Thank you, Mr. Chairman. The GNWT, when it enters into these types of arrangements where guarantees are required, would request a number of things and provide a number of provisions: most guarantees provide that working capital draws must be margined against inventory and accounts receivable; that the parent company and owners must cross-guarantee the GNWT; that regular reporting must occur; that the GNWT has the right of audit; and, that the GNWT retains the ability to approve any ownership changes or significant corporate restructuring; that loan guarantees are also secured by assignments of accounts receivable, assignments of inventory, fixed and floating debentures against all assets of the companies; and, where there is a parent corporation which is providing a cross-guarantee, similar security is provided by the parent company. Thank you.
Floyd Roland on Committee Motion 2-14(5): Options For Measures To Stabilize Power Subsidy Costs, Carried
In the Legislative Assembly on March 22nd, 2004. See this statement in context.
Committee Motion 2-14(5): Options For Measures To Stabilize Power Subsidy Costs, Carried
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
March 21st, 2004
Page 141
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