Common use of HARVESTING AND CULTURAL ACTIVITIES Clause in Contracts

HARVESTING AND CULTURAL ACTIVITIES. Providing loans or minority capital investment to participants or entities for harvesting and cultural activities including manufacture of handicrafts, arts and crafts, hunting, fishing and trapping and like pursuits provided that: (a) the participant or entity is unable to borrow at normal commercial rates from ordinary commercial lenders without guarantees provided by the settlement corporation; (b) the settlement corporation may not acquire a controlling equity interest in an entity except by way of realization of its security in which case its controlling interest in the entity shall be disposed of within two years of its acquisition; and (c) in the case of any such loan, the settlement corporation does not contract to receive a rate of return on any such loan that is greater than the normal commercial rate of return for similar loans, or is less than the prime rate of interest charged by chartered banks in the settlement area and such loans shall be provided only to such eligible participants and entities who are engaged in a harvesting or cultural activity for the benefit of Gwich’in carried on within the Northwest Territories or the Yukon.

HARVESTING AND CULTURAL ACTIVITIES. Providing loans or minority capital investment to participants or entities for harvesting and cultural activities including manufacture of handicrafts, arts and crafts, hunting, fishing and trapping and like pursuits provided that: (a) the participant or entity is unable to borrow at normal commercial rates from ordinary commercial lenders without guarantees provided by the settlement corporation; (b) the settlement corporation may not acquire a controlling equity interest in an entity except by way of realization of its security in which case its controlling interest in the entity shall be disposed of within two years of its acquisition; and (c) in the case of any such loan, the settlement corporation does not contract to receive a rate of return on any such loan that is greater than the normal commercial rate of return for similar loans, or is less than the prime rate of interest charged by chartered banks in the settlement area and such loans shall be provided only to such eligible participants and entities who are engaged in a harvesting or cultural activity for the benefit of Gwich’in participants carried on within the Northwest Territories or the YukonTerritories.