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Bank Loans and Line of Credit
6 Months Ended
Jun. 30, 2019
Bank Loans and Line of Credit  
Bank Loans and Line of Credit

Note 16. Bank Loans and Line of Credit

 

On November 6, 2018, the Company entered into a Credit Agreement (the “Credit Agreement”), by and between the Company and Wells Fargo Bank, National Association, which established a $10 million secured revolving line of credit with a $1.0 million letter of credit sublimit facility. The revolving credit facility is collateralized by substantially all of the assets of the Company located within the United States, subject to certain exceptions. The commitments under the Credit Agreement expire on November 30, 2020 and any loans thereunder will bear interest at a rate based on the daily one-month London Inter-bank Offered Rate (“LIBOR”) for the applicable interest period plus a margin of 2.00%.  As of June 30, 2019, no loans or letters of credit were outstanding under the Credit Agreement.