(3) Banking Facilities and Debt

The Company's credit agreement includes a ten-year $40 million term loan (the "Term Loan"), a ten-year $20 million multiple draw term loan (the "Draw Term Loan") and a $30 million revolving credit facility (the "Revolving Facility") (collectively, the "Credit Facilities"). At December 31, 2013, the Company had $660 thousand of letters of credit issued, which count as draws under the Revolving Facility. Pursuant to a security agreement, dated August 25, 2004, the Credit Facilities are secured by the Company's existing and hereafter acquired tangible assets, intangible assets and real property. Under the Credit Facilities, the Company may pay dividends so long as it remains in compliance with the provisions of the Facilities, and may purchase, redeem or otherwise acquire shares of its common stock so long as its pro forma Cash Flow Leverage Ratio is less than 3.00 to 1.00 and no default or event of default exists or would exist after giving effect to such stock repurchase.

The Term Loan requires quarterly principal payments of $833, with a final principal payment of $10.0 million due on December 31, 2015. The Draw Term Loan requires quarterly principal payments of $417, with a final principal payment of $6.7 million due on December 31, 2015. The Revolving Facility matures on June 1, 2015. The maturity of the Term Loan, the Draw Term Loan and the Revolving Facility can be accelerated if any event of default, as defined under the Credit Facilities, occurs.

The Revolving Facility commitment fee ranges from 0.250% to 0.400%. In addition, the Credit Facilities bear interest, at the Company's option, at either LIBOR plus a margin of 1.750% to 2.750%, or the Lender's Prime Rate plus a margin of 0.000% to plus 1.000%. The Revolving Facility commitment fee and the interest rate margins are determined quarterly in accordance with a pricing grid based upon the Company's Cash Flow Leverage Ratio, defined as the ratio of the Company's total funded senior indebtedness to earnings before interest, taxes, depreciation, depletion and amortization ("EBITDA") for the 12 months ended on the last day of the most recent calendar quarter, plus pro forma EBITDA from any businesses acquired during the period. The Company's maximum Cash Flow Leverage Ratio is 3.25 to 1.

The Company has hedges, with Wells Fargo Bank, N.A as the counterparty to the hedges, that fix LIBOR through maturity at 4.695%, 4.875% and 5.500% on the outstanding balance of the Term Loan, 75% of the outstanding balance of the Draw Term Loan and 25% of the outstanding balance of the Draw Term Loan, respectively. Based on the current LIBOR margin of 1.750%, since June 1, 2010 the Company's interest rates have been: 6.445% on the outstanding balance of the Term Loan; 6.625% on 75% of the outstanding balance of the Draw Term Loan; and 7.250% on 25% of the outstanding balance of the Draw Term Loan.

The hedges have been effective as defined under applicable accounting rules. Therefore, changes in fair value of the interest rate hedges are reflected in comprehensive income (loss). The Company will be exposed to credit losses in the event of non-performance by the counterparty to the hedges. Due to interest rate declines, the Company's mark to market of its interest rate hedges, at December 31, 2013 and December 31, 2012, resulted in liabilities of $1.5 and $2.6 million, respectively, which are included in accrued expenses ($0.9 and $1.1 million, respectively) and other liabilities ($0.6 and $1.5 million, respectively) on the Company's Consolidated Balance Sheets. The Company paid $1.1 and $1.3 million in aggregate quarterly settlement payments pursuant to the hedges in 2013 and 2012, respectively. These payments were included in interest expense in the Company's Consolidated Statements of Income.

A summary of outstanding debt at the dates indicated is as follows:

	December 31, 2013		December 31, 2012

Term Loan	$	13,334	$	16,667
Draw Term Loan		8,333		10,000
Revolving Facility(1)		—		—


Subtotal		21,667		26,667
Less current installments		5,000		5,000


Debt, excluding current installments	$	16,667	$	21,667

(1): The Company had letters of credit totaling $660 issued under the Revolving Facility at December 31, 2013.

As the Company's debt bears interest at floating rates, the Company estimates that the carrying values of its debt at December 31, 2013 and 2012 approximate fair value.

Principal amounts payable on the Company's long-term debt outstanding at December 31, 2013 are as follows:

		Total			2014			2015			2016			2017			Thereafter

		$	21,667		$	5,000		$	16,667			—			—			—