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Line of Credit
6 Months Ended
Jun. 30, 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% (3.27% at June 30, 2013) and (ii) 4.75% per annum, and there is an unused facility fee of .25% per annum. At June 30, 2013 and August 2, 2013,   there was no outstanding balance under the facility. The Company was in compliance with all covenants at June 30, 2013.