Amendment to Credit Agreement between CIBC and Les Systèmes d’Écran Strong/MDI Inc. (Nov 2017)
This amendment updates the existing credit agreement between Canadian Imperial Bank of Commerce (CIBC) and Les Systèmes d’Écran Strong/MDI Inc. (also known as Strong/MDI Screen Systems Inc.). It introduces a new business credit card facility with a CAD$50,000 limit, intended for purchasing and paying for goods and services. Repayment terms follow the CIBC Business Credit Card Agreement. The amendment confirms that, except for these changes, the original agreement remains in effect. The amendment is signed by representatives of both parties and Ballantyne Strong Inc.
Credit Agreement Amendment Feb 2016
1006 – 2540 Daniel-Johnson Blvd.
Laval, Québec
H7T 2S3
Amendment to the Credit Agreement
dated July 10, 2017 (including all previous amendments thereto), the “Agreement”
between Canadian Imperial Bank of Commerce (“CIBC”) and Les Systèmes d’Écran Strong/MDI Inc. / Strong/MDI Screen Systems Inc. (the “Borrower”)
Amendments. The Agreement is amended as follows:
New facility
Business Credit Card Facility
| Credit Limit: | CAD$ 50,000. |
| Purpose: | Purchase and payment of goods and services. |
| Repayment: | On demand in accordance with the CIBC Business Credit Card Agreement |
| (Business Liability) | |
| Documentation: | CIBC Business Credit Card Agreement (Business Liability). |
Other Provisions
| Schedule B: | The attached Schedule B, which contains certain additional provisions applicable to the Business Credit Card Facility and certain definitions, forms part of this Letter. |
| Confirmation: As revised by this Amendment, the Agreement remains in full force. |
| Dated as of: November 14, 2017 |
| For CIBC: | For the Borrower: | For the Borrower: | |||||
| By: | /s/ Denis Lemire | By: | /s/ François Barrette | By: | /s/ Suzanne Thouin | ||
| Name: | Denis Lemire | Name: | François Barrette | Name: | Suzanne Thouin | ||
| Title: | Manager, Commercial Banking | Title: | General Manager | Title: | Executive Director | ||
| For Ballantyne Strong Inc. | For Ballantyne Strong Inc. | |||
| By: | /s/ D. Kyle Cerminara | By: | /s/ Lance V. Schulz | |
| Name: | D. Kyle Cerminara | Name: | Lance V. Schulz | |
| Title: | Chairman & Chief Executive Officer | Title: | Senior Vice-President, Chief Financial Officer & Treasurer | |
