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Financing Arrangements
6 Months Ended
Jun. 30, 2013
Financing Arrangements  
Financing Arrangements

Note 10. Financing Arrangements

 

Bank Credit Facility

 

Until July 5, 2013, the Company had a revolving credit facility with a bank pursuant to an Amended and Restated Loan and Security Agreement dated April 25, 2011 and subsequently amended (the “Revolving Credit Facility”). The facility provided for borrowings up to $30 million, based primarily on accounts receivable, and was subject to certain financial covenants requiring the Company to maintain minimum levels of operating results and liquidity. The Company used the facility to support letters of credit and for short term borrowing as needed. The agreement was expected to terminate on April 10, 2015.

 

There were no borrowings against this facility during the six months ended June 30, 2013.

 

As disclosed in Note 15, the Company terminated the Revolving Credit Facility on July 5, 2013.