Exhibit 10.12
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Royal Bank of Canada
Information Technology-GTA
000 Xxxx Xxxxxx Xxxxx Xxxx - 0xx Xxxxx
Xxxxxxxx Xxxx, XX, X0X 0X0
Tel.: 000-000-0000
Fax: 000-000-0000
RBC
[GRAPHIC OMITED]
November 27, 2006
Private and Confidential
SENTRY TECHNOLOGY CANADA INC.
00 Xxxxxxx Xxxxx Xxxxx
Xxxxxxx, XX
X0X 0X0
We refer to the agreement dated May 15, 2006 between SENTRY TECHNOLOGY CANADA
INC., as the Borrower, and Royal Bank of Canada, as the Bank, (the "Agreement")
and in particular to the Credit Facility and Financial Covenants sections of the
Agreement.
All capitalized terms not otherwise defined herein shall have the meaning
ascribed to them in the Agreement.
The Agreement is amended as follows:
1. Under the Credit Facilities section, Facility # 1, the first line is
amended by deleting the "term facility" and by substituting the "demand
facility".
2. Under the Credit Facilities section, Facility # 1(a) is amended and
restated as follows:
1(a) Interest rate (per annum): RBP + 2.75%
3. Delete in its entirety the section entitled Financial Covenants.
CONDITIONS PRECEDENT
The effectiveness of this amendment is conditional upon receipt of a duly
executed copy of this amending agreement.
COUNTERPART EXECUTION
This amending agreement may be executed in any number of counterparts and by
different parties in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which taken together constitute one and
the same instrument.
All other terms and conditions outlined in the Agreement remain unchanged and in
full force and effect.
This amending agreement is open for acceptance until December 4, 2006, after
which date it will be null and void, unless extended in writing by the Bank.
ROYAL BANK OF CANADA
Per: /S/ Xxxxx Xxxxxxxx
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Name: Xxxxx Xxxxxxxx
Title: Manager, Special Asset Management
/js
Agreed to and accepted this 28 day of November, 2006.
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SENTRY TECHNOLOGY CANADA INC.
Per: /S/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: President
Per: /S/ Xxxxx X. Xxxxx
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Name: Xxxxx X. Xxxxx
Title: VP - CFO
I/We have the authority to bind the Borrower
