
4.	LONG-TERM DEBT

On October 15, 2012, the Company entered into a credit facility that provides for a three-year unsecured revolving credit facility of up to $25.0 million. Borrowings under the credit facility bear interest, at the option of the Company, based on (i) a rate of LIBOR plus 1.50% or (ii) the prime rate as defined in the credit facility. The Company is required to pay a commitment fee equal to 0.25% per annum on the available but unused revolving credit facility. The credit facility is guaranteed by certain subsidiaries of the Company. The credit facility contains various financial covenants, including a maximum ratio of total indebtedness to EBITDA and minimum fixed charge coverage, both as defined in the credit agreement. The credit facility also contains covenants restricting certain corporate actions, including asset dispositions, acquisitions, the payment of dividends, the incurrence of indebtedness and providing financing or other transactions with affiliates.

On June 30, 2015, the Company entered into a Second Amendment to the credit facility (the “Amendment”.) The Amendment, among other things, extended the termination date of the credit facility to October 15, 2017 and modified the revolving credit commitment to $15.0 million, with such amount subject to increases in increments of $5.0 million at the Company’s request, up to a maximum amount of $30.0 million. All other major terms remained unchanged.

There were no outstanding borrowings on the Company’s revolving credit facility on December 30, 2014. As of September 8, 2015, there were $15.1 million in outstanding borrowings on the Company’s revolving credit facility, and the Company had approximately $13.5 million of borrowings available, with $1.4 million in outstanding letters of credit commitments. The Company was in compliance with all of the debt covenants as of September 8, 2015 and December 30, 2014.