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12 Months Ended
Dec. 31, 2012
Debt Disclosure [Abstract]  
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NOTES PAYABLE
On March 24, 2011, the Company entered into a Revolving Credit Note and a Stock Pledge Agreement (the Credit Agreement) with Investors of America Limited Partnership (Investors of America, LP), a Nevada limited partnership created by and for the benefit of the Company’s Chairman and members of his immediate family, as further described in Note 20 to the consolidated financial statements. The Credit Agreement provided for a $5.0 million secured revolving line of credit to be utilized for general working capital needs. This borrowing arrangement, which had an interest rate of the London Interbank Offered Rate (LIBOR) plus 300 basis points, was intended to supplement, if necessary, the parent company’s overall level of unrestricted cash to cover the parent company’s projected operating expenses. There were no balances outstanding under this Credit Agreement during the period from its inception in March 2011 to its maturity date on December 31, 2012.
On March 20, 2013, the Company entered into a new Revolving Credit Note and a Stock Pledge Agreement (the New Credit Agreement) with Investors of America LP, as further described in Note 25 to our consolidated financial statements. The agreement provides for a $5.0 million secured revolving line of credit to be utilized for general working capital needs. This borrowing arrangement, which has a maturity date of March 31, 2014 and an interest rate of LIBOR plus 300 basis points, is intended to supplement, on a contingent basis, the parent company’s overall level of unrestricted cash to cover the parent company’s projected operating expenses should the parent company’s existing cash resources become insufficient in the future.