XML 15 R8.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Debt
6 Months Ended
Jun. 30, 2011
Debt

On July 19, 2011, the Company entered into a Fourth Amendment to Loan Agreement (the “Amendment”) with Wells Fargo Bank, National Association (“Wells Fargo”) that amended the existing Loan Agreement dated August 25, 2005, between the Company and Wells Fargo, as previously amended by a certain First Amendment to Loan Agreement dated February 4, 2008, a certain Second Amendment to Loan Agreement dated November 10, 2010, and a certain Third Amendment to Loan Agreement dated March 10, 2011 (as so amended, the “Loan Agreement”).

The Amendment reduces monthly principal payments and shortens the maturity date for borrowings under the Loan from August 13, 2013 to October 1, 2012 at which date the principal balance payable will be $1,675,000. The Amendment maintains the current interest rate applicable to amounts borrowed under the Loan Agreement of LIBOR plus 4.25% per annum, but increases the interest rate applicable to amounts borrowed under the Loan Agreement after June 1, 2012 to LIBOR plus 7.25% per annum.