On February 28, 2020, High Park Holdings Ltd., a wholly owned subsidiary of the Company (the “Borrower” or “High Park”) entered into a credit agreement, denominated in Canadian dollars (“C$”), for a senior secured credit facility in a maximum aggregate principal amount of $59,600 (C$79,800) (the “Senior Facility”).

On June 5, 2020, High Park entered into the First Amendment of the Senior Facility (the “Amendment”) which provided for interest-only payments for the remainder of its term with all outstanding principal payments due at February 28, 2022.

The Senior Facility bears interest on the outstanding principal balance at an annual rate equal to the Canadian prime rate plus 8.05%, calculated based on the daily outstanding balance of the Senior Facility calculated and compounded monthly in arrears and with no deemed reinvestment of monthly payments. Interest is due monthly throughout the term. The Company has the option to voluntarily prepay, without penalty, the outstanding amounts, in full or in part, at any time starting 6 months from the closing date subsequent to providing 75 days’ notice.

The Senior Facility has first priority claims on all North American assets of the Company and contains certain affirmative and negative covenants. The operational covenant includes a minimum unrestricted cash threshold of $29,466 (C$40,000) in order for the Company to make additional capital expenditures and investments. The Senior Facility is collateralized against all real and personal property owned, leased and operated by the Company in North America, and any and all other property of the Company now existing and acquired in North America after the closing date.

As of March 31, 2021, the Company was in compliance with all covenants set forth under the Senior Facility.

	March 31, 2021			December 31, 2020
Senior Facility	$	51,161		$	50,498
Unamortized transaction costs		(1,614	)		(2,028	)
Net carrying amount	$	49,547		$	48,470
Less: current portion of Senior Facility		(49,547	)		—
Total noncurrent portion of Senior Facility	$	—		$	48,470

The following table sets forth total interest expense recognized related to the Senior Facility:

	Three months ended March 31,
	2021		2020
Contractual interest at Canadian prime plus 8.05%	$	1,325	$	480
Amortization of transaction costs		436		131
Total	$	1,761	$	611