Common use of PARTIAL REPAYMENT Clause in Contracts

PARTIAL REPAYMENT. If, after this agreement is signed, the Borrower assumes a loan granted under the Program, under the Forest Management Funding Program made by Order in Council 384‑97 or under the Act to promote forest credit by private institutions (CQLR, chapter C‑78.1) or under the Forestry Credit Act (CQLR, chapter C‑78), he must, notwithstanding sections 1 and 3 of this agreement and subject to the limits imposed in section 9 of the Program, repay on the loan any amount exceeding, for the total amount owed on these loans, seven hundred fifty thousand dollars ($ 750 000), unless he has assumed the debt in the capacity of heir, legatee or the equivalent, in which cases the maximum amount, for the total amount owed on these loans, could reach fifteen millions dollars ($ 15 000 000) as mentioned hereinafter. If, after this agreement is signed, the Borrower assumes a loan granted under the Programs or Acts mentioned in the upper-mentioned paragraph, or under the Act respecting La Financière agricole du Québec (CQLR, chapter L‑0.1) or under the Act respecting the Société de financement agricole (CQLR, chapter S‑11.0101) or under the Act respecting farm financing (CQLR, chapter F‑1.2) or under the Act to promote long term farm credit by private institutions (CQLR, chapter C‑75.1) or under the Farm Credit Act (CQLR, chapter C‑75), he must, notwithstanding sections 1 and 3 of this agreement, repay on the loan, if La Financière agricole requires it, any amount exceeding, for the total amount owed on these loans, fifteen millions dollars ($ 15 000 000).