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Line of Credit
6 Months Ended
Sep. 30, 2015
Line Of Credit Facility [Abstract]  
Line of Credit

5. Line of Credit

The Company has a line of credit facility (the “Line”) up to $225,000,000. The pricing of the Line, which expires on January 30, 2018, is 300 basis points above 30-day LIBOR with a 1% floor on LIBOR (4.00% at September 30, 2015 and March 31, 2015). Pledged as collateral for this Line are all of the assets of the Company. The outstanding amount of the Line was $211,161,315 and $199,000,000 as of September 30, 2015 and March 31, 2015, respectively. The amount available under the Line was approximately $13,838,685 and $26,000,000 as of September 30, 2015 and March 31, 2015, respectively.

The facility requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. Dividends do not require consent in writing by the agent and majority lenders under the new facility as long as the Company is in compliance with a net income covenant. As of September 30, 2015, the Company was in full compliance with all debt covenants.