Orbit Garant 2012 annual rep O rt 51 Customer Drilling Non-compete relationship technology (a) agreement Total $ $ $ $ Accumulated amortization Balance as at July 1, 2010 13,257 — 1,503 14,760 Amortization 1,026 — 484 1,510 Balance as at June 30, 2011 14,283 — 1,987 16,270 Amortization 1,174 582 308 2,064 Balance as at June 30, 2012 15,457 582 2,295 18,334 Net book value July 1, 2010 767 — 607 1,374 June 30, 2011 2,681 2,912 493 6,086 June 30, 2012 2,557 2,330 185 5,072 (a) The drilling technology has not been amortized during the year ended June 30, 2011, because it was still in development. 12. LONG-TERM DE b T June 30 June 30 July 1 2012 2011 2010 $ $ $ Loan authorized for a maximum amount of $40 million, bearing interest at prime rate plus 0.5%, maturing May 2015, secured by frst rank hypothec on the universality of all present and future assets (a) (b) 25,590 14,618 — Loans, bearing interest at rates ranging from 0% to 1.5%, payable in monthly instalments of $39, maturing in September 2014, secured by certain vehicles of a net book value of $1,183 as at June 30, 2012, $550 as at June 30, 2011 and $552 as at July 1, 2010 782 223 375 26,372 14,841 375 Current portion (401) (168) (203) 25,971 14,673 172 (a) The rate is variable based on the quarterly calculation of a fnancial ratio and can vary from prime rate plus 0.5% to 1.50%. As per certain conditions, the credit facility can be increased by an amount of $20 million up to a maximum authorized amount of $60 million. (b) An unamortized amount of $210 ($276 as at June 30, 2011 and nil as at July 1, 2010), representing fnancing fees has been presented in deduction of the long-term debt. This amount is being amortized to earnings over the term of the debt, usi ng the effective interest method. Under the terms of the long-term debt agreement, the Company must satisfy certain restrictive covenants as to minimum fnancial ratios (note 13). On June 30, 2012, the prime rate was 3% (3% as at June 30, 2011 and 2.5 % as at July 1, 2010). Principal payments required in each of the next three years are as follows: $ 2 0 1 3 4 0 1 2014 316 2015 25,865