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Cliffside's partnerships renegotiate loan acquisition terms with originator

The limited partnerships which Cliffside Capital Ltd. consolidates into its financial results have agreed on new terms with CanCap Management Inc. for the ongoing acquisition of fully serviced automobile loans.

The terms change the deferred purchase price by decreasing the fixed monthly percentage payable to CanCap Management and by introducing a contingent component of the deferred purchase price, linked to the future net income generated by the partnerships, and is payable annually. The modified terms apply to all loans owned by the partnerships beginning Jan. 1.