The Term loan has a floating interest rate of USD LIBOR plus 4.5% annually for the first year and thereafter the margin will range between 3.75% and 4.5% subject to certain financial ratios.

In connection with the Term loan, the Company incurred issuance costs of $7.3 million which are net against the Term loan on the balance sheet. Unamortized debt issuance costs as of December 31, 2019 amount to $4.1 million.

As per the various debt agreements, the Group is required to meet certain financial covenants on a quarterly basis. One of the subsidiaries of the Company was in non-compliance with respect to one of such covenants for the relevant period ended December 31, 2019. This was due to step-up in the requirement of the covenant relative to the previous period when the Company was in compliance. The Company sought from the respective lender consortium an appropriate waiver with regards to this non-compliance. The Company has since received the requisite waiver from the relevant lender consortium. Further, we have received an in-principle approval from the lender consortium to revise the basis of the covenant testing going forward. Basis the revised covenant testing approach, we would have met the covenant for December 31, 2019 and also expect to meet all covenants in the future.

Secured revolving credit facility

The Company has a secured revolving credit facility which is effective through March 2022. Under this agreement, we may borrow the lesser of the borrowing base calculation and $40 million. As long as no default has occurred and with lender consent, we may increase the maximum availability to $60 million in $5 million increments, and we may request letters of credit in an amount equal to the aggregate revolving credit commitments. The borrowing base is generally defined as 90% of our eligible accounts receivable less certain reserves.

As of December 31, 2019, we had $23,097 of outstanding borrowings and our remaining borrowing capacity was $14,751. Our borrowings bear interest at one-month LIBOR plus 1.50% to 1.75%, depending on current availability.

We have entered into factoring agreements with financial institutions to sell certain of our accounts receivable under non-recourse agreements. Under the arrangement, the Company sells the trade receivables on a non-recourse basis and accounts for the transactions as sales of receivables. The applicable receivables are removed from the Company's consolidated balance sheet when the cash proceeds are received by the Company. We do not service any factored accounts after the factoring has occurred. We utilize factoring arrangements as part of our financing for working capital. The aggregate gross amount factored under these agreements was $9.9 million for year the ended December 31, 2019.

BMO Equipment Loan

The Company has entered into agreements to secure loans against US and Canadian assets in the amount of $2,062 at the interest of 7.568% per annum, to be repaid over 2.5 years. The loan was funded in January 2019 and the total outstanding balance as of December 31,2019 is $1,420.

Finance lease obligations

From time to time and when management believes it to be advantageous, we may enter into other arrangements to finance the purchase or construction of capital assets.