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Primary Financing Facilities
6 Months Ended
Dec. 27, 2012
Primary Financing Facilities

Note 4 — Primary Financing Facilities

On February 7, 2008, we entered into a Credit Agreement with a bank group (the “Bank Lenders”) providing a $117,500 revolving loan commitment and letter of credit subfacility and subsequently amended the Credit Agreement in March 2010, July 2011 and October 2011 (as amended, the “Credit Facility”). At December 27, 2012, we had $97,499 of available credit under the Credit Facility which reflects borrowings of $5,636 and reduced availability as a result of $7,557 in outstanding letters of credit and a decreased borrowing base of $6,808. The borrowing base was negatively impacted at December 27, 2012, by a decrease in accounts receivable and net eligible inventory. As of December 27, 2012, we were in compliance with all covenants under the Credit Facility. We would still be in compliance with all restrictive covenants under the Credit Facility if the entire available amount were borrowed.

Also on February 7, 2008, we entered into a Loan Agreement with an insurance company (the “Mortgage Lender”) providing us with two term loans, one in the amount of $36,000 (“Tranche A”) and the other in the amount of $9,000 (“Tranche B”), for an aggregate amount of $45,000 (the “Mortgage Facility”). As of December 27, 2012, we were in compliance with all covenants under the Mortgage Facility. We have classified $22,600 under Tranche A as long-term debt as of December 27, 2012 which represents scheduled principal payments due beyond twelve months. All amounts outstanding under Tranche B are classified as short-term debt as of December 27, 2012, since the Mortgage Lender has the option to use proceeds of any sale of the site that was originally purchased by the Company in Elgin, Illinois to reduce the amount outstanding under Tranche B.