatory payments and requirements, the Producer may choose to repay the advance:
a) by making a repayment without proof of sale of $10,000 or ten percent (10%) of the total amount of the advance, whichever is greater. If the Producer chooses to repay an amount in excess of such amounts without proof of sale of the Agricultural Product, the Producer will be charged an interest penalty at the rate of CIBC Prime less 0.50%, on the excess amount from the date the advance was issued to the date of the repayment, and the Producer agrees to repay all interest related to repayments without proof of sale by the end of the applicable Production Period. Failure to repay such amounts will result in the account being placed in Default.
b) by assigning to the Administrator amounts payable under a listed BRM Program or by paying directly to the Administrator any amount received by the Producer under an eligible BRM Program before the end of the applicable Production Period.
c) by paying directly to the Administrator any amount received by the Producer, not exceeding the proceeds evidenced by proof of sale, or disposal, where applicable.
d) by making a repayment without proof of sale or disposal if the Administrator is satisfied through inspection or third-party verification, that the Agricultural Product in respect of which the advance was made, has not been disposed of by the Producer at the time of the repayment. Inspection or verification, as applicable, is required to be provided in advance of the repayment and all costs are the responsibility of the Producer including CCGA’s inspection fee of $600.00.
3.3.3 This section applies to Field Crop & Honey Advances and Livestock Advances, as referenced respectively in 3.1 and 3.2 above. If a Producer, that is an individual, dies or is declared legally incapable of making decisions, no penalty for failing to provide proof of sale for an Agricultural Product will be imposed under the Repayment Agreement if repayment is made on behalf ...
Repayment of the Advance. 3.1 Repayment of the Advance - Field Crops & Honey
3.1.1 The Producer shall repay the amount of the advance as specified in this Repayment Agreement to the Administrator as the Agricultural Products listed on the Advance are sold, and, within the earlier of thirty (30) calendar days of receipt of payment and sixty (60) calendar days of delivery to the buyer but no later than the end of the applicable Production Period. The minimum repayment amount is calculated by multiplying the Advance Rate in effect at the time the advance was issued by the number of production units sold. Repayment can be made with one, or a combination, of the following:
(a) where the Producer sells Agricultural Product for which the advance was made to a buyer and requests that the buyer remit a repayment to the Administrator by withholding from any amount they pay to the Producer for each unit of Agricultural Product, until all the advances made to the Producer and the interest payable by the Producer on those advances are repaid. The producer shall remain liable to the Administrator for repayment of any part of the advance where the buyer has failed to remit to the Administrator that part of the advance withheld by it pursuant to its Agreement with the Administrator. Terms & Conditions of the Repayment Agreement 32
Repayment of the Advance. Repayment of the Advance - Field Crops & Honey
Repayment of the Advance. 4.1 The Producer shall repay the total amount of all Advance as specified in this Agreement to the Administrator by repaying the loan(s) under the Feeder Associations Guarantee Act by selling the cattle as per the terms of the Agreement signed by the P roducer under the Feeder Associations Guarantee Act with the Producer’s Feeder Association, and any extension granted, including all interest, all fees, and penalties pursuant to this Agreement.
4.2 The Producer agrees that the proceeds from the first sales of the cattle or lambs will be applied against the eligible amounts for interest reimbursement before applying the proceeds against other non-eligible amounts.
4.3 The minimum amount to be paid by the Producer when Eligible Agricultural Products on which an Advance has been made are sold or disposed of shall be no less than the Advance Rate for the Eligible Agricultural Product in effect at the time the Advance was issued to the Producer multiplied by the number of Production Units sold or disposed of, 4.4 For Continuous Flow Operations, Producers who receive an Advance for a Continuous Flow Operation are not required to make repayments from the sale proceeds of Livestock or to provide proof of sales for their livestock, so long as they maintain the permanent inventory set out in their Application, provided that if there is a reduction in the permanent inventory which is not immediately replaced: (a) if the reduction in permanent inventory is not attributable to a decision of the Producer to reduce their inventory, the Producer shall pay the amount of the Overpayment together with interest on that portion from the date of the Advance (other than the portion on which interest has been paid by the Government of Canada) within thirty (30) days of the date of the notice is provided to the Producer requiring the Overpayment to be made. If payment is not made, the Administrator may declare the Producer in Default, and (b) if the reduction in permanent inventory is made as a result of a decision of the Producer to sell or dispose of or otherwise reduce their permanent inventory, the Producer shall no longer be a Continuous Flow Operation, and shall provide Proof of Sale with respect to all Livestock sold or disposed of in relation to the reduction in permanent inventory, and also provide Proof of Sale for all future sales in accordance with this Agreement. The amount of the Overpayment shall be paid to the Administrator within thirty (30) days from the date noti...
Repayment of the Advance. (a) Borrower hereby unconditionally promises to pay to Lender for its account the then unpaid principal amount of the Advance in Euros on the Maturity Date.
(b) Without limiting the foregoing clause (a), following any reduction in the Put Notional Amount (including, without limitation, as the result of an adjustment to the Put Strike Price, or as the result of a partial termination or consensual unwind of the Collar Transaction), the Borrower agrees to prepay, prior to the effective time of such reduction, a proportionate amount of the Advance outstanding under this Agreement at such time, together with accrued and unpaid interest thereon; provided that no such prepayment shall be required in respect of a reduction to the Put Strike Price in the amount of any cash dividend paid on the Shares so long as the gross proceeds of such dividend are held as Collateral in the form of a Bank Deposit Certificate. If Borrower is required to prepay any portion of the outstanding Advance as a result of the preceding sentence, then, for the avoidance of doubt, the proceeds of the unwind of the Collar Transaction, if any, may be credited to the partial prepayment of the Obligations simultaneously with the termination or partial termination of the Collar Transaction.
Repayment of the Advance. Grain
3.1.1 The Producer shall repay the amount of the advance as specified in this Repayment Agreement to the Administrator by the end of the Production Period:
a) where an Agricultural Product in respect of which the advance is made is sold to a Buyer named by the Administrator, by authorizing each buyer to withhold from such proceeds, in respect of each sold unit of Agricultural Product, an amount at the advance rate in effect at the time of issuance, and remit to the Administrator such amounts withheld until all the advances made to the Producer and the interest payable by the Producer on those advances are repaid;
b) where the Producer otherwise sells or disposes of that portion of Agricultural Product in respect of which the advance is made, by paying directly to the Administrator for each unit of Agricultural Product within thirty (30) calendar days of receipt of payment or within sixty
Repayment of the Advance. Subject to Clause 6.2 (Excess Utilisation Repayment) below, the Borrower shall repay the Advances in full in 21 equal instalments on each Repayment Date.
Repayment of the Advance. General
3.3.1 This section applies to Field Crop and Honey Advances and Livestock Advances, as referenced respectively in 3.1 and 3.2 above. In addition to those mandatory payments and requirements, the Producer may choose to repay the advance:
a) by making a repayment without proof of sale of $10,000 or ten percent (10%) of the total amount of the advance, whichever is greater. If the Producer chooses to repay an amount in excess of such amounts without proof of sale of the Agricultural Product, the Producer will be charged an interest penalty at the rate of CIBC Prime plus 0%, on the excess amount from the date the advance was issued to the date of the repayment, and the Producer agrees to repay all interest related to repayments without proof of sale by the end of the applicable Production Period. Failure to repay such amounts will result in the account being placed in Default.
b) by assigning to the Administrator amounts payable under a listed BRM Program or by paying directly to the Administrator any amount received by the Producer under an eligible BRM Program before the end of the applicable Production Period.
c) by paying directly to the Administrator any amount received by the Producer, not exceeding the proceeds evidenced by proof of sale, or disposal, where applicable.
d) by making a repayment without proof of sale or disposal if the Administrator is satisfied through inspection or third party verification, that the Agricultural Product in respect of which the advance was made, has not been disposed of by the Producer at the time of the repayment. Inspection or verification, as applicable, is required to be provided in advance of the repayment and all costs are the responsibility of the Producer.
Repayment of the Advance. The principal amount of and interest accrued under each Advance made to the Borrower pursuant to Section 2.01 above shall be repaid by the Borrower on the Payment Date indicated in the Notice of Borrowing issued in respect of such Advance, but in any event, not later than 90 (ninety) days after the Date of Advance corresponding to any such Borrowing. Principal amounts paid by the Borrower may be subsequently reborrowed provided that no advance may mature after the Revolving Credit Maturity Date.