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Credit Arrangement
6 Months Ended
Jun. 30, 2019
Credit Arrangement [Abstract]  
Credit Arrangement
NOTE F – Credit Arrangement

We have a $60.0 million revolving credit facility secured by our inventory, accounts receivable, cash, and certain other personal property.  Availability fluctuates based on a borrowing base calculation reduced by outstanding letters of credit.  Amounts available to borrow are based on the lesser of the borrowing base or the $60.0 million-line amount, reduced by $6.0 million if a fixed charge coverage ratio test for the immediately preceding 12 months is not met. The credit facility contains covenants that, among other things, limit our ability to incur certain types of debt or liens, enter into mergers and consolidations or use proceeds of borrowing for other than permitted uses. The covenants also limit our ability to pay dividends if unused availability is less than $16.5 million.

The borrowing base was $55.6 million at June 30, 2019, there were no outstanding letters of credit, and the net availability was $49.6 million. The facility, which has not been used since its origination, matures March 31, 2021.