XML 58 R10.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Notes Payable to Bank and Long-Term Debt | 12 Months Ended
--- | ---
Dec. 31, 2014
Notes Payable to Bank and Long-Term Debt [Abstract] |
Notes Payable to Bank and Long-Term Debt | C. Note Payable to Bank
|  | December 31, |
|  | 2014 |  |  | 2013 |
Note Payable: |  | (in thousands) |
MtronPTI revolving loan with JPMorgan Chase Bank, N.A. |  | $ | — |  |  | $ | 1,181 |
On August 29, 2014, MtronPTI paid off and terminated its loan agreement with JPMorgan Chase Bank, N.A. dated June 30, 2011 (the "Chase Loan Agreement"), which provided for a $1.5 million revolving line of credit.The obligations under the Chase Loan Agreement were secured by a $1.5 million cash collateral deposit and by a general lien on all of MtronPTI's assets, both of which have been released. The Chase Loan Agreement was scheduled to expire on September 30, 2014. On September 30, 2014, MtronPTI entered into a Loan Agreement, dated as of September 30, 2014 (the "CNB Loan Agreement"), with City National Bank of Florida ("City National"). The CNB Loan Agreement provides for a revolving line of credit in the amount of $3.0 million (the "CNB Revolver"), which bears interest at a variable rate equal to 30-day LIBOR plus 200 basis points to be set on the first day of each month. Under the terms of the CNB Loan Agreement and the CNB Revolving Promissory Note (as defined below), MtronPTI may borrow under the CNB Revolver until September 30, 2016, unless the term of the CNB Revolving Promissory Note is extended. The Company's obligations under the CNB Loan Agreement are secured only by cash collateral and do not require any other liens. The CNB Loan Agreement provides that MtronPTI will pay City National a fee equal to 0.75% per year on the daily unused amount of the CNB Revolving Promissory Note. In connection with the CNB Loan Agreement, MtronPTI also entered into a Cash Collateral Agreement with City National (the "CNB Cash Collateral Agreement) and delivered a Revolving Promissory Note in the principal amount of $3,000,000 to City National (the "CNB Revolving Promissory Note"). The CNB Cash Collateral Agreement provides that City National will hold cash collateral equal to any amounts outstanding under the CNB Revolver in a non-interest bearing deposit account. Provided that MtronPTI is not in default of any of its obligations under the CNB Loan Agreement, CNB Revolving Promissory Note or the CNB Cash Collateral Agreement, the funds deposited by MtronPTI under the CNB Cash Collateral Agreement are restricted only to the extent of the outstanding principal amount under the CNB Revolver. As of December 31, 2014, there was no balance outstanding under the CNB Revolver and no associated restricted cash. The CNB Loan Agreement, the CNB Revolving Promissory Note and the CNB Cash Collateral Agreement provide for customary events of default including but not limited to payment defaults, breach of other obligations under the CNB Loan Agreement, the CNB Revolving Promissory Note and the CNB Cash Collateral Agreement, bankruptcy or insolvency, material default with respect to any obligation owed to City National and default with respect to other material indebtedness.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration