deductions (including income, withholding, social security and other employment taxes), sales tax, excise tax, tax payable pursuant to Part IX of the Excise Tax Act (Canada) (net of GST input credits), workers compensation premiums, municipal taxes, government royalties, Pension Plan obligations and overdue rents or Taxes, other claims in arrears and secured by statutory Encumbrances or deemed trusts, including, without limitation, warehousing liens and storage liens, and claims in respect of arrears of rent or other amounts payable under a lease or rental agreement for real Property at which the subject Inventory of the obligor is located.
US Non-Revolving Lease means the master lease agreement no. 20200687 dated April 30, 2020 entered into by the Borrower and First American Commercial Bancorp, Inc., as the same may be amended, modified, varied, restated or replaced from time to time
US Non-Revolving Lease Facility means the non-revolving lease facility established by First American Commercial Bancorp, Inc. in favour of DIRTT Colorado in an amount of up to the US Non-Revolving Lease Facility Limit pursuant to the US Non-Revolving Lease.
US Non-Revolving Lease Facility Limit means an amount equal to U.S. $16,000,000.
| ||(b) || |
The definition of Credit Facility in Section 1.1 of the Original Credit Agreement is deleted and replaced with the following:
Credit Facility has the meaning set out in Section 2.01 (1).
| ||(c) || |
Section 2.01 of the Original Credit Agreement is deleted and replaced with the following:
2.01 Borrower Facilities
Subject to the terms and conditions of this Agreement, the Lender establishes in favour of the Borrower a revolving term facility (the Credit Facility) in an amount up to the Credit Facility Limit or the Equivalent Amount in United States Dollars, which facility will be available only during the Revolving Period.
| ||(d) || |
Section 2.03 of the Original Credit Agreement is deleted and replaced with the following:
2.03 Purpose of Credit Facility
Loans under the Credit Facility will only be used for working capital and general corporate purposes in the ordinary course of business of the Borrower and the other Restricted Parties; provided however during the Covenant Holiday Period, proceeds from Loans under the Credit Facility shall not be used for: (i) the payment of any Capital Expenditures or (ii) lease or other payments to be made under the Canadian Revolving Lease Facility or the US Non-Revolving Lease Facility.