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Line of Credit
3 Months Ended
Mar. 31, 2014
Line of Credit  
Line of Credit

 

 

Note 8 - Line of Credit

 

The Company has a $75,000,000 revolving credit facility with Manufacturer’s & Trader’s Trust Company, VNB New York Corp., Bank Leumi USA and Israel Discount Bank of New York.  This facility matures March 31, 2015 and provides that the Company pay interest at the greater of (i) 90 day LIBOR plus 3% (3.23% at March 31, 2014) and (ii) 4.75% per annum, and there is an unused facility fee of .25% per annum. At March 31, 2014 and May 5, 2014, the outstanding balance under the facility was $12,850,000. The Company was in compliance with all covenants at March 31, 2014.