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Line of Credit
6 Months Ended
Jun. 30, 2014
Line of Credit  
Line of Credit

Note 9 - 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 June 30, 2014) and (ii) 4.75% per annum, and there is an unused facility fee of .25% per annum.  At June 30, 2014 and August 1, 2014, there were outstanding balances of $36,850,000 and $35,450,000, respectively, under the facility. The Company was in compliance with all covenants at June 30, 2014.