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Line of Credit and Debt Obligations
12 Months Ended
Dec. 27, 2014
Debt Disclosure [Abstract]  
Line of Credit and Debt Obligations
Line of Credit and Debt Obligations
 
Line of Credit - On May 30, 2014, the Company amended its revolving line of credit facility to (i) extend the maturity date of such facility by two years to May 30, 2016, and (ii) to increase the minimum amount available to borrow to $12.0 million.
The instrument governing the line of credit facility includes certain financial covenants regarding tangible net worth. The revolving line of credit agreement includes a provision for the issuance of commercial or standby letters of credit by the bank on behalf of the Company. The value of all letters of credit outstanding reduces the total line of credit available. The revolving line of credit is collateralized by a blanket lien on all of the Company’s domestic assets excluding intellectual property and real estate. The minimum borrowing interest rate is 3.00% per annum. Borrowing is limited to the lesser of (a) $12.0 million plus the borrowing base, or (b) $20.0 million. The total borrowing base available as of December 27, 2014 was $18.8 million. As of December 27, 2014, the Company was not in breach of any restrictive covenants in connection with this line of credit. There were no outstanding amounts drawn on this facility as of December 27, 2014. Although management has no current plans to request advances under this credit facility, the Company may use the proceeds of any future borrowing for general corporate purposes, future acquisitions or expansion of the Company's business.
Mortgage Loan - On July 18, 2013, the Company repaid $4.8 million of the balance of a mortgage loan, secured, in part, by a lien on and security interest in the building and land comprising the Company’s principal offices in Milpitas, California and representing the entire outstanding principal balance of the loan as well as all accrued interest. The Company did not incur any fees associated with the prepayment of the loan. At December 28, 2013, there was no outstanding balance on the loan.