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Line of Credit:
3 Months Ended
Mar. 28, 2015
Line of Credit:  
Line of Credit:

 

9.  Line of Credit

 

As of March 28, 2015, there were $5.6 million in borrowings outstanding under the Company’s $35.0 million Line of Credit with the PrivateBank and Trust Company and BMO Harris Bank N.A., bearing interest at 3.25%, leaving $29.4 million available for additional borrowings.

 

The Line of Credit has been and will continue to be used for general corporate purposes.  The Line of Credit is secured by a lien against substantially all of the Company’s assets, contains customary financial conditions and covenants, and requires maintenance of minimum levels of debt service coverage and tangible net worth and maximum levels of leverage (all as defined within the Line of Credit).  As of March 28, 2015, the Company was in compliance with all of its financial covenants.  (See Note 12 — “Subsequent Events”.)