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HomeMy WebLinkAboutBy-law No. 2006-118 THE CORPORATION OF THE MUNICIPALITY OF BAYHAM BY-LAW NO. 2006-118 A BY-LAW TO AUTHORIZE THE EXECUTION OF AN AGREEMENT BETWEEN THE MUNICIPALITY OF BAYHAM AND CANADIAN IMPERIAL BANK OF COMMERCE FOR BANKING SERVICES WHEREAS Section 8 of the Municipal Act, 2001, S.O. 2001, c. 25 as amended provides a municipality with the powers of a natural person. AND WHEREAS the Council of the Corporation of the Municipality of Bayham wishes to renew the current banking arrangements with the Canadian Imperial Bank of Commerce. NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE MUNICIPALITY OF BAYHAM ENACTS AS FOLLOWS: 1. THAT the Mayor and Clerk be and are hereby authorized to execute the Small Business Account Application and Agreement attached hereto as Schedule "A" and forming part of this by-law, between the Corporation of the Municipality of Bayham and Canadian Imperial Bank of Commerce. 2. THAT this by-law shall come into full force and effect upon final passing. READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED THIS 7TH DAY OF DECEMBER 2006. A _ de4}11 y yiek )-x^\Lila �A r ' CLERK CIBC _ 8928-05106 -�~ -_=, Page 1 of 3 Small Business Account Application and Agreement Transit Date Branch Information(Branch Use Only) 103072 I Nov 28/06 Branch Location(Address) City Province Postal Code 1 200 Broadway St., I Tillsonburg LOntario I N40 5A7 1. About Your Business Business Legal Name(referred to below as'you"or'Me Business') IThe Corporation of the Municipality of Bayham Business Structure(e.g.Sole Proprietor,Corporation,etc.) ICorporation Number of OwnerslPartners Number of Employees BN—Federal Business Number(if applicable) II Full-Time PartTime I (Trade Name(if different from Business Legal Name) Business Address City Province Postal Code I Box 160 I Straffordville I Ontario I NOJ 1Y0 Business Telephone Number (Business Fax Number 1519-866-5521 Nature of Business(please be specific,e.g.Pet Food Retailer) ILocal Government Business Start-up Date(mrnndddryyyy) Fiscal Year End(mmnddd) Most Recent Annual Gross Sales/Revenue 1 1850 i Dec 31 I$5.8 million 2. About the Principal(s)of the Business You are only required to provide the details of Principals with 10%or more equity ownership. First Principal First Name Last Name Title(if applicable) I Cliff 1 Evanitski I Deputy Mayor Date of Birth(mmmtddyyyy) Owned Business Since(mm Percentage of Equity Own Home Telephone Number I b//5/4it I I % I Home Address City Province Postal Code ISv56'7 8,g+4 ; ,A, r. RR ' 9 I ArLi1,-tir,4- [aAl INsf arZ2 Record two pieces of Identification(e.g.Driver's License,Passport)Include one photo l.D`. 1t E 95a7 - /3/ 3F6 Vo 965 ---)c.)v_,s:.3 Lice ,..se 12. 563/ - T 9 7 5 a Gac-o_404), Ce., A Second Principal First Name Last Name Title(if applicable) ISuzanne 1 Mantel I Treasurer 1Date of Birth (mmm/ddfyyyy) (Owned Business Since(mmm/ddryyyy) (Percentage of Equity Ownership (Home Telephone Number (Home Address (City (Province (Postal Code Record two pieces of identification(e.g.Driver's License,Passport.)include one photo I.D. 11.on file 12. Third Principal First Name Last Name Tide(if applicable) IKyle I Kruger [Administrator (Date of Birth(mmm/dd/yyyy) gOwned Business Since(mmm/dd/yyyy) (Percentage of Equity Ownership 1Home Telephone Number Home Address City Province Postal Code I 1 l I Record two pieces of Identification(e.g.Drivers License,Passport.)Include one photo I.D. 1 1.on File I2. 8928-05/06 Page 2 of 3 Small Business Account Application and Agreement 3. For Partnerships List the names of the authorized signatories who will exercise signing authority for the Business: First Name Last Name Title Ofappliesble) First Name Last Name Title(If makable) First Name Last Name (Tide Of applicable) How many signatures are required to transact on the account(s)? (eg 1,2,etc.) 4. For Corporations and Unincorporated Associations List the names and titles of the officers and directors of the Business,and the signing officers who will exercise signing authority for 5 the Business.Select all choices that apply for each individual.The Business acknowledges and confirms that Its banking resolution L e will designate signing officers by title only and not by name. 3 First Name Last Name Title(if applicable,e.g.President) 5 , 3 Lynn I Acre Mayor ® ® 0 Cliff J Evanitski Deputy Mayor ® Z ❑ Suzanna Mantel Treasurer ® ® ❑ Kyle I Kruger Administrator ® ® ❑ - � ❑ ❑ ❑ ❑ ❑ ❑ How many signatures are required to transact on the account(s)? 2 (eg. 1,2,etc.) For Corporations Only (Corporation Number Jurisdiction of incorporation(as applicable) Name of Jurisdiction(e.g.New Brunswick) Provincial ❑ State ❑ Federal I Ontario 5. CIBC Small Business Credit Do you wish to apply for a Small Business Overdraft? ❑ Yes Do you wish to apply for a Small Business Loan/Line of Credit? ❑ Yes 6. Certification and Consent of Principals and the Business Each of the undersigned certifies both personally and on behalf of the Business that he and/or she is a principal of the Business and that the information contained in this Small Business Account Application and Agreement is complete and accurate in all respects. Each of the undersigned acknowledges and consents both personally and on behalf of the Business to the following: CIBC may collect Information (as defined below) during the course of your relationship with CIBC from credit bureaus, other financial institutions, and references you provide CIBC. CIBC may also disclose Information to credit bureaus and financial institutions. (The word "Information"means financial and financially-related information about you, in a business or personal capacity,including information to identify you or qualify you and/or the Business for products and services,or Information that CIBC needs for regulatory requirements.) CIBC may use Information-to identify you, protect you and CIBC both from fraud and error, understand your needs and eligibility for services, recommend particular products and services to meet your needs, provide ongoing service, and comply with legal and regulatory requirements. This is explained In the CIBC privacy brochure, Your Privacy is Protected, available at any branch or www.cibc.com, which describes how the C1BC group collects, uses, discloses, and retains information about you and the products and services you use. Specific Consents. a) Direct Marketing.CIBC may tell you about products and services through direct mail,telephone,and other direct means. b) Disdosure within the CIBC group.CIBC may share Information within the CIBC group so that the CIBC group may tell you about products and services. If you don't wish to consent to(a)or(b),you can contact C1BC at 1 800 465-CIBC(2422)at any time.You will not be refused credit or other services just because you withdraw your consent to(a)or(b). The CIBC group includes CIBC and its subsidiaries that currently offer deposits,loans,mutual funds, securities trading,mortgages,trust and insurance services. Quebec residents only.Itis the express wish of the parties that this d•A e snit ny -lat., •ocuments be drawn up in English.Les parties aux presentes ont expressOment demands que ce document et tous les••c s • =,,: t sorest rddiges en anglais 7)� r r 11 DateSign re of First nclpal SI r* ure o • cipal Signature of Third Principal 8928-05/06 Page 3 of 3 Small Business Account Application and Agreement 7. Request for Account(s)(tor more information,visit www.cibc.com or contact your CIBC Small Business Representatives.) Complete the following section for each account you are applying for. "Account Types(Indicate the account type,using A,B,C,or D,for each account requested below) A CIBC Business Operating Account"' C CIBC Business Interest Account®(CBIA) B U.S.Dollar Current Account D CIBC Business Operating Accountm with additional option(additional option includes: bank machine access,intersect Direct Payment access and wallet depository service.) a) Request for Account Account Type For Bank Use Only Account Number IIs the account to be used on behalf of or for another party? ❑ Yes ® No [Borrowing facilty only Mailing Address(if differont from Business Address) City Province Postal Code Estimated Average Deposit Frequency of Deposits (Select one which applies) Usual Type of Deposits(Select all that apply) I$ I 0 Dally 0 Weekly ❑ Monthly ❑ Cash 0 Cheque ❑ Other b) Request for Account Account Type• _ For Bank Use Only Account Number IIs the account to be used on behalf of or for another party? 0 Yes 0 No Mailing Address(if diffeent from Business Address) City Province Postal Code II I Estimated Average Deposit Frequency of Deposits (Select one which applies) Usual Type of Deposits(Select all that apply) $ I 0 Daily 0 Weekly 0 Monthly I ❑ Cash 0 Cheque ❑ Other 8. Agreement and Consent—Complete the following section in the presence of a CIBC employee. In consideration of Canadian Imperial Bank of Commerce("CIBC")dealing or continuing to deal with you in connection with your banking business with CIBC,you agree with CIBC as set out in this Agreement. You acknowledge receipt of the CIBC Brochure"Business Account Operating Terms and Agreements"(*Version )and having read and understood it, and you agree to be bound by the Business Banking Agreement in it and any amendments to or replacements of such agreement nee a and made haby ng CIBC reaand understoodee to titme You also acknowledge having received a copy of CIBC's current service fees disclosure of it made n CIBC from time to time. you agree to be bound by the terms of such brochure and any changes to or replacements bIf you do not make arrangements with CIBC regarding overdrafts the following applies in addition to the Business Banking Agreement CIBC may if it wishes allow an overdraft in your account You agree to pay the overdraft amount immediately on CIBC's demand plus interest on the overdraft amount at the rate and in the manner specified in CIBC's current business account service fees disclosure brochure as revised from time to time. You acknowledge Section 6 of this Small Business Account Application and Agreement applies to you as well as the Principals personally and you hereby confirm your consent to the provisions of such section. ❑ Schedule 1 containing additional information in respect of this Account Application and Agreement is attached and consists of three pages. (check the box if applicable) Quebec residents only. It is the express wish of the parties that this document and any related documents be drawn up in English. Les parties aux prrsentes ont expressdment domande quo document et tous les documents sy rattachant rbdig&s en : r als. First Name — Last Name Title(If applicable) I Kyle Kruger I Administrator B 2t s'- rk bLv �], g--49-27 (, Date SI•natu - i • Signing Authority First Name Last Name Title bre) I Date Sign= e of Authorized Signing Authority First Name Last Name Title e(if applicable) Date • Signature of Authorized Signing Authority Authorized Branch Officer First Name Last Name I Gloria I Brady Date Branch Authorized Signature °Registered Trademark of CIBC '"Trademark of CIBC tTrademark of interac Inc./CIBC Is an authorized user of the trademark CIBC6926-05106 Page 1 of 3 Small Business Account Application and Agreement Transit Date Branch Information(Branch Use Only) 103072 I Nov 28/06 Branch Location(Address) City Province Postal Code 1200 Broadway St., I Tillsonburg [Ontario [N4G 5A7 1. About Your Business Business Legal Name(referred to below as"you"or"the Business') IThe Corporation of the Municipality of Bayham Business Structure(e.g.Sole Proprietor,Corporation,etc.) Corporation Number of OwnerslPartners Number of Employees IBN—Federal Business Number(If applicable) II Full-Time Part-Time Trade Name(if different from Business Legal Name) Business Address City Province Postal Code I Box 160 I Stxaffordville I Ontario I NOJ WY0 Business Telephone Number Business Fax Number 1519-866-5521 I Nature of Business(please be specific,e.g.Pet Food Retailer) ILocal Government Business Start-up Date(mmm/ddfyyyy) Fiscal Year End(mmm/dd) Most Recent Annual Gross Sales/Revenue 11850 I Dec 31 I$5.8 million 2. About the Principal(s)of the Business You are only required to provide the details of Principals with 10%or more equity ownership. First Principal First Name Last Name Title(d applicable) 'Cliff I Evanitski [Deputy Mayor Date of Birth(mmm'dd/yyyy) Owned Business Since(mm Percentage of Equity Ow p Home Telephone Number 1 67 4/76 I I % I Home Address City Province Postal Code I 5v sb & -L •r,i_ / I 41 "1 .e". I a Ai IJ1.5-41 x/23 Record two pieces of Identification(e.g.Driver's License,Passport)Include one photo I.D: I1. E 9 5 a7 - /3/ 3 SG V0 90 5 'br 'r,..,-,,-',s L c.zrse I2. 563/ - q!7 5a6 441, l'�,-, Second Principal First Name Last Name Title(Ifapplicable) ISuzanne I Mantel I Treasurer Date of Birth (mmm/ddlyyyy) 1 Owned Business Since(mmm/ddlyyyy) Percentage of Equity Ownership Home Telephone Number I I % I (Home Address (City (Province (Postal Code Record two pieces of identification(e.g.Driver's License,Passport.)Include one photo I.D. 11.on file I2. Third Principal First Name Last Name Title(if applicable) IKyle [Kruger I Administrator Date of Birth(mmm/dd/yyyy) - Owned Business Since(mmm/dd/yyyy) Percentage of Equity Ownership Home Telephone Number( aha I Home Address City Province Postal Code I I I I Record two pieces of identification(e.g.Driver's License,Passport.)Include one photo I.D. 1.on File 12. CIBC' 8s28-0sros -------1 Page 1 of 3 Small Business Account Application and Agreement Transit Date Branch Information(Branch Use Only) 1 03072 1 Nov 28/06 Branch Location(Address) City Province Postal Code I 200 Broadway St., I Tillsonburg _ I Ontario I N4G SA7 1. About Your Business Business Legal Name(referred fo below as"you"or"the Business") IThe Corporation of the Municipality of Bayhatn Business Structure(e.g.Sole Proprietor,Corporation,etc.) 1 Corporation Number of Owners/Partners Number of Employees BN-Federal Business Number(If applicable) 1 - 1 Full-Time Part-Time I (Trade Name(if different from Business Legal Name) Business Address City Province Postal Code I Box 160 I St raffordville I Ontario I NOJ I Y0 Business Telephone Number Business Fax Number 1 519-866-5521 L Nature of Business(please be specific,e.g.Pet Food Retailer) ILocal Government Business Start-up Date(mmm/dd/yyyy) Fiscal Year End(mmm/dd) Most Recent Annual Gross Sales/Revenue 1 1850 1 Dec 3I 1 $5.8 million 2. About the Principal(s)of the Business You are only required to provide the details of Principals with 10%or more equity ownership. First Principal First Name Last Name Title(if applicable) 1 Limn 1 Acre I Mayor (Date of Binh(mmm/ddiyyyy) Owned Business Since(mmm/ddryyyy) Percentage of Equity Ownership Home Telephone Number I % I Home Address City Province Postal Code I 1 1 1 Record two pieces of identification(e.g.Driver's License,Passport)include one photo I.D. - 11.on file 12. Second Principal 1First Name (Last Name (Title(lf applicable) Date of Birth (mmm/dd/yyyy) ( ( Owned Business Since(mmm/ddyyyy) Percentage of Equity Ownership Home Telephone Number 1 Home Address 1City (Province • (Postal Code Record two pieces of identification(e.g.Driver's License,Passport.)Include one photo I.D. 11. 12. Third Principal First Name Last Name Title(if applicable) 1 1 1 (Date of Birth(mmm/dd/yyyy) ( ( Owned Business Since(mmm/ddryyyy) Percentage of Equity Ownership Home Telephone Number I Home Address City Province Postal Code 1 I I I Record two pieces of Identification(e.g.Driver's License,Passport)include one photo I.D. 11. 12. 8928-05/06 Page 2 of 3 Small Business Account Application and Agreement 3. For Partnerships List the names of the authorized signatories who will exercise signing authority for the Business: First Name Last Name Title(if applicable) First Name Last Name Title(if applicable) First Name Last Name Tide Of applicable) How many signatures are required to transact on the account(s)? (eg. 1,2,etc.) 4. For Corporations and Unincorporated Associations List the names and titles of the officers and directors of the Business,and the signing officers who will exercise signing authority for 5 the Business.Select all choices that apply for each individual.The Business acknowledges and confirms that Its banking resolution 2 will designate signing officers by title only and not by name. 8 c First Name Last Name Title(If applicable,e.g.President) 5 0) o [Lynn I Acre Mayor ® 0 I Cliff I Evanitski Deputy Mayor ® ® ❑ ISuzanne I Mantel Treasurer ® ® 0 IKyle I Kruger Administrator ® ® 0 ❑ ❑ ❑ ❑ ❑ ❑ How many signatures are required to transact on the account(s)? 2 (eg. 1,2,etc.) For Corporations Only Corporation Number Jurisdiction of Incorporation(as applicable) Name of Jurisdiction(e.g.New Brunswick) Provincial 0 State 0 Federal Ontario 5. CIBC Small Business Credit Do you wish to apply for a Small Business Overdraft? 0 Yes Do you wish to apply for a Small Business Loan/Line of Credit? ❑ Yes 6. Certification and Consent of Principals and the Business Each of the undersigned certifies both personally and on behalf of the Business that he and/or she is a principal of the Business and that the information contained In this Small Business Account Application and Agreement is complete and accurate In all respects. Each of the undersigned acknowledges and consents both personally and on behalf of the Business to the following: CIBC may collect Information (as defined below) during the course of your relationship with CIBC from credit bureaus, other financial institutions, and references you provide CIBC. CIBC may also disclose Information to credit bureaus and financial institutions. (The word "Information"means financial and financially-related information about you, in a business or personal capacity, including information to Identify you or qualify you and/or the Business for products and services,or information that CIBC needs for regulatory requirements.) CIBC may use Information to identify you, protect you and CIBC both from fraud and error, understand your needs and eligibility for services, recommend particular products and services to meet your needs, provide ongoing service, and comply with legal and regulatory requirements. This is explained in the CIBC privacy brochure, Your Privacy Is Protected, available at any branch or www.cibc.com, which describes how the CIBC group collects, uses, discloses, and retains information about you and the products and services you use. Specific Consents. a) Direct Marketing.CIBC may tell you about products and services through direct mail,telephone,and other direct means. b) Disclosure within the CIBC group.CIBC may share Information within the CIBC group so that the CIBC group may tell you about products and services. If you don't wish to consent to(a)or(b),you can contact CIBC at 1 800 465-CIBC(2422)at any time.You will not be refused credit or other services just because you withdraw your consent to(a)or(b). The CIBC group includes CIBC and its subsidiaries that currently offer deposits, loans,mutual funds, securities trading,mortgages,trust and insurance services. Quebec residents only.It is the express wish of the parties that this di it e an•j:ny flat;• •ocuments be drawn up in English.Les parties aux presentes ant expressement demands quo ce document of tous les••c.m s • ra - t nt Solent rediges en angi date e re of First nncipal - Si.1 tura. ec. d Pr ipal gnature of third rindpal 1/ 8925-05/08 Page 3 of 3 Small Business Account Application and Agreement 7. Request for Account(s)(for more information,visit www.cibc.com or contact your CIBC Small Business Representatives.) Complete the following section for each account you are applying for. *Account Types(Indicate the account type,using A,B,C,or D,for each account requested below) A CIBC Business Operating Account C CIBC Business Interest Account®(CBIA) B U.S.Dollar Current Account D CIBC Business Operating Account-gm with additional option(additional option includes: bank machine access,Interact Direct Payment access and wallet depository service.) a) Request for Account Account Type* For Bank Use Only Account Number IIs the account to be used on behalf of or for another party? ❑ Yes ® No I Borrowing facilty only I Mailing Address(if different from Business Address) City (Province Postal Code Estimated Average Deposit Frequency of Deposits (Select one which applies) Usual Type of Deposits(Select all that apply) I $ I 0 Daily ❑ Weekly ❑ Monthly I 0 Cash 0 Cheque 0 Other b) Request for Account Account Type* For Bank Use Only Account Number IIs the account to be used on behalf of or for another party? ❑ Yes ❑ No I I Mailing Address(if different from Business Address) City Province Postal Code ( ( L Estimated Average Deposit Frequency of Deposits (Select one which applies) Usual Type of Deposits(Select ail that apply) I$ I 0 Daily 0 Weekly El Monthly I ❑ Cash ❑ Cheque 0 Other 8. Agreement and Consent—Complete the following section in the presence of a CIBC employee. In consideration of Canadian Imperial Bank of Commerce("CIBC")dealing or continuing to deal with you In connection with your banking business with CIBC,you agree with CIBC as set out In this Agreement. You acknowledge receipt of the CIBC Brochure'Business Account Operating Terms and Agreements'*(*Versioto O. and having read and understood It, and you agree to be bound by the Business Banking Agreement In it and any amendments to r replacements of such agreement made by CIBC from time to time. You also acknowledge having received a copy of CIBC's current service fees disclosure brochure and having read and understood it,and you agree to be bound by the terms of such brochure and any changes to or replacements of it made by CIBC from time to time. If you do not make arrangements with CIBC regarding overdrafts the following applies in addition to the Business Banking Agreement: CIBC may if it wishes allow an overdraft in your account. You agree to pay the overdraft amount immediately on CIBC's demand plus interest on the overdraft amount at the rate and In the manner specified in CIBC's current business account service fees disclosure brochure as revised from time to time. You acknowledge Section 6 of this Small Business Account Application and Agreement applies to you as well as the Principals personally and you hereby confirm your consent to the provisions of such section. o Schedule 1 containing additional Information In respect of this Account Application and Agreement is attached and consists of three pages. (check the box If applicable) Quebec residents only. It is the express wish of the parties that this document and any related documents be drawn up in English. Les parties aux presentes ont expressement demende qua document et tous les documents sy rattachant sofent rediges en anglais. First Name Last Name /� ,( � Title(if applicable) I Lyn I Acre ) (J j. . I Mayor ' d,Th kaA 7, L.t9-6 -6 Date Signature of Authorized Signing Authority First Name Last Name Title(if applicable) ICliff _ I Evanitsld A / i _l.,.u Ma or Date .ignature orized Signing Authority First Name Last Name Title(if applicable) I Suzanna I Mantel T 'r' • • F 1�/.rs.,-,,,i,a4 .. &dam-e-t)b �'i_ /(../i[) ' -, .„ signature of Author =d Signing uthority Authorized Branch Officer First Name Last Name I Gloria4fLe,/7/ekI Brady Datauthorized Sire ®Registered Trademark of CIB '"Trademark of CIBC Trademark of interac IncJCIBC is an authorized user of the trademark 8928-0x/06 Page 3 of 3 Small Business Account Application and Agreement 7. Request for Account(s)(for more information,visit www.cibc.com or contact your CIBC Small Business Representatives.) Complete the following section for each account you are applying for. *Account Types(Indicate the account type,using A,B,C,or D,for each account requested below) A CIBC Business Operating Account C CIBC Business Interest Account®(CBIA) B U.S.Dollar Current Account D CIBC Business Operating Accounts'with additional option(additional option includes: bank machine access,Interact Direct Payment access and wallet depository service.) a) Request for Account Account Type* For Bank Use Only Account Number IIs the account to be used on behalf of or for another party? 0 Yes ® No 1 Borrowing facilty only I Mailing Address(if different from Business Address) City Province Postai Code I ( I Estimated Average Deposit Frequency of Deposits (Select one which applies) Usual Type of Deposits(Select all that apply) 1_$ I ❑ Daily ❑ Weekly 0 Monthly I ❑ Cash El Cheque 0 Other b) Request for Account Account Type (For Bank Use Only Account Number ID the account to be used on behalf of or for another party? Yes ❑ No II Mailing Address(if different from Business Address) City Province Postal Code ( I I I Estimated Average Deposit Frequency of Deposits (Select one which applies) Usual Type of Deposits(Select all that apply) I$ I ❑ Daily 0 Weekly ❑ Monthly I ❑ Cash 0 Cheque ❑ Other 8. Agreement and Consent—Complete the following section in the presence of a CIBC employee. In consideration of Canadian Imperial Bank of Commerce('CIBC")dealing or continuing to deal with you in connection with your banking business with CIBC,you agree with CIBC as set out in this Agreement. You acknowledge receipt of the CIBC Brochure"Business Account Operating Terms and Agreements"('Version J and having read and understood it, and you agree to be bound by the Business Banking Agreement in it and any amendments to or replacements of such agreement made by CIBC from time to time. You also acknowledge having received a copy of CIBC's current service fees disclosure brochure and having read and understood it,and you agree to be bound by the terms of such brochure and any changes to or replacements of it made by CIBC from time to time. If you do not make arrangements with CIBC regarding overdrafts the following applies in addition to the Business Banking Agreement: CIBC may if it wishes allow an overdraft in your account. You agree to pay the overdraft amount immediately on CIBC's demand plus Interest on the overdraft amount at the rate and in the manner specified in CIBC's current business account service fees disclosure brochure as revised from time to time. You acknowledge Section 6 of this Small Business Account Application and Agreement applies to you as well as the Principals personally and you hereby confirm your consent to the provisions of such section. o Schedule 1 containing additional information in respect of this Account Application and Agreement Is attached and consists of three pages. (check the box if applicable) Quebec residents only. It is the express wish of the parties that this document and any related documents be drawn up In English. Les parties aux presentee ont expressement demands quo document et tous les documents sy retfachanf sole rddiges en anglais. First Name Last Name / Title(if applicable) IKyle Kruger / I Administrator Date S natu • , oni Signing Authority First Name Last Name Title applicable) ( 1 Date Sign: re of Authorized Signing Authority First Name (Last Name (Title(if applicable) Date Signature of Authorized Signing Authority Authorized Branch Officer First Name Last Name IGloria I Brady /C e//D ®7 Da / Branch A rized Signature °Registered Trademark of CBC 'Trademark of CIBC tTrademark of Interac inc./CIBC is an authorized user of the trademark IBC 200 Broadway Tillsonburg, Ontario N4G 5A7 July 5, 2006 The Corporation of the Municipality of Bayham P.O. Box 160 9344 Plank Road Straffordville, Ontario NOJ 11'0 Attention: Suzanne Mantel - Treasurer Dear Sirs: We, Canadian Imperial Bank of Commerce ("CIBC"), are pleased to establish the following Credits for you, our customer. Credit A: Demand Instalment Loan Loan Amount: $1,086,531.98. Purpose: To confirm existing advances to assist with sewer work projects. Interest Rate: Fixed rate of 6.25% per year. Scheduled Payment : Unless we make demand, ou#will pay CIBC as follows: 12 regular blendeeTr-'4 ayments of $109,971.35 each. ac\ The next regula -!,111 p= ' ment is due on October 11, 2006. The last payment, plus any outstanding principal and interest together with any other amount due under this Agreement, is due on April 11, 2012. Security Security: The following security is required: Other security: Capital expenditure borrowing By-law dated Dec. 2, 1999 Reporting Requirements Reporting (1) Within 150 days of each fiscal year-end, financial statements for that Requirements: fiscal year on an audited basis. (2) Within 150 days of each fiscal year-end, approved budget document for the next fiscal year. igimemY The Corporation of the Municipality of Bayham July 5, 2006 Other Provisions Calculations: The calculations made under the "Covenants" and "Reporting Requirements" sections of this Agreement are to be done on a consolidated basis. Next Scheduled Review Date: June 30, 2007 Standard Credit Terms: The attached Schedule-Standard Credit Terms forms part of this Agreement. General: You agree that (a) you have read this Agreement (including the Schedule Standard Credit Terms), (b) CIBC has explained it to you, and (c) you understand it. Please indicate your acceptance of these terms by returning a signed copy of this Agreement. If we do not receive a signed copy by July 31, 2006, then this offer will expire. Upon acceptance, this Agreement replaces the existing credit agreement dated June 30, 2005, between you and CIBC. Outstanding amounts (and security) under that Agreement will be covered by this Agreement it being the intention that the obligations under this Agreement are not a substitution for the obligations under the existing credit agreement and that the security under that agreement continues to secure the obligations under this Agreement. Yours truly, Canadian imperial = •n of Commerce :by. 3 - H. Glenl`larrop Account Mana., Phone no.: (5/ 842-7331 Fax no.: (51 842-3047 2 of 3 The Corporation of the Municipality of Bayham July 5, 2006 Acknowledgement: The undersigned certifies that all information provided to CIBC is true, and acknowledges receipt of a copy of this Agreement (including any Schedules referred to above). n Accepted this ' day.of ,4 6(4 The Corporation of the Municipality of Bayham By: 414 lLJ (IiA(� Name: L �--4�`-re Title: Parr— jejj7LADj--- SA2CACYY1 3ofa TWIN, A, 6326-99/06 iW P51 CREDI CIBC Schedule - Standard Credit Terms ARTICLE 7 - GENERAL Merest Rate. You will pay interest on each Credit at nominal asking you to get further accounting assistance, put more cash into rates per year equal to: the business, provide more security,or produce a satisfactory business plan. It is important to us that your business succeeds. (a) for amounts above the Credit Limit of a Credit or a part of a We may,however,at our discretion,demand immediate repayment Credit or for amounts that are not paid when due,the Default of any outstanding amounts under any demand Credit. We may Interest Rate,and also,at any time and for any cause,cancel the unused portion of any demand Credit. (b) for any other amounts,the rate specified in this Agreement. 1.7 Payments. If any payment is due on a day other than a 1.2 Variable interest. Each variable interest rate provided for Business Day,then the payment is due on the next Business Day. under this Agreement will change automatically,without notice, whenever the Prime Rate or the U.S. Base Rate,as the case may be, 1.8 Applying money received. If you have not made payments as changes. required by this Agreement,or if you have failed to satisfy any term of this Agreement(or any other agreement you have that relates to 1.3 Payment of interest. Interest is calculated on the daily balance this Agreement),or at any time before default but after we have of the Credit at the end of each day. Interest is due once a month, given you appropriate notice,we may decide how to apply any unless the Agreement states otherwise. Unless you have made money that we receive. This means that we may choose which other arrangements with us,we will automatically debit your Credit to apply the money against,or what mix of principal, interest, Operating Account for interest amounts owing. If your Operating fees and overdue amounts within any Credit will be paid. Account is in overdraft and you do not deposit to the account an amount equal to the monthly interest payment,the effect is that we 1.9 Information requirements. We may from time to time will be charging interest on overdue interest(which is known as reasonably require you to provide further information about your compounding). Unpaid interest continues to compound whether or business. We may require information from you to be in a form not we have demanded payment from you or started a legal action, acceptable to us. or get judgment,against you. 1.10 Insurance. You will keep all your business assets and property 1.4 Default Interest. To determine whether Default Interest is to insured (to the full insurable value)against loss or damage by fire be charged,the following rules apply: and all other risks usual for property such as yours (plus for any other risks we may reasonably require). If we request,these policies (a) Default Interest will be charged on the amount that exceeds will.Include a loss payee clause (and if you are giving us mortgage the Credit Limit of any particular Credit. security,a mortgagee clause). As further security,you assign all insurance proceeds to us. If we ask,you will give us either the (h) If there are several parts of a Credit, Default Interest will be policies themselves or adequate evidence of their existence. If your charged if the Credit Limit of a particular part is exceeded. For insurance coverage for any reason stops,we may(but do not have example,if Credit A's limit is $250,000, and the limit of one part Is to) insure the property. We will automatically debit your Operating $100,000 and the limit of that part is exceeded by $25,000, Default Account for these amounts. Finally,you will notify us immediately Interest will be charged on that $25,000 excess,even if the total of any loss or damage to the property. amount outstanding under Credit A is less than $250,000. 1.11 Environmental. You will carry on your business, and maintain 1.5 Fees. You will pay CIBC's fees for each Credit as out lined in your assets and property, in accordance with all applicable the Letter. You will also reimburse us for all reasonable fees environmental laws and regulations. If(a)there is any release, (including legal fees) and out-of-pocket expenses incurred in deposit,discharge or disposal of pollutants of any sort(collectively, registering any security, and in enforcing our rights under this a "Discharge") in connection with either your business or your Agreement or any security. We will automatically debit your property, and we pay any fines or for any clean-up, or(b) we suffer Operating Account for fee amounts owing. any loss or damage as a result of any Discharge,you will reimburse CIBC,its directors,officers, employees and agents for any and all 1.8 Our rights re demand Credits. At CIBC,we believe that the losses,damages,fines,costs and other amounts(including amounts banker-customer relationship is based on mutual trust and respect. spent preparing any necessary environmental assessment or other It is important for us to know all the relevant information(whether reports,or defending any lawsuits)that result. If we ask,you will good or bad) about your business. CIBC is itself a business, defend any lawsuits,investigations or prosecutions brought against Managing risks and monitoring our customers'ability to repay is CIBC or any of its directors,officers,employees and agents in critical to us. We can only continue to lend when we feel that we connection with any Discharge. Your obligation to us under this are likely to be repaid. As a result, if you do something that section continues even after all Credits have been repaid and this Jeopardizes that relationship,or if we no longer feel that you are Agreement has terminated. likely to repay ell amounts borrowed,we may have to act. We may decide to act,for example,because of something you have done, 1.12 Consent to release Information. We may from time to time information we receive about your business,or changes to the give any credit or other information about you to, or receive such economy that affect your business. Some of the actions that we information from, (a) any financial institution, credit reporting may decide to take include requiring you to give us more financial agency,rating agency or credit bureau, (b) any person,firm or information,negotiating a change in the interest rate or fees,or corporation with whom you may have or propose to have financial The Corporation of the Municipality of Bayham 7 of 3 July 5, 2006 dealings, and (c)any person,firm or corporation in connection with than what the rate was at the outset,you may end up paying any dealings you have or propose to have with us. You agree that off the loan before the scheduled end date. If, however,the we may use that information to establish and maintain your Prime or U.S. Base Rate is higher than what it was at the relationship with us and to offer any services ea permitted by law, outset,the amount of principal that Is paid off is reduced. As including services and products offered by our subsidiaries when It , a result,you may end up still owing principal at the end of the is considered that this may be suitable to you. term because of these changes in the Prime or U.S. Base Rate. 1.13 Our pricing policy. Fees,interest rates and other charges for (ii) Payments of principal plus interest. If you have a your banking arrangements are dependent upon each other. If you Floating Rate Loan that has regular principal payments,plus decide to cancel any of these arrangements,you will have to pay us interest,the principal payment amount of your Loan is due on any increased or added fees,interest rates and charges we each payment date specified in the Letter. The interest determine and notify you of. These Increased or added amounts are payment is also due on the same date, but it is debited from effective from the date of the changes that you make. your Operating Account one or two banking days later. Although the principal payment amount is fixed, your interest 1.14 Proof of debt. This Agreement provides the proof, between payment will usually be different each month,for at least one CIBC and you,of the credit made available to you. There may be and possibly more reasons, namely: the reducing principal times when the type of Credit you have requires you to sign balance of your loan,the number of days in the month,and additional documents. Throughout the time that we provide you changes to the Prime Rate or U.S. Base Rate(as the case may credit under this Agreement,our loan accounting records will be). provide complete proof of all terms and conditions of your credit (such as principal loan balances, interest calculations, and payment (c) Prepayment. Unless otherwise agreed,the following terms dates). apply to prepayment of any Instalment Loan: 1.15 Renewals of this Agreement. This Agreement will remain in (I) Floating Rate Instalment Loans. You may prepay all or effect for your Credits for as long as they remain unchanged. We part of a Floating Rate Instalment Loan (whether it is a have shown a Next Scheduled Review Date in the Letter. If there Demand or a Committed Loan)at any time without notice or are no changes to the Credits this Agreement will continue to apply, penalty. and you will not need to sign anything further. If there are any changes, we will provide you with either an amending agreement,or (ii) Fixed Rate Instalment Loans. You may prepay all or part a new replacement Letter,for you to sign. of a fixed Rate Instalment Loan, on the following condition. You,rnust pay us,on the prepayment date,a prepayment fee 1.18 Confidentiality. The terms of this Agreement are confidential equal to the interest rate differential for the remainder of the between you and CIBC. You therefore agree not to disclose the term of the Loan, in accordance with the standard formula contents of this Agreement to anyone except your professional used by CIBC in these situations. advisors. (d) Demand of Fixed Rate Demand Instalment Loans. if you have 1.17 Pre-conditions. You may use the Credits granted to you under a Fixed Rate Demand instalment Loan and we make demand for this Agreement only if: payment,you.will owe us (i) all outstanding principal, (ii)interest, (iii) any other amount due under this Agreement,and (iv) a (a) we have received properly signed copies of all documentation prepayment fee. The prepayment fee is equal to the Interest rate that we may require in connection with the operation of your differential for,the remainder of the term of the loan, in accordance accounts and your ability to borrow and give security; with the standard formula used by CIBC in these situations. (b) all the required security has been received and registered to our satisfaction; ARTICLE 2 - DEFINITIONS (c) any special provisions or conditions set forth in the Latter have been complied with;and 2.1 Definitions. In this Agreement,the following terms have the (d) if applicable,you have given us the required number of days following meanings: notice for a drawing under a Credit. "Business Day"means any day(other than a Saturday or a Sunday) 1.18 Notices. We may give you any notice in person or by that the CIBC Branch/Centre is open for business. telephone,or by letter that is sent either by fax or by mail. "CIBC Branch/Centre"means the CIBC branch or banking centre 1.19 Instalment Loans. The following terms apply to each noted on the first page of this Agreement,as changed from time to Instalment Loan. time by agreement between the parties. (a) Non-revolving loans. Unless otherwise stated in the Letter, "Credit"means any credit referred to in the Letter,and if there are any Instalment Loan is non-revolving. This means that any principal two or more parts to.a Credit, "Credit" includes reference to each payment made permanently reduces the available Loan Amount. part. Any payment we receive is applied first to overdue interest,then to current interest owing,then to overdue principal,then to any fees "Credit Limit"of any Credit means the amount specified in the Letter and charges owing,and finally to current principal. as its Credit Limit,and if there are two or more parts to a Credit, "Credit Limit"includes reference to each such part. (b) Floating Rats Instalment Loans. Floating Rate Instalment Loans may have either(I) blended payments or(ii) payments of fixed Default Interest Rate",unless otherwise defined in the Letter, principal amounts,plus interest, as described below. means the Standard Overdraft Rate. (i) Blended payments. If you have a Floating Rate Loan that "Demand Instalment Loan"means an Instalment Loan that is has blended payments,the amount of your monthly payment payable upon demand. Such a Loan may be either at a fixed or a is fixed for the term of the loan, but the Interest rate varies floating rate of interest. with changes in the Prime or U.S.Base Rate(as the case may be). If the Prime or U.S. Base Rate during any month is lower The Corporation of the Municipality of Bayham 2 of 3 July 5, 2006 7.;• "Fixed Rate Instalment Loan"means an Instalment Loan that is also a Fixed Rate Loan. "Fixed Rate Loan"means any loan drawn down,converted or extended under a Credit at an interest rate which was fixed for-a term,instead of referenced to a variable rate such as the Prime Rate or U.S.Base Rate,at the time of such drawdown,conversion or extension. For purposes of certainty, a Fixed Rate Loan includes a LIBOR Loan. "Floating Rate Instalment Loan"means either an Instalment Loan that is either a Prime Rate Loan or a Base Rate Loan. "Instalment Loan"means a loan that is repayable either in fixed instalments of principal,plus Interest,or in blended instalments of both principal and interest. A Demand Instalment Loan Is repayable II� on demand. A Committed Instalment Loan is repayable only upon the occurrence of an Event of Default. "Letter"means the letter agreement between you and CIBC to which this Schedule end any other Schedules are attached. "Operating Account"means the account that you normally use for the day-to-day cash needs of your business, end may be either or both of a Canadian dollar and a U.S.dollar account. "Prime Rate"means the variable reference rate of interest per year declared by CIBC from time to time to be its prime rate for Canadian dollar loans made by CIBC in Canada. "Prime Rate Loan"means a Canadian dollar loan on which interest is calculated by reference to Prime Rate. "Standard Overdraft Rate"means the variable reference interest rate per year declared by CIBC from time to time to be its standard overdraft rate on overdrafts in Canadian or U.S.dollar accounts maintained with C1BC in Canada. The Corporation of the Municipality of Bayham 3 of 3 July 5, 2006