23Appropriation of amounts paid to Corporation

23 Appropriation of amounts paid to Corporation

When an amount is paid to the Corporation by a purchaser or borrower, the amount shall be appropriated by the Corporation in the following order:

(a) first, in payment of any moneys owing by the purchaser or borrower:

(i) under subsection 30B (7) of the Act;

(ii) in respect of fees, charges or costs payable under regulation 11;

(iii) in repayment of any moneys paid by the Corporation on behalf of the purchaser or borrower other
than moneys paid by the Corporation under subsection 29AA (4) or (5) or paragraph 31 (2) (a) or 36 (1C) (a) of the Act; and

(iv) for interest that has accrued on any moneys to which subparagraphs (ii) and (iii) apply;

(b) second, in payment of any insurance premiums due by the purchaser or borrower;

(c) third, in payment of interest due by the purchaser or borrower (other than interest to which paragraph (a) applies) in respect of:

(iii) any amounts paid by the Corporation on behalf of the purchaser or borrower under subsection 29AA (4) or (5) or paragraph 31 (2) (a) of the Act; and

where the interest has accrued at the rate specified in subsection 30 (1) of the Act;

(d) fourth, in payment of interest due by the purchaser or borrower (other than interest to which paragraph (a) applies) in respect of:

(iii) any amounts paid by the Corporation on behalf of the purchaser or borrower under paragraph 31 (2) (a) of the Act; and

where the interest has accrued at the rate specified in paragraph 30 (2) (a) of the Act;

(da) fifth, in payment of interest due by the purchaser or borrower (other than interest to which paragraph (a) applies) in respect of:

(iii) any amounts paid by the Corporation on behalf of the purchaser or borrower under paragraph 31 (2) (a) of the Act; and

where the interest has accrued at the rate specified in subparagraph 30 (2) (b) (ii) of the Act;

(e) sixth, in payment or repayment, as the case may be, of:

(iii) any amounts paid by the Corporation on behalf of the purchaser or borrower under subsection 29AA (4) or (5) or paragraph 31 (2) (a) of the Act and due under the Act; and

in respect of which interest is payable at the rate specified in subsection 30 (1) of the Act;

(f) seventh, in payment or repayment, as the case may be, of:

(iii) any amounts paid by the Corporation on behalf of the purchaser or borrower under paragraph 31 (2) (a) of the Act and due under the Act; and

in respect of which interest is payable at the rate specified in paragraph 30 (2) (a) of the Act; and