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Line of Credit
3 Months Ended
Mar. 31, 2013
Line of Credit  
Line of Credit

 

Note 8 - Line of Credit

 

The Company has a $75,000,000 revolving credit facility (“Facility”) with VNB New York Corp., Bank Leumi USA, Israel Discount Bank of New York and Manufacturer’s & Trader’s Trust Company.  The Facility matures March 31, 2015 and provides that the Company pay interest at the greater of (i) 90 day LIBOR plus 3% (3.28% at March 31, 2013) and (ii) 4.75% per annum, and there is an unused facility fee of .25% per annum. At March 31, 2013 and May 3, 2013, $3,500,000 and $0, respectively, was outstanding under the facility. The Company was in compliance with all covenants at March 31, 2013.