8.0 FINANCIAL PAYMENTS
8.1 CAPITAL TRANSFER
8.1.1
Canada shall make a capital transfer to the Gwich段n Tribal Council in accordance with the
schedule of payments as set forth in schedule I to this chapter.
8.1.2
Canada is discharged from all undertakings and obligations, if any, to the Gwich段n in respect of the
Norman Wells Proven Area described in schedule A to the Proven Area Agreement dated July 21,
1944 between Imperial Oil Limited and His Majesty in Right of Canada, as amended and renewed
from time to time.
8.2 NEGOTIATION LOAN REPAYMENT
8.2.1
The Gwich段n Tribal Council shall repay their negotiation loans and shall pay 15 percent of the
negotiation loans incurred by the Dene Nation and the Metis Association of the Northwest
Territories between 1975 and November 7, 1990 as provided in schedule II to this chapter.
8.2.2
Canada may set off and deduct from payments to be made pursuant to 8.1.1 the amounts of
repayment of the negotiation loans under 8.2.1 to be made at the time of such payments.
8.2.3
In all other respects, any other terms and conditions of the negotiation loans shall be unaffected.
8.3 LOANS AGAINST CAPITAL TRANSFER
8.3.1
At any time after three years from the date of settlement legislation the Gwich段n Tribal Council may request a loan from Canada against the then unpaid balance of the capital transfer.
8.3.2
Canada, as represented by the Minister of Finance, may decide, at its discretion, whether to grant a request, pursuant to 8.3.1, for a loan. The Minister may negotiate the terms and conditions of a loan subject to the requirement that:
the Gwich段n Tribal Council shall pay, at the time of the loan, an amount on any outstanding balance of negotiation loans described in 8.2.1 which will reduce the outstanding balance of those loans by the same proportion as the amount loaned under 8.3.2 bears to the unpaid balance of the capital transfer in 8.1.1; the amount paid by the Gwich段n Tribal Council in (a) shall be credited to the last payments of the schedule described in 8.2.1; the unpaid balance of the capital transfer in any year is greater than or equal to the total of all outstanding administrative fees, if any, loan repayments and interest payable by the Gwich段n Tribal Council; and Canada may deduct any loan repayments due from the Gwich段n Tribal Council from payments due to the Gwich段n Tribal Council pursuant to 8.1.1.
| |
Payment |
| Advance Payment - date of signing this agreement |
$2,000,000.00 |
| Date of settlement legislation |
*$7 000 000 00 |
| First Anniversary of date of this agreement |
$4,180,680.28 |
| Second Anniversary of date of this agreement |
$6,271,020.43 |
| Third Anniversary of date of this agreement |
$8,361,360.57 |
| Fourth Anniversary of date of this agreement |
$10,451,700.71 |
| Fifth Anniversary of date of this agreement |
$10,451,700.71 |
| Sixth Anniversary of date of this agreement |
$10,451,700.71 |
| Seventh Anniversary of date of this agreement |
$10,451,700.71 |
| Eighth Anniversary of date of this agreement |
$10,451,700.71 |
| Ninth Anniversary of date of this agreement |
$10,451,700.71 |
| Tenth Anniversary of date of this agreement |
$10,451,700.71 |
| Eleventh Anniversary of date of this agreement |
$10,451,700.71 |
| Twelfth Anniversary of date of this agreement |
$10,451,700.71 |
| Thirteenth Anniversary of date of this agreement |
$8,361,360.57 |
| Fourteenth Anniversary of date of this agreement |
$6,271,020.43 |
| Fifteenth Anniversary of date of this agreement |
$4,180,680.28 |
* This amount shall bear interest at the rate of 9.12 percent compounded annually from
April 23, 1992 to the date of payment. Such amount shall be paid as soon as possible after
the date of settlement legislation.
OUTSTANDING BALANCE OF NEGOTIATION LOANS
| |
$8,145.172.40 |
TOTAL |
First Payment |
$906,292.34 |
on the third anniversary of date of this agreement |
Second Payment |
$1,132,865.43 |
on the fourth anniversary of date of this agreement |
Third Payment |
$1,132,865.43 |
on the fifth anniversary of date of this agreement |
Fourth Payment |
$1,132,865.43 |
on the sixth anniversary of date of this agreement |
Fifth Payment |
$1,132,865.43 |
on the seventh anniversary of date of this agreement |
Sixth Payment |
$1,132,865.43 |
on the eighth anniversary of date of this agreement |
Seventh Payment |
$1,132,865.43 |
on the ninth anniversary of date of this agreement |
Eighth Payment |
$1,132,865.43 |
on the tenth anniversary of date of this agreement |
Ninth Payment |
$1,132,865.43 |
on the eleventh anniversary of date of this agreement |
Tenth Payment |
$1,132,865.43 |
on the twelfth anniversary of date of this agreement |
Eleventh Payment |
$906,292.34 |
on the thirteenth anniversary of date of this agreement |
Twelfth Payment |
$679,719.26 |
on the fourteenth anniversary of date of this agreement |
Thirteenth Payment |
$453,146.17 |
on the fifteenth anniversary of date of this agreement |
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