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This Act is current to January 17, 2018
See the Tables of Legislative Changes for this Act’s legislative history, including any changes not in force.

Despite the above date, the Schedule to the Act, including the Map of Nisga'a Lands and the Appendices, is current to May 11, 2000. See "Amending Agreements" for amendments to the Schedule.

Nisga'a Final Agreement Act

[SBC 1999] CHAPTER 2

CHAPTER 14

CAPITAL TRANSFER AND NEGOTIATION LOAN REPAYMENT

CAPITAL TRANSFER

1. Subject to paragraph 4, Canada and British Columbia will each pay their respective capital transfer amounts to the Nisga'a Nation, in accordance with Schedule A.

NEGOTIATION LOAN REPAYMENT

2. Subject to paragraph 3, the Nisga'a Nation will pay loan repayment amounts to Canada in accordance with Schedule B.

3. The Nisga'a Nation may pay to Canada, in advance and on account, without bonus or penalty, amounts that will be credited against the loan repayment amounts in the manner described in Schedule B.

4. Canada may deduct from a capital transfer amount that it would otherwise be required to pay to the Nisga'a Nation on a scheduled date in accordance with Schedule A, any loan repayment amount, or portion thereof, that the Nisga'a Nation would otherwise be required to pay to Canada in accordance with Schedule B on that scheduled date, except to the extent that the loan repayment amount has been prepaid in accordance with paragraph 3.

SCHEDULE A — SCHEDULE OF CAPITAL TRANSFER AMOUNTS

 AMOUNTS
DATECANADA
WILL PAY
BRITISH COLUMBIA
WILL PAY
On the effective date$20,347,407.20$1,674,323.80
On the first anniversary$20,347,407.20$1,674,323.80
On the second anniversary$12,023,467.89$989,373.15
On the third anniversary$12,023,467.89$989,373.15
On the fourth anniversary$12,023,467.89$989,373.15
On the fifth anniversary$12,023,467.89$989,373.15
On the sixth anniversary$12,023,467.89$989,373.15
On the seventh anniversary$12,023,467.89$989,373.15
On the eighth anniversary$20,916,662.46$1,721,166.01
On the ninth anniversary$20,916,662.46$1,721,166.01
On the 10th anniversary$20,916,662.46$1,721,166.01
On the 11th anniversary$20,916,662.46$1,721,166.01
On the 12th anniversary$20,916,662.46$1,721,166.01
On the 13th anniversary$20,916,662.46$1,721,166.01
On the 14th anniversary$20,916,662.46$1,721,166.01

In this schedule "anniversary" means an anniversary of the effective date.

Note 1 and Note 2 to this Schedule will be deleted, and will no longer form part of this Agreement, when this Schedule is completed in accordance with those Notes and the effective date occurs.

Note 1 and Note 2 to Schedule A [Deleted by Nisga’a Final Agreement Amending Agreement (No. 2), Part III, paragraph 44.]

SCHEDULE B — LOAN REPAYMENT AMOUNTS

DATETHE NISGA’A NATION WILL PAY
On the effective date0
On the first anniversary0
On the second anniversary$2,000,000.00
On the third anniversary$2,000,000.00
On the fourth anniversary$2,000,000.00
On the fifth anniversary$2,000,000.00
On the sixth anniversary$2,000,000.00
On the seventh anniversary$2,000,000.00
On the eighth anniversary$10,339,822.44
On the ninth anniversary$10,339,822.44
On the 10th anniversary$10,339,822.44
On the 11th anniversary$10,339,822.44
On the 12th anniversary$10,339,822.44
On the 13th anniversary$10,339,822.44
On the 14th anniversary$10,339,822.44

In this schedule "anniversary" means an anniversary of the effective date.

PREPAYMENTS

In addition to any required loan repayment amount, at each anniversary, and up to three times during the first nine months after an anniversary, the Nisga'a Nation may make loan prepayments to Canada. All prepayments will be applied to the outstanding scheduled loan repayment amount(s) in consecutive order from the effective date.

The "r" anniversary at which a prepayment is to be applied is the earliest anniversary for which a scheduled loan repayment amount, or a portion thereof, remains outstanding. Any loan prepayment applied to an outstanding loan repayment amount, or to a portion thereof, will be credited to the Nisga'a Nation at its future value, as of the "r" anniversary, determined in accordance with the following formula:

Future Value = Prepayment * (1 + calculation rate)Zr * (1 + calculation rate * E/365)

where:

"*" means multiplied by, and "/" means divided by,

Zr is the number of complete years between the date of the prepayment and the "r" anniversary,

E is one plus the number of days between the date of the prepayment and the "r" anniversary, once the number of complete years referred to in "Zr" above has been deducted, and

the calculation rate is x.xxx per cent per year.

[The rate to be inserted in the definition of the calculation rate is the most recently released rate of interest, as of the calculation date, that the Minister of Finance for Canada has approved on loans from the Consolidated Revenue Fund amortized over 14 years, less 0.125 per cent (specified to three decimal places of a per cent). The calculation date is a date 14 days before the signing of the Nisga'a final agreement, or another date if the Parties agree, and is the same calculation date as that referred to in Schedule A. In this paragraph "signing of the Nisga'a final agreement" means signing by the Parties after the ratification by the Nisga'a Nation in accordance with paragraph 2 of the Ratification Chapter. This bracketed paragraph will be deleted on the date that Note 1 to this schedule is deleted.]

If the future value of the prepayment exceeds the outstanding amount of the loan repayment amount scheduled for the "r" anniversary, the excess will be deemed to be a prepayment made on the "r" anniversary so that the future value of the excess will be applied as of the next "r" anniversary in a manner analogous to that described in this paragraph.

On receipt of a loan prepayment, Canada will issue a letter to the Nisga'a Nation setting out the amount of the prepayment received and the manner in which it will be applied in accordance with this "Prepayments" section of this schedule.

Illustrative Example:

Hypothetical calculation rate = 10.000%

Annual equal payments of $100.00

Prepayment = $100, made in year four at day 182

Fifth anniversary payment has been previously prepaid

Amount owing at fifth anniversary = $0.00

Amount owing at sixth anniversary = $100.00

 

Therefore:

Zr = 1

E = 184

r = 6

 

Future Value of prepayment made in year four at day 182 = $100.00 * (1+0.10000)1 * (1 + 0.10000 * 184/365) = $115.55

Amount prepaid for sixth anniversary = $100.00

Amount in excess for sixth anniversary = $115.55 - $100.00 = $15.55

Future value of $15.55 as of the seventh anniversary = $15.55 * (1 + 0.10000)1 * (1 + 0.10000 * 0/365) = $17.11

Amount prepaid for seventh anniversary = $17.11

 

The prepayment made at day 182 in year four has eliminated the loan repayment amount for the sixth anniversary and reduced the loan repayment amount for the seventh anniversary from $100.00 to $82.89.

Note 1 to this Schedule will be deleted, and will no longer form part of this Agreement, when this Schedule is completed in accordance with the Note and the effective date occurs.

Note 1 to Schedule B [Deleted by Nisga’a Final Agreement Amending Agreement (No. 2), Part III, paragraph 45.]

Contents | Sections 1-70 | Schedule - Table of Contents | Preamble | Chapter 1 | Chapter 2 | Chapter 3 | Chapter 4 | Chapter 5 | Chapter 6 | Chapter 7 | Chapter 8 | Chapter 9 | Chapter 10 | Chapter 11 | Chapter 12 | Chapter 13 | Chapter 14 | Chapter 15 | Chapter 16 | Chapter 17 | Chapter 18 | Chapter 19 | Chapter 20 | Chapter 21 | Chapter 22 | Schedule - Map of Nisga'a Lands | Appendix - Contents | Appendix - Introduction | Appendix A | Appendix B | Appendix C | Appendix D | Appendix E | Appendix F | Appendix G | Appendix H | Appendix I | Appendix J | Appendix K | Appendix L | Appendix M