Credit Facilities and Restricted Cash

9 Months Ended

Sep. 28, 2014

Credit Facilities And Restricted Cash

CREDIT FACILITIES AND RESTRICTED CASH

Multibank Credit Agreement

We have a multibank credit agreement (the “Credit Agreement”), which provides for a $100.0 million secured revolving credit facility, including a $50.0 million subfacility for the issuance of letters of credit. The credit agreement expires April 1, 2016. We may, upon notice to JPMorgan Chase Bank, N.A., the Administrative Agent (the “Agent”), request to increase the revolving loan commitments by an aggregate amount of up to $50.0 million with new or additional commitments subject only to the consent of the lender(s) providing the new or additional commitments, for a total secured credit facility of up to $150.0 million. As of September 28, 2014, there were no revolving loans or letters of credit outstanding under the Credit Agreement, we were in compliance with all covenants and we were not in default under the Credit Agreement.

On July 3, 2014, we entered into the Third Amendment to Credit Agreement (the “Third Amendment”) with the Agent, various lenders (the “Lenders”) and certain other parties. Among other things, the Third Amendment amended the Credit Agreement to increase the permitted amount of restricted payments, subject to certain conditions and certain technical amendments.

Restricted Cash

As part of our contracts with certain customers, we are required to provide letters of credit or bank guarantees which these customers can draw against in the event we do not perform in accordance with our contractual obligations. Restricted cash balances securing bank guarantees that expire within 12 months of the balance sheet date are recorded as a current asset on our consolidated balance sheets. Restricted cash balances securing bank guarantees that expire beyond 12 months from the balance sheet date are recorded as long-term restricted cash on our consolidated balance sheets.

The following table sets forth information related to guarantees and letters of credit (in thousands):



	September 28, 2014
Guarantees and letters of credit outstanding	$	51,817
Amount secured by restricted cash deposits:
Current	$	11,988
Long-term	38,953
Total secured by restricted cash	$	50,941