DEBT

In April 2017, the Company entered into an Amended and Restated Credit Agreement (the “Amended Credit Agreement”) with TCB with an aggregate commitment of $55.0 million. The Amended Credit Agreement provides for a revolving credit facility maturing April 3, 2022 (the “Revolving Facility”), permitting the Company to borrow funds from time to time in an aggregate amount equal to the lesser of the borrowing base amount, which is 85% of eligible accounts receivable, and TCB’s commitment of $35.0 million and also provided for a term loan maturing April 3, 2022 (the “Term Loan”) in the amount of $20.0 million with principal payable quarterly, based on an annual percentage of the original principal amount as defined in the Amended Credit Agreement. TCB may also make loans (“Swing Line Loans”) not to exceed the lesser of $7.5 million or the aggregate commitment. Additionally, the Amended Credit Agreement originally provided for the Company to increase the commitment by $20.0 million ($15.0 million remaining) with an accordion feature.

The Revolving Facility and Term Loan bear interest either at the Base Rate plus the Applicable Margin or LIBOR plus the Applicable Margin (as such terms are defined in the Amended Credit Agreement). Swing Line Loans bear interest at the Base Rate plus the Applicable Margin. All interest and commitment fees are generally paid quarterly. Additionally, the Company pays an unused commitment fee on the unfunded portion of the Revolving Facility. The Company’s obligations under the Amended Credit Agreement are secured by a first priority security interest in substantially all tangible and intangible property of the Company and its subsidiaries.

The Amended Credit Agreement's customary affirmative and negative covenants remain substantially the same as those in effect under the original credit agreement. The Company is subject to a maximum Leverage Ratio, a minimum Fixed Charge Coverage Ratio, and a minimum Dividend Fixed Charge Coverage Ratio, as defined in the Amended Credit Agreement. The Company was in compliance with these covenants as of March 31, 2019.

Line of Credit

At March 31, 2019 and December 30, 2018, $10.5 million and $10.7 million, respectively, was outstanding on the Revolving Facility with TCB. Average daily balance for the thirteen week periods ended March 31, 2019 and April 1, 2018 was $10.0 million and $21.0 million, respectively.

Borrowings under the Revolving Facility consists of and bore interest at:



	March 31, 2019				December 30, 2018
Base Rate	$	3,016,558	6.50	%	$	650,289	6.50	%
LIBOR	4,000,000		5.23	%	5,000,000		5.16	%
LIBOR	3,500,000		5.24	%	5,000,000		5.16	%
Total	$	10,516,558			$	10,650,289

Long-Term Debt

Long-term debt consists of and bore interest at:



	March 31, 2019				December 30, 2018
Base Rate	$	83,500	6.50	%	$	1,121,000	6.50	%
LIBOR	6,500,000		5.48	%	6,500,000		5.41	%
LIBOR	1,700,000		5.49	%	2,500,000		5.41	%
Long-term debt	$	8,283,500			$	10,121,000