Agricultural Marketing Programs Act

Marginal note:Payment of interest

• 9 (1) The Minister must, in relation to each producer, pay to the lender specified in an advance guarantee agreement — or, if the agreement was made only with an administrator, to the administrator — the interest accruing on the amounts borrowed by the administrator to pay the first $100,000 — or the amount fixed by regulation — of the total of the following amounts:

  • (a) the amounts of advances received by the producer during the program year for all of their agricultural products, including amounts under any other advance guarantee agreements, and

  • (b) the amounts of advances that are received by or attributed to all related producers during the program year for all of their agricultural products, including amounts under any other advance guarantee agreements, and that are attributable to the producer under subsection (2).

• Marginal note:Attribution

  (2) If a producer is related to another producer, the amounts received by, or attributed to, the other producer are attributable to the producer in accordance with the percentage or method of calculation set out in the regulations.

• Marginal note:Interest on emergency advances

  (3) The Minister is not required to pay the interest for an emergency advance, unless the advance guarantee agreement provides for its payment.

• Marginal note:Reduction of principal

  (4) When an amount is repaid on account of a guaranteed advance, the amount on which the Minister must pay interest is reduced by the amount of the repayment.